Novartis’ shares are up c.12% since September 2022, even after yesterday’s c.3% decline post a broker downgrade. The issues triggering yesterday’s correction should not be a cause of major concern. Moreover, Novartis’ investment case is supported by strong growth and/or the attractiveness of its main drugs, intact pipeline execution prowess and healthy balance sheet. While its share price has lagged the likes of Novo and AstraZeneca of late, fortunes could well reverse in the foreseeable future.