Look to Long Novartis above $97 on breakout. NYSE:NVS earnings and sales also beat estimates and the company raised its guidance for the year. Its Pharmaceuticals business unit grew 10% driven by performance of key drugs like Cosentyx, Entresto and Lutathera while the Sandoz division rose 1% as strong uptake of biosimilars was offset by price erosion in the United States.
AVERAGE ANALYSTS PRICE TARGET $83
AVERAGE ANALYSTS RECOMMENDATION overweight
P/E RATIO 17
COMPANY PROFILE
Novartis AG is a holding company, which engages in the development, manufacture, and marketing of healthcare products. It operates through the following four segments: Innovative Medicines, Alcon, Sandoz, and Corporate. The Innovative Medicines segment researches, develops, manufactures, distributes and sells patented pharmaceuticals, and is composed of two business units: Novartis Oncology and Novartis Pharmaceuticals. The Alcon segment researches, develops, manufactures, distributes and sells eye care devices and vision care. The Sandoz segment develops, manufactures and markets finished dosage form medicines as well as intermediary products including active pharmaceutical ingredients. The Corporate segment refers to group management and central services. The company was founded on February 29, 1996 and is headquartered in Basel, Switzerland.
