Novartis Posts Strong Kisqali Top-Line Data in Large Adjuvant Treatment Setting

Novartis reported favorable top-line data for breast cancer drug Kisqali in the adjuvant setting, but we don’t expect a major change to our fair value estimate for the company as we had already factored in a high probability of success in this expanded indication. Since Kisqali had shown strong efficacy in the metastatic setting, we already had higher expectations that the drug would work well in the earlier adjuvant setting. Nevertheless, the important data is likely to expand Kisqali’s label into the large adjuvant setting, showcasing the solid innovation that is core to Novartis’ wide moat.