Novartis AG Registered Shares

NOVN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	t%W	LOCK\|%#	LOCK\|>$lK>vRc

Novartis Earnings: Results In-Line; Growth Brands to Offset Entresto Loss of Exclusivity in 2025

Jay Lee

Feb 1, 2025

Wide-moat Novartis reported fourth-quarter results and 2025 guidance that were in line with our expectations. We maintain our fair value estimates of $105 per ADR and CHF 91 per local share class and view shares as fairly valued. Despite upcoming loss of exclusivity events, the company’s inline products should enable it to maintain a positive growth trajectory over the midterm.

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Novartis AG Registered Shares

Novartis Earnings: Results In-Line; Growth Brands to Offset Entresto Loss of Exclusivity in 2025

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