Novartis AG (NYSE:NVS) has bounced back nicely after COVID-19 sell-off. However, should the market cool off again, we could see the stock back to late March levels. Below we explain why, despite stellar Q1 results, we currently rate Novartis a Sell.
Novartis is one of the largest Biopharma companies in the world, posting over $47bn of revenues in 2019 and $14.1bn of core operating income (29.7% margin). The company is divided into two major segments - Innovative Medicines and Sandoz (generic pharma unit). The former delivered nearly 80% of revenues and 90% of