Novartis exceeded the street’s expectations in the Q2 23, driven by strong growth in Cardiovascular, Oncology and Neuroscience, which more than compensated for Immunology’s soft quarter. Consequently, the full-year guidance was upgraded ‘again’. Given the dearth of suitable acquisition targets, the firm announced $15bn of share buybacks. Overall, Novartis remains a beneficiary of the healthy growth prospects in its target areas, and a cash-rich balance sheet, which also underpins our positive st ....
