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Novartis: Goldman Sachs still a buyer after results

( - The Swiss Healthcare Group has reported Q2 core EPS of 1.
36 dollar and core operating income of 3.7 billion dollars, up 1% as reported and up 6% at constant exchange rates.

Following this publication, the broker confirmer its buy rating on the stock, with a target price of 110 Swiss francs.

Goldman Sachs deems that this morning Novartis published in line Q2 2020 results. Net sales were 11.3 billion dollars, down 4% as reported and 1% at constant exchange rates.

"Core operating income (6% growth) came in 1% ahead of Consensus, reflecting lower spending and improved gross margin, driven by product mix," Goldman Sachs said.

"For Core products, while Entresto sales of $580m came 4% ahead of expectations, Cosentyx sales of $944m came 2% below Consensus. Sandoz were particularly impacted, especially in April and May, although the company is seeing signs of recovery from the second half of the quarter," it adds.

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