(News Bulletin 247) – Oddo maintains its ‘neutral’ rating on Novartis shares, with an unchanged price target of 90 CHF.
The laboratory has announced positive results from a phase III study evaluating Kisqali as an adjuvant treatment in HR+/HER2- early breast cancer.
‘Approval in adjuvant therapy would allow Novartis to significantly expand its market since more than 80% of patients with HR+/HER2- breast cancer are diagnosed at an early stage,’ the analyst points out.
Oddo estimates that the consensus could raise its peak sales to $4-5 billion (vs. $3 billion).
‘We are expecting a positive reaction from the market following this (long-awaited) good news. The company’s valuation is at a discount of 6% compared to the sector (based on the 2024e PE) and 24% compared to the historical median calculated over the last ten years’, recalls the broker.
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