Novartis. The shares are trading at a 15-year-low despite the fact that the group has one of the strongest long-term pipelines in the sector. Novartis has sold its nutrition and baby-food businesses and is now 100% focussed on healthcare, but unlike most of the other majors, it offers diagnostics, vaccines and generics as well as ethical pharmaceuticals. We therefore feel it is better placed to benefit in a more difficult pricing environment. Some late-stage pipeline disappointment and a product withdrawal have been a drag in 2007 but healthy growth and improving margins are forecast for next year and beyond.
| Sedol |
Type |
Price |
Date |
| 7103065 |
Buy |
CHF 61.50 |
31/10/2007 | |
