Novartis AG 2Q 2015 -- Forecast

FRANKFURT--The following is a summary of analysts' forecasts for Novartis AG (NVS) second-quarter results, based on a poll of nine analysts conducted by Dow Jones Newswires (figures in million dollars, EPS in dollar, target price in swiss francs, according to IFRS). Earnings figures are scheduled to be released July 21.

=== 
              Net sales: 
 
2nd Quarter       -total -Pharma  -Diovan -Gleevec -Lucentis 
AVERAGE           12,712   7,732      323    1,100       534 
Prev. Year        14,637   8,199      743    1,199       619 
+/- in %             -13    -5.7      -57     -8.3       -14 
 
MEDIAN            12,581   7,735      333    1,103       524 
Maximum           13,094   8,052      379    1,159       582 
Minimum           12,488   7,481      237    1,060       503 
Amount                 9       7        6        7         6 
 
Baader-Helvea     12,579   7,619      334    1,076       523 
Bernstein         12,569   7,481      332    1,106       503 
Credit Suisse     12,581      --       --       --        -- 
Deutsche Bank     13,094   8,052      337    1,159       557 
Exane BNP Paribas 12,794   7,782       --    1,109        -- 
J.P. Morgan       12,488      --       --       --        -- 
Jefferies         12,705   7,735      317    1,086       524 
UBS               12,520   7,633      237    1,060       514 
Zuercher KB       13,081   7,825      379    1,103       582 
 
                        Core: 
                   -Operating      -Net  -Net attrib. 
2nd Quarter            income    income        profit   -EPS 
AVERAGE                 3,603     3,119         3,126   1.31 
Prev. Year              3,797     3,283         3,253   1.34 
+/- in %                 -5.1      -5.0          -3.9   -2.4 
 
MEDIAN                  3,559     3,110         3,157   1.31 
Maximum                 3,874     3,236         3,216   1.36 
Minimum                 3,441     3,022         3,004   1.24 
Amount                      8         4             3      9 
 
Baader-Helvea           3,689        --            --   1.36 
Bernstein               3,571     3,187         3,157   1.31 
Credit Suisse           3,472        --            --   1.24 
Deutsche Bank           3,709        --            --   1.35 
Exane BNP Paribas       3,547        --            --   1.32 
J.P. Morgan                --        --            --   1.30 
Jefferies               3,441     3,022            --   1.25 
UBS                     3,522     3,236         3,216   1.34 
Zuercher Kantonalbank   3,874     3,032         3,004   1.30 
 
 
                    Target price  Rating 
AVERAGE                   109.50  positive 6 
Prev. Quarter             105.04  neutral  1 
+/- in %                    +4.2  negative 0 
 
MEDIAN                    111.50 
Maximum                   115.00 
Minimum                    96.00 
Amount                         6 
 
Baader-Helvea             110.00  Buy 
Berenberg                 110.00  Buy 
Deutsche Bank              96.00  Hold 
Exane BNP Paribas         113.00  Outperform 
J.P. Morgan                   --  Overweight 
Jefferies                 113.00  Buy 
UBS                       115.00  Buy 
=== 

Year-earlier figures are as reported by the company.

DJG/voi 

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