Citigroup likes what it sees in Novartis' (NVS +3.6%) today, upgrading the European drug giant to Buy on the back of a solid quarter and significant management changes. Citi says the departure of Dr. Vasella could lead to shareholder friendly activity, including; a streamlining of the company's group structure, monetization of its Roche (RHHBY.PK stake and a possible re-initiation of its buyback program.
NVS’s 1Q13 sales of generic Lovenox were $47M, down from $85M in 4Q12, which, in turn, was up from $34M in 3Q12 (#msg-83702925). There was no discussion in NVS’ 1Q13 PR or CC regarding the 4Q12->1Q13 decline, so we’ll have to wait for MNTA’s 1Q13 CC next week to find out if there’s an explanation for the quarter-to-quarter lumpiness.
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