Novartis (NVS) is facing a "sharp deceleration" in growth in mid-2025 amid patent expiries and limited newsflow levers, UBS Securities said in a Wednesday note.
According to UBS, Novartis' 2025 guidance "illustrates" headwinds from mid-year, with earnings before interest and taxes to grow by high teens in H1 and then slow to low to mid-single digits in H2.
Novartis enters a period of patent expiries and has limited pipeline readouts this year, but its in-market portfolio still has the potential to deliver on the company's mid-term growth targets, UBS said.
UBS downgraded the stock to neutral from buy.
NVS shares were 0.8% higher in recent trading.
Price: 107.89, Change: +0.89, Percent Change: +0.83
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