Novartis reported a strong performance in Q2 with struggling Sandoz (+3% vs -2% on Q1 19) coming as a positive surprise. The innovative pharma business also continued to grow at a healthy pace, driven by the new drugs. Pricing relief stood out in all the businesses, with a bigger impact at Sandoz. FX had a negative impact of 4ppts. The good trajectory continued on the profitability side as well, prompting another outlook upgrade.