Novartis reported promising Q2 21 results, driven by a combination of improving pandemic situation and ‘softer comps’, i.e. reversal of forward buying in Q2 20. Most importantly, some momentum build-up was witnessed in the all-important oncology business (c.30% of sales). Also, further profitability improvements were realised. While this momentum should sustain in H2, the rising Delta variant concerns could play spoilsport. Hence, our recommendation is being maintained, but any (major) upgrades ....