Novartis AG Registered Shares

NOVN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 46.00	Trzp	Psxswrsxw

Novartis Earnings: Better-Than-Expected Broad-Based Results Support Fair Value Estimate Increase

Damien Conover

Apr 23, 2024

Novartis reported first-quarter results ahead of our expectations, and we've increased our fair value estimate to $105 (CHF 96 local share class) from $98 (CHF 88). Strong top-line growth combined with core margin expansion sets up the company well to meet management’s raised 2024 guidance of low-double-digit to midteens earnings growth.

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