Novartis: H2 Pipeline Readouts Matter, But Valuation Leaves Limited Upside
2026-05-30 03:34:33 ET
Building on our analysis of Roche and following Novartis ( NVS ) ( NVSEF ) Q1 results, we are back to comment on the company. We were long on Novartis, given that it has repositioned itself as a focused, innovative medicines company, with margins and valuation benefiting from the spin-offs of Alcon and Sandoz. However, after a solid share price rally, the company's upside appeared limited, and we shifted our rating to neutral. This proved to be a lucky call, given that our rating change was made before the escalation in the Middle East; however, over the past few weeks, Novartis shares have remained flat (Fig. 1)....
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Novartis: H2 Pipeline Readouts Matter, But Valuation Leaves Limited Upside
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