BofA upgraded Novartis (NVS) to Buy from Neutral with a price target of CHF 117, up from CHF 111. A long-standing overhang for investors has been the company’s substantial patent cliffs into the end of the decade, with Cosentyx, Kesimpta and Kisqali, but the firm notes that the company already has several launches succeeding – including Pluvicto, Scemblix, and Leqvio – with new launches likely to add in Rhapsido and ianalumab.
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