(AOF) – Novartis (+0.07% to 92 Swiss francs) today confirmed its plan to spin off 100% of the Sandoz business. Trading of new Sandoz Group AG shares and ADRs (American Depositary Receipts) will begin on October 4, 2023. This follows the approval by Novartis shareholders of the Sandoz spin-off, previously announced at the EGM on October 15 September 2023. The laboratory also announces that the Netter-2 phase III study on its product Lutathera has achieved its main objective.
The confirmation of the split contributes to an improvement in the prospects of the Swiss group. “We are upgrading Novartis from Underweight to Online Weighting,” announced Morgan Stanley in a note published today: the Sandoz split contributes to an 11% depreciation of the 2024 PER multiple since the start of the year, “which seems unjustified compared to the improvement in earnings dynamics in the medium term. The price target is increased from 93 to 98 Swiss francs.
On Lutathera, Novartis announces that first-line treatment with its product in combination with long-acting octreotide demonstrated a significant improvement in progression-free survival in patients with gastroenterological neuroendocrine tumors (NETs). -grade 2 and 3 pancreatic, somatostatin receptor (SSTR) positive, newly diagnosed.
The results were obtained in comparison with long-acting octreotide administered alone at high doses. The study did not yield any new or unexpected safety findings and the data are consistent with the already well-established safety profile of Lutathera1-4.
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