Novartis AG (NYSE:NVS) projects a stronger growth trajectory through 2030, lifting expectations for several key medicines and outlining a pipeline strategy it believes will sustain momentum well into the next decade. • NVS is having a challenging session. See the full story here.The company updated its mid-term outlook ahead of its Meet Novartis Management event in London, emphasizing higher confidence in long-term demand drivers and upcoming drug launches.The drugmaker now anticipates a compound annual sal ...

Core Insights - Novartis has updated its mid-term sales guidance for 2025-2030 to a compound annual growth rate (CAGR) of +5-6% at constant currencies, reflecting strong growth momentum from existing products and upcoming launches [2][7] - The company has raised peak sales guidance for key products, now identifying eight de-risked, in-market assets with peak sales potential ranging from USD 3 billion to USD 10 billion [2][8] - Novartis anticipates over 15 potentially submission-enabling readouts in the next two years, supported by a robust pipeline of more than 30 high-value medicines [3][7] Financial Performance - Novartis achieved a core operating income margin of 41.2% in the first nine months of 2025, ahead of its plan, and expects to maintain margins above 40% by 2029 despite some dilution from the acquisition of Avidity Biosciences [4][5] - The company has executed over 30 strategic deals in the past two years, enhancing its pipeline and long-term growth outlook [5] Product and Pipeline Highlights - Key products Kisqali and Scemblix have seen their peak sales forecasts increased, with Kisqali now projected to exceed USD 10 billion and Scemblix expected to reach over USD 4 billion [8] - The pipeline includes over 30 potential high-value medicines, with more than 10 licensed or acquired in the last two years, positioning Novartis for sustainable growth beyond 2030 [3][7]

Core Insights - The targeted radiotherapy cancer market is experiencing significant growth, particularly in the radioligand therapy (RLT) segment, driven by technological advancements and increased investment [4][5] - Actinium Pharmaceuticals, Inc. (NYSE American: ATNM) is focusing on developing next-generation targeted radiotherapies, with a strong emphasis on its lead program, ATNM-400, which targets multiple cancers [6][7] Company Overview - Actinium Pharmaceuticals is a pioneer in differentiated, targeted radiotherapies, holding approximately 250 issued and pending patents globally [1] - The company is developing ATNM-400, a first-in-class alpha-emitter targeted radiotherapy candidate, with preclinical data showing promise in prostate cancer, non-small cell lung cancer, and breast cancer [6][7] Market Dynamics - Novartis, a key player in the RLT market, is expanding its portfolio and has projected the RLT market could be valued between $25 billion and $30 billion [5] - Novartis's Pluvicto, approved for prostate cancer, generated sales of approximately $1.39 billion in 2024 and is expected to reach around $4.3 billion by 2030 [6] Competitive Landscape - Actinium's ATNM-400 is positioned to address unmet needs in the metastatic prostate cancer treatment landscape, particularly for patients who do not respond to existing therapies like Pluvicto [9][10] - The company believes that ATNM-400 can target a significant subset of the mCRPC patient population, especially those who have progressed on second-generation ARPIs or have not responded to PSMA-targeted therapies [11] Research and Development - Actinium is evaluating the potential of Actimab-A, which targets CD33 in acute myeloid leukemia and myelodysplastic syndromes, and Iomab-ACT, aimed at improving access to cellular therapies [7][8] - The company has reported superior tumor control and improved overall survival in preclinical studies for ATNM-400 compared to existing therapies [8][10] Collaborations and Innovations - Lila Biologics has announced a collaboration with Eli Lilly to develop novel radioligand therapies for solid tumors, showcasing the trend of partnerships in the biotech sector [12][13] - AdvanCell is expanding its collaboration with Eli Lilly to develop targeted alpha therapies, indicating a growing interest in innovative cancer treatments [14][15][16]

消息面上，11月5日，诺华宣布其放射配体疗法（RLT）药物Pluvicto的两个适应症同时获得国家药监局 批准。据悉，Pluvicto为诺华旗下的一款核药爆品。平安证券指出，Pluvicto的获批有望进一步点燃国内 核医学行业热度，AD诊断核药有望随着治疗药物一同放量，建议关注国内在新核素和新靶点方面布局 领先的企业，比如中国同辐等。 值得注意的是，10月31日，中国同辐发布碳同位素产品，标志我国在稳定同位素领域高端技术突破"卡 脖子"难题，中国成为全球少数具备高丰度13CO气体和碳13尿素原料药生产能力的国家，公司成为完整 掌握呼气试验产品全产业链的龙头企业。同日，公司正式启动稳定同位素基地二期项目建设。 中国同辐(01763)再涨超8%，年内股价累涨逾130%。截至发稿，涨7.94%，报24.48港元，成交额1302.97 万港元。 ...

消息面上，11月5日，诺华宣布其放射配体疗法(RLT)药物Pluvicto的两个适应症同时获得国家药监局批 准。据悉，Pluvicto为诺华旗下的一款核药爆品。平安证券指出，Pluvicto的获批有望进一步点燃国内核 医学行业热度，AD诊断核药有望随着治疗药物一同放量，建议关注国内在新核素和新靶点方面布局领 先的企业，比如中国同辐等。 值得注意的是，10月31日，中国同辐发布碳同位素产品，标志我国在稳定同位素领域高端技术突破"卡 脖子"难题，中国成为全球少数具备高丰度13CO气体和碳13尿素原料药生产能力的国家，公司成为完整 掌握呼气试验产品全产业链的龙头企业。同日，公司正式启动稳定同位素基地二期项目建设。 中国同辐(01763)再涨超8%，年内股价累涨逾130%。截至发稿，涨7.94%，报24.48港元，成交额1302.97 万港元。 ...

Cardinal Health (NYSE: CAH) 2025 Conference Summary Company Overview - **Company**: Cardinal Health - **Date**: November 11, 2025 - **Key Speakers**: Aaron Alt (CFO), Matt Sims (Head of IR) Key Points Financial Performance - Cardinal Health reported strong Q1 results with all five operating segments achieving double-digit profit growth, particularly in the pharma business, which saw a profit increase of 26% [2][3][4] - The company raised its adjusted EPS guidance to $9.65-$9.85, reflecting a year-over-year growth of 17%-20% [4][5] Business Segments - **Pharma Business**: Strong demand and execution, particularly in specialty distribution, contributed significantly to profit growth [2][3] - **Other Business**: The aggregation of smaller businesses (Nuclear Precision Health, At Home, OptiFreight Logistics) saw a profit growth of 60%, partly due to the acquisition of ADSG [3][4] - **Global Medical Products and Distribution (GMPD)**: Experienced revenue growth with the Cardinal Health brand business growing at 6% for two consecutive quarters [4][5][56] Customer Onboarding and Growth Strategy - Cardinal Health onboarded $10 billion in new business in the latter half of the previous year and is on track to onboard an additional $7 billion in the first half of the current year [5][12] - The company is focusing on investing in new customers and enhancing its MSO platforms to drive future growth [5][6] Market Dynamics and Demand - Demand across all segments exceeded expectations, with notable growth in generics and specialty products [9][10] - The company noted a consistent market dynamic, indicating no dislocation between buying and selling, which contributed to strong quarterly results [10][11] Specialty Business Focus - Cardinal Health emphasizes its strength in "otherologies" (rheumatology, urology, gastroenterology) rather than oncology, which is a key differentiator in its specialty business strategy [19][20] - The company aims to leverage its distribution capabilities and technology to enhance partnerships with healthcare providers in these specialty areas [25][26] Competitive Landscape - The medical products business is undergoing competitive changes, with Cardinal Health focusing on improving its GMPD segment to maintain market share against competitors like Medline and McKesson [56][59] - The company is actively seeking opportunities arising from industry transitions, such as acquisitions and partnerships, to enhance its competitive position [60] Operational Efficiency - Cardinal Health is investing in automation and optimizing its distribution network to improve operational efficiency and reduce costs [36][37] - The company is committed to maintaining high service levels while managing costs effectively [37][39] Future Outlook - The company anticipates continued growth in its nuclear precision health business, projecting a long-term profit growth of 10% [74][75] - Cardinal Health remains confident in its long-term guidance, citing its essential role in the American healthcare system and the ongoing demand for its services [49][50] COVID-19 Impact - COVID-19 was noted as a slight headwind in Q1, but overall demand growth offset this impact [78][79] - The company expects COVID-related profits to continue declining, with a focus on broader market dynamics moving forward [79][80] Conclusion Cardinal Health's strong financial performance, strategic focus on specialty and otherologies, and commitment to operational efficiency position the company well for future growth in a competitive healthcare landscape. The ongoing investments in customer onboarding and technology enhancements are expected to drive continued success.

Investment Rating - The industry investment rating is "stronger than the market" indicating an expected performance that exceeds the market by more than 5% over the next six months [30]. Core Insights - Novartis' radioligand therapy drug Pluvicto has received approval for two indications in China, which is expected to boost the domestic nuclear medicine industry [3]. - BeiGene has raised its revenue guidance for 2025, now expecting between RMB 362 billion and RMB 381 billion, driven by strong product sales and improved operational efficiency [3]. Summary by Sections Industry Overview - Novartis' Pluvicto is approved for treating specific types of prostate cancer, with projected sales of USD 1.389 billion (approximately RMB 9.9 billion) for the first three quarters of 2025 [3]. - The approval of Pluvicto is anticipated to stimulate growth in the nuclear medicine sector, with a focus on companies leading in new isotopes and targets, such as Dongcheng Pharmaceutical and Yunnan Baiyao [3]. Company Performance - BeiGene's revenue for the first three quarters of 2025 reached RMB 275.95 billion, a year-on-year increase of 44.2%, surpassing the total revenue of RMB 272.1 billion for the previous year [3]. - The company has adjusted its 2025 revenue guidance upwards due to strong growth from its leading product, Brukinsa (Zebutinib), in the U.S. market and ongoing expansion in Europe and other key markets [3]. Investment Strategy - The report suggests focusing on innovative pharmaceutical companies with rich pipelines, such as Heng Rui Medicine and BeiGene, as well as those with high potential single products like Yipin Hong and Sanofi [5]. - It also highlights the importance of companies with leading positions in cutting-edge technology platforms, such as Dongcheng Pharmaceutical and Yuanda Medicine [5].

Core Insights - The pharmaceutical industry is experiencing a structural change driven by the growth cycles of major products, with significant opportunities emerging in innovative drugs, medical devices, and consumer healthcare [3][6][31] - The demand for pharmaceuticals is expected to improve in 2026, supported by policies encouraging innovation and a recovery in domestic consumption [3][7] - The supply side of the pharmaceutical industry is characterized by high entry barriers due to patent protections and government regulations, which helps maintain a stable competitive environment [4][5] Group 1: Industry Trends - The aging population, urbanization, and changing disease patterns are making the pharmaceutical industry a perpetual growth sector [3] - The global pharmaceutical market has seen rapid expansion from 2009 to 2019, followed by a surge in demand due to COVID-19, and is now entering a phase of recovery and growth [3][6] - The Chinese pharmaceutical industry is expected to gradually produce world-class companies, with increasing recognition of Chinese innovative drug assets by multinational corporations (MNCs) [4][5] Group 2: Investment Opportunities - Opportunities in innovative drugs are highlighted, particularly in oncology, metabolic diseases, and autoimmune diseases, with a focus on next-generation therapies and precision medicine [6][31] - The demand for innovative drugs is expected to remain strong, with policies improving medical insurance payments and the upcoming launch of commercial insurance drug catalogs [7][31] - The medical device sector is anticipated to recover, with a focus on domestic demand and international expansion, particularly in areas with low domestic production rates [7][8] Group 3: Company Performance - Major pharmaceutical companies like Eli Lilly, AbbVie, and AstraZeneca are experiencing significant growth driven by key products, with Eli Lilly's Tirzepatide generating $24.8 billion in sales [12][15] - The report identifies specific companies such as Hengrui Medicine, Hansoh Pharmaceutical, and BeiGene as outperformers in the market, with strong pipelines and global competitiveness [7][8] - The report emphasizes the importance of mergers and acquisitions (M&A) and business development (BD) strategies for MNCs, with China becoming a significant source of projects for top global pharmaceutical companies [22][24]

Core Insights - Novartis AG reported core earnings per share of $2.25 in Q3, missing the Zacks Consensus Estimate by a penny but up from $2.06 a year ago, driven by sales growth [1][7] - Revenues reached $13.9 billion, an 8% increase year-over-year, slightly beating the Zacks Consensus Estimate [1][2] Sales Performance - On a constant currency basis, sales increased by 7%, supported by strong performances from Kisqali, Kesimpta, Scemblix, and Pluvicto, which offset the negative impact of generic competition for Promacta, Tasigna, and Entresto [2][4] - Core operating income rose 7% to $5.5 billion [2] Key Drug Performance - Kisqali sales surged 68% to $1.33 billion, driven by growth in the United States [8] - Kesimpta sales increased 44% to $1.2 billion, exceeding estimates [9] - Pluvicto sales grew 45% to $564 million, benefiting from expanded indications [11] - Entresto sales decreased 1% to $1.9 billion due to generic competition, missing estimates [5][6] - Cosentyx sales were down 1% to $1.7 billion, impacted by a one-time revenue adjustment [6] Strategic Developments - Novartis announced the acquisition of Avidity Biosciences for $12 billion to enhance its neuroscience pipeline, focusing on genetic neuromuscular diseases [18][19] - The company expects net sales to grow in high single digits and core operating income to grow in the low teens by 2025 [17] Other Updates - Novartis received FDA approval for remibrutinib as a treatment for chronic spontaneous urticaria [21] - The company is advancing its pipeline with new drug approvals and collaborations, including a licensing agreement with Arrowhead Pharmaceuticals for a preclinical-stage therapy targeting Parkinson's disease [27]

Financial Performance - Novartis reported a 7% increase in net sales and core operating income for Q3 2025, with a core margin of 39.3% [5][27] - Core EPS rose by 10% to $2.25, and free cash flow totaled $6.2 billion for the quarter [28][27] - For the first nine months, net sales grew by 11%, core operating income by 18%, and core EPS increased by 21% to $6.94 [28][29] Business Line Performance - Key brands showed strong growth: Kisqali grew 68%, Pluvicto 45%, Leqvio 54%, and Scemblix 95% in constant currency [6][10][14][16] - Kisqali's U.S. growth was particularly strong at 91%, with a market-leading position in both metastatic and early breast cancer [7][9] - Pluvicto's growth was driven by new patient starts, with U.S. sales up 53% [11][12] - Leqvio is on track for over $1 billion in sales, with significant growth in both the U.S. and international markets [14][15] - Scemblix is expected to become the most prescribed TKI in the U.S. [16] Market Performance - The U.S. experienced negative growth due to net true-ups related to Medicare Part D redesign, but underlying growth would have been 9% without these adjustments [27][28] - Outside the U.S., Kisqali saw 37% growth in constant currency, and Pluvicto is expanding in Europe, Canada, and Brazil [7][12] - The renal portfolio, particularly IGAN, grew 98% in the U.S., significantly outpacing market growth [20][21] Company Strategy and Industry Competition - Novartis is focused on driving growth through its priority brands and pipeline advancements, despite facing generic erosion from products like Entresto [5][28] - The company is pursuing strategic acquisitions, including Avidity Biosciences, to enhance its growth trajectory [35][36] - Novartis aims to maintain a core margin of around 40% despite expected short-term dilution from new product launches [35][36] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in mid to long-term growth, reaffirming guidance for high single-digit growth in net sales and low teens growth in core operating income for the full year [31][38] - The company anticipates challenges in the first half of 2026 due to generic competition but expects a stronger second half [33][34] - Management highlighted the importance of addressing pricing and reimbursement issues with the administration to support innovation [41][42] Other Important Information - Novartis is preparing for regulatory submissions for several products, including remibrutinib and ianalumab, with expectations for rapid uptake in the market [22][24] - The company is focused on enhancing its R&D capabilities and expanding its manufacturing base in the U.S. [43] Q&A Session Summary Question: Impact of Medicaid and tariffs on the industry - Management indicated that while some companies have reached agreements with the administration, Novartis is in ongoing discussions to find suitable solutions [41][42] Question: CapEx and cash flow modeling - Management clarified that the majority of the $23 billion commitment over five years is for R&D OpEx, with CapEx expected to remain stable at 2.5%-3% of sales [42][43] Question: Market reaction to ATR abstract - Management expressed confidence that detailed data presentation would improve market perception and emphasized the importance of patient benefits over statistical measures [46][47] Question: Pluvicto launch curve and peak sales ambition - Management stated that Pluvicto is on a strong growth trajectory, expecting to reach peak sales of $5 billion with ongoing efforts to tackle commercialization challenges [55][56][58] Question: Remibrutinib ramp-up and European adoption - Management highlighted the focus on payer negotiations and the potential for rapid uptake in the U.S. and Europe, emphasizing the innovative profile of remibrutinib [62][64] Question: Ianalumab study results and secondary endpoints - Management explained the statistical significance achieved in primary endpoints and the importance of patient-relevant outcomes for future discussions with physicians [68][71] Question: Cosentyx market share and new formulation - Management noted that there has been no significant impact from competitor launches and emphasized ongoing efforts to maintain market share in a growing market [74]