Novartis (NYSE: NVS) reported Q2 EPS of $1.29, $0.02 better than the analyst estimate of $1.27. Revenue for the quarter came in at $13.2 billion versus the consensus estimate of $12.93 billion.

2018 Outlook

Barring unforeseen events

We re-confirm our Group outlook as presented at the beginning of 2018. Group net sales in 2018 are expected to grow low to mid-single digit (cc). Group core operating income in 2018 is expected to grow mid to high-single digit (cc).

From a divisional perspective, we expect net sales performance (cc) in 2018 to be as follows:

 Innovative Medicines: grow mid-single digit

 Sandoz: revised downwards to decline low-single digit

 Alcon: revised upwards to grow mid-single digit

If mid-July exchange rates prevail for the remainder of 2018, the currency impact for the year would be positive 1 percentage point on net sales and positive 1 percentage point on core operating income. The estimated impact of exchange rates on our results is provided monthly on our website.

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