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Biotech / Medical : analysts and calls -- ML
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From: tom pope1/24/2006 11:06:14 AM
   of 238
 
NVS:

Novartis (NVSEF/NVS; CHF70.70/$55.10, A-1-7/A-1-7)
Reiterate Buy; Px tgt $66. Adding to Merrill Lynch Europe 1 list. Shares
trading at a 2% 06E PE discount to its European Pharma peers, which
undervalues the company's premium EPS growth rate, attractive Phase III
pipeline and low off-patent exposure. Key risks are adequately discounted in
the share price and late-stage pipeline newsflow and filings should act as key
share price catalysts, in our view. Our price objective of CHF83 assumes the
shares trade at a 13% 06E PE premium to the EU sector. - Novartis
continues to possess one of the most attractive yet under appreciated
pipelines in the industry. In 1Q06 we expect marketing applications for two
potential blockbuster products, Galvus a new class of anti-diabetic (DPPIV
inhibitor) and Rasilez a new class of antihypertensive. Both products address
large markets that are poorly treated and both utilize new mechanisms of
action that confer advantages over existing therapy, in our view.
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