Goldman Sachs Shifts Stance On Novartis, Cites Lack Of Near-Term Catalysts
Goldman Sachs Shifts Stance On Novartis, Cites Lack Of Near-Term Catalysts
Moreover, from a valuation standpoint, Novartis is trading at 14.2 times its projected 2025 EPS, representing an approximately 8% premium over the European Biopharma sector, excluding Goldman Sachs has downgraded Novartis AG (NYSE:NVS), citing "limited value driving innovation catalysts in the near term."
高盛下調了諾華製藥（紐交所：NVS）的評級，稱「在短期內缺乏推動創新的有限價值。」
The analyst writes that continued earnings momentum has led to increases in revenue and profit forecasts for fiscal years 2024 and 2025 since the beginning of the year, thanks to upgraded fiscal year 2024 guidance provided in the first and second quarters of 2024.
該分析師寫道，自年初以來，持續的盈利勢頭導致了2024年和2025年財年的營收和利潤預測上升，這要歸功於在2024年第一和第二季度提供的提高的2024年財年指導預測。
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儘管政府談判，美國人可能仍然不得不爲處方藥支付更多費用。
Moreover, from a valuation standpoint, Novartis is trading at 14.2 times its projected 2025 EPS, representing an approximately 8% premium over the European Biopharma sector, excluding Novo Nordisk A/S (NYSE:NVO).
此外，從估值角度來看，諾華製藥的股票交易倍數爲預計2025年每股收益的14.2倍，相當於歐洲生物製藥板塊（不包括Novo Nordisk A/S（紐交所：NVO））的約8%溢價。
Goldman writes the premium has been higher than the average since 2023, which was about 7%, and it exceeds the premium at the time of our initial coverage, around 5%.
高盛表示，自2023年以來，溢價已經高於平均水平，約爲7%，超過了我們最初報道時的溢價，約爲5%。
For the rest of the year, after presenting the detailed Scemblix first-line chronic myeloid leukemia data at ASCO, the Goldman analyst writes that few catalysts are ahead, offering limited potential for substantial share price growth in the next 12 months.
在展示了Scemblix一線慢性髓性白血病詳細數據後，高盛分析師寫道，在接下來的一年內，幾乎沒有什麼推動股價大幅增長的催化劑，爲股價增長提供有限的潛力。
With consensus estimates now aligned with Goldman Sachs' projections and anticipating a slowdown in significant news that could drive value until mid-2025, the analyst foresee minimal potential for substantial gains in the next 12 months. Consequently, the stock was downgraded from Buy to Neutral.
由於市場共識預測已與高盛的預測保持一致，並預計到2025年中期之前不會有重大的推動價值的消息，分析師預見在接下來的一年裏幾乎沒有實現顯著收益的潛力。因此，該股票的評級從買入下調爲中立。
Based on the current pace of repurchases, Novartis is on track to finalize its $15 billion buyback initiative between the end of April and mid-May 2025. Since the program's launch in July 2023, the company's stock has appreciated by 25%, suggesting that the effects of the share buyback are likely already incorporated into the stock price.
根據目前的回購速度，諾華製藥計劃在2025年4月底至5月中旬之間完成其150億美元的股票回購計劃。自2023年7月啓動該計劃以來，該公司的股價已上漲25%，這表明股票回購的效果可能已經融入股價。
Consequently, further significant gains tied directly to this program are not expected. While introducing another buyback scheme could potentially boost the stock, such an announcement is unlikely before the second quarter of 2025, following the completion of the existing program.
因此，不預計進一步與該計劃直接相關的重大收益。雖然推出另一個回購計劃有可能提振股票，但在現有計劃完成後，這樣的宣佈在2025年第二季度之前不太可能。
Price Action: NVS stock is down 2.16% at $116.80 at last check Thursday.
NVS股票在最後檢查時下跌2.16%，至116.80美元。
Photo via Shutterstock
圖片來自shutterstock。
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譯文內容由第三人軟體翻譯。
