Novartis: Significantly above estimates in Q1NEUTRAL, Fair Value CHF109 (+9%)
Strong quarter for Novartis in Q1 2015 with revenues more or less in line but margins well above expectations. Margins in Pharmaceuticals and at Sandoz both progressed by 140bp and, in the end, continuing operations advanced 80bp. Novartis sticks to its guidance but looks comfortable with it now and could exceed the core EBIT part of it and report double-digit growth in 2015.
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