Novartis Shares Rise 2% After "Solid" 2Q Earnings -- Market Talk

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0757 GMT - Shares in Novartis rise 2.1% to CHF81.85 after the company released 2Q earnings which Berenberg describes as "a solid set of Q2 numbers". It points to "strength in pharma driven by key growth engines, while Alcon has shown a welcome return to top-line growth." The company "should be on a sustainable growth trajectory," it says. Berenberg has a price target of CHF85. Novartis reported a slight rise in 2Q net income, to $1.98 billion from $1.81 billion, while sales fell 2% to $12.24 billion. Proceeds from divestments helped offset its heavier investment into the launch of new drugs that it hopes will compensate the decline of its best-selling cancer drug Gleevec. Analysts had expected Novartis to post net income of $1.83 billion and revenue of $12.26 billion. (jessica.fleetham@wsj.com)

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July 18, 2017 04:12 ET (08:12 GMT)