Core View - Novartis reported better-than-expected first-quarter sales, with net sales increasing by 15% to $13.2 billion, surpassing analyst estimates of $13.12 billion [1] - The company raised its full-year guidance, forecasting high single-digit growth in net sales and low double-digit growth in core operating income [2] Financial Performance - Quarterly adjusted core operating income rose by 27% to $5.58 billion, compared to the expected $5.07 billion [1] - The previous forecast for net sales growth was mid to high-single digits, and core operating income growth was high single to low double-digits [2] Product Performance - Sales growth was primarily driven by the heart-failure drug Entresto and arthritis medication Cosentyx, with increasing demand for Kisqali, Kesimpta, and Leqvio [3] - The company anticipates strong momentum from priority brands like Kisqali, Kesimpta, and Leqvio, which are expected to drive growth through 2030 and beyond [4] Regulatory Environment - The pharmaceutical industry is closely monitoring potential U.S. tariffs, as the Trump administration has initiated an investigation into the sector [5] - The CEO expressed concerns about the implications of sector-specific levies, emphasizing the importance of maintaining the flow of medication globally [6]

这位CEO还强调了公司其他药物获得的新批准，包括前列腺癌治疗药物Pluvicto。 Narasimhan补充道："我们将继续推进领先的研发管线，对实现既定增长目标充满信心。" 此次财报发布之际，全球制药行业正密切关注美国可能加征的关税措施。本月早些时候，特朗普政府宣 布对该行业启动调查。虽然制药产品此前一直免征全面进口关税，但特朗普在三月警告称"很快"将对特 定医药产品征税。 面对潜在的关税压力，欧洲制药企业正加大在美国的投资力度，以期保住这个利润丰厚的市场并优化本 土化生产布局。 展望未来，诺华制药将2025年全年净销售额增长预期从原先的中高个位数上调至高个位数，核心营业利 润增长预期从原先的高个位数至低双位数调整为低双位数。 此次业绩增长主要得益于心衰治疗药物Entresto和关节炎药物Cosentyx这两款畅销药的持续发力。但首 席执行官Vas Narasimhan特别指出，乳腺癌治疗药物Kisqali、多发性硬化症药物Kesimpta以及降胆固醇 药物Leqvio的市场需求正在显著增长。 面对仿制药竞争压力，诺华制药正加速推进创新疗法布局。今年晚些时候，包括Entresto在内的三款核 心药物将面临仿 ...

智通财经4月29日电，诺华第一季度销售净额132.3亿美元，预估130.2亿美元。 ...

Ad hoc announcement pursuant to Art. 53 LR Net sales grew +15% (cc1, +12% USD) with core operating income1 up +27% (cc, +23% USD) Sales growth driven by continued strong performance from Entresto (+22% cc), Kisqali (+56% cc), Kesimpta (+43% cc), Cosentyx (+18% cc), Leqvio (+72% cc) and Scemblix (+76% cc) Core operating income margin1 reached 42.1%, +400 basis points (cc), mainly driven by higher net sales Operating income grew +44% (cc, +38% USD); net income up +37% (cc, +34% USD)Core EPS1 grew +31% (cc, ...

Investment Rating - The industry rating is neutral, indicating that the expected overall return in the next six months will be between -5% and 5% compared to the CSI 300 index [9]. Core Insights - The pharmaceutical sector experienced a decline of 0.74% on April 28, 2025, underperforming the CSI 300 index by 0.60 percentage points, ranking 15th among 31 sub-industries [4]. - Notable performers within the pharmaceutical sub-industries included offline pharmacies (+2.83%), medical research outsourcing (+0.53%), and other biological products (+0.17%), while medical consumables (-1.98%), vaccines (-1.73%), and in vitro diagnostics (-1.65%) lagged behind [4]. - Novartis' application for a new indication for Pluvicto has been accepted by the Chinese National Medical Products Administration, targeting earlier-stage PSMA-positive mCRPC patients [5]. Summary by Sections Market Performance - On April 28, 2025, the pharmaceutical sector's performance was -0.74%, underperforming the CSI 300 index by 0.60 percentage points, with offline pharmacies and medical research outsourcing showing positive growth [4]. Sub-industry Ratings - Chemical pharmaceuticals: No rating - Traditional Chinese medicine: No rating - Biopharmaceuticals II: Neutral - Other pharmaceutical industries: Neutral [3]. Company News - WuXi AppTec reported Q1 2025 revenue of 9.655 billion yuan, a year-on-year increase of 20.96%, with net profit rising by 80.06% to 3.672 billion yuan [6]. - Hongbo Pharmaceutical reported Q1 2025 revenue of 169 million yuan, up 29.61%, with net profit increasing by 226.47% to 12 million yuan [6]. - Xingqi Eye Medicine reported Q1 2025 revenue of 536 million yuan, a 53.24% increase, with net profit soaring by 319.86% to 146 million yuan [6]. - Yingke Medical reported Q1 2025 revenue of 2.494 billion yuan, a 13.20% increase, with net profit rising by 48.08% to 353 million yuan [6].

Core Insights - President Trump's tariffs are contributing to significant investments in U.S. manufacturing by major corporations, including semiconductor and pharmaceutical companies [1][3][5] Semiconductor Industry - Taiwan Semiconductor Manufacturing (TSMC) announced a $100 billion investment in U.S. facilities [1] - NVIDIA plans to produce $500 billion worth of AI infrastructure in the U.S. over the next four years [2] Pharmaceutical Industry - Three major pharmaceutical companies are set to invest over $100 billion in the U.S. in the coming years [3] - Roche plans to invest $50 billion in the U.S. over the next five years, expecting to create 12,000 new jobs and export more medicines than it imports [5][6] - Novartis announced a $23 billion investment over the next five years, aiming to produce 100% of its core drugs in the U.S. and create 4,000 jobs [8][10] - Johnson & Johnson is investing more than $55 billion in the U.S. over the next four years, a 25% increase from the previous period, and plans to build three new manufacturing plants [13][14]

本文约 2 5 0 0 字，推荐阅读时长 1 5 分钟，欢迎关注新财富公众号。 1 引言 4月14日，美国商务部宣布启动对进口药品的国家安全调查。这一调查覆盖了所有进口药品，包括成 品仿制药、原研药以及用于生产这些药品的关键药用成分。此举属于特朗普政府根据1962年《贸易扩 展法》第232条对多个行业进行的关税调查的一部分。虽然调查尚未结束，预计结果将在270天内公 布，但业内普遍认为，这将赋予特朗普政府对进口药品和原料药征收关税的权力。特别是对中国等主 要药品出口国的影响，可能会带来严重的供应链中断及成本上升。 事实上，美国每年从中国进口药品总额约60亿美元，其中大量为抗生素、抗病毒及心血管药物等基础 药物。一旦关税进一步扩大实施，这些进口药品的成本预计将明显上升，对美国本土药品生产商带来 直接冲击。为应对这种风险，特朗普政府提出多项措施推动产业本土化。 分析师预计，如果对来自中国的API征收10%的关税，仿制药企业的利润将下跌2%-3%，创新药利润 下跌可能更严重。 2 美国关税筑墙， 中概股 跌宕 自2025年特朗普重新执政以来，美国政府出台了一系列针对生物医药产业的重要政策，核心目标是强 化美国医药产 ...

Group 1: Johnson & Johnson - Johnson & Johnson plans to increase its U.S. manufacturing investments to over $55 billion over the next four years, which is 25% more than the previous four years [2] - The company is facing challenges such as thousands of talc-related lawsuits and potential revenue loss due to the Inflation Reduction Act, which allows Medicare to negotiate drug prices [3] - Despite these challenges, Johnson & Johnson has a strong business model, significant adaptability, and has generated consistent revenue, making it a reliable investment option [4][5] - The company has maintained a AAA credit rating from Standard & Poor's and has increased its dividends for 63 consecutive years, establishing itself as a Dividend King [5][6] Group 2: Novartis - Novartis is investing $23 billion over five years to enhance its U.S. manufacturing capabilities, aiming to locally produce 100% of the medicines sold in the U.S. [7] - The company anticipates a compound annual growth rate (CAGR) of 5% in revenue through 2029, despite losing U.S. patent exclusivity for its heart failure medicine Entresto, which generated $7.8 billion in sales last year [8] - New products, such as Fabhalta, are expected to help fill the revenue gap from off-patent drugs, supporting Novartis's growth trajectory [9] - Novartis has increased its dividends for 28 consecutive years, making it appealing to income-focused investors [10]

Core Viewpoint - Novartis AG is expected to report strong first-quarter 2025 results, with revenue estimates at $12.86 billion and earnings at $2.12 per share, supported by a history of earnings surprises and growth in key therapeutic areas [1][2][4]. Financial Performance - The Zacks Consensus Estimate for Novartis' first-quarter earnings is $2.12 per share, with a positive Earnings ESP of +1.26% indicating a potential earnings beat [3]. - Novartis has consistently beaten earnings estimates in the past four quarters, with an average surprise of 6.25% [1]. Growth Drivers - The company focuses on four core therapeutic areas: cardiovascular, renal-metabolic, immunology, neuroscience, and oncology, following the spin-off of the Sandoz business [4]. - Key products driving growth include: - **Entresto**: Estimated sales of $2.24 billion, showing strong demand in the U.S. and Europe [5][6]. - **Cosentyx**: Estimated sales of $1.57 billion, boosted by recent launches and volume growth [6][7]. - **Kesimpta**: Estimated sales of $872 million, driven by increased demand [7]. - **Kisqali**: Estimated sales of $936 million, supported by strong momentum from new indications [8][9]. - **Pluvicto**: Estimated sales of $381 million, with expanded manufacturing capacity aiding supply [9][10]. - **Leqvio**: Estimated sales of $243 million, contributing to overall growth [10]. - **Scemblix**: Continued demand for chronic myeloid leukemia treatment, although facing generic competition for Tasigna [11]. Recent Developments - In February 2025, Novartis announced the acquisition of Anthos Therapeutics for $925 million, adding a late-stage pipeline candidate for stroke prevention [12]. - Year-to-date, Novartis shares have increased by 16.6%, outperforming the industry [13].

Company Overview - Novartis (NVS) is a medical stock headquartered in Basel, with a price change of 13.93% so far this year [3] - The company currently pays a dividend of $2.52 per share, resulting in a dividend yield of 2.27%, which is slightly below the Large Cap Pharmaceuticals industry's yield of 2.53% and above the S&P 500's yield of 1.69% [3] Dividend Performance - The current annualized dividend of $2.52 represents a 3.7% increase from the previous year [4] - Over the past five years, Novartis has increased its dividend five times, averaging an annual increase of 4.93% [4] - The company's current payout ratio is 31%, indicating that it pays out 31% of its trailing 12-month earnings per share as dividends [4] Earnings Growth Expectations - For the fiscal year, Novartis expects solid earnings growth, with the Zacks Consensus Estimate for 2025 at $8.51 per share, reflecting a year-over-year earnings growth rate of 8.96% [5] Investment Considerations - Dividends are favored by investors for various reasons, including improving stock investing profits and providing tax advantages [6] - Larger, established companies are more likely to offer dividends compared to tech start-ups or high-growth businesses [7] - Novartis is considered a compelling investment opportunity due to its strong dividend profile and current Zacks Rank of 3 (Hold) [7]