Novartis AG Registered Shares

NOVN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 57.00	Ngqr	Pplzgsfv

Novartis Earnings: Solid Results Led by Top Drugs as Pipeline Development Progresses Well

Damien Conover

Oct 24, 2023

Novartis posted third-quarter earnings largely in line with our expectations and we are not making any changes to the firm’s fair value estimate of CHF 85. At the current stock price, we believe the market is appropriately viewing the firm’s growth potential with a mix of major patent losses, offset by a strong innovative pipeline that supports the firm’s wide moat.

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