Stockwatch: Full-Year 2020 Guidance Separates Novartis And Roche
Swiss Pharma’s Reputation For Financial Conservatism Could Suffer If Guidance Keeps Underplaying Pandemic Pressures
Pandemic-related clinic closures and safety issues forced Novartis to trim its guidance slightly. But Roche, faced with more severe pandemic and biosimilar pressures, left January’s guidance unchanged.
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Investors in pharmaceutical companies appreciate details such as sales force dynamics, price-volume relationships and channel-stocking effects. Their absence can make investors wary.
Biosimilar competitors to Avastin, Herceptin and Rituxan and headwinds from COVID-19 are expected to have a CHF4.7bn negative impact in 2020, higher than the CHF4bn previously projected.
With something for everyone in Johnson & Johnson’s second-quarter earnings report, a nudge upwards for full-year guidance could not disguise the jump down from January’s pre-pandemic expectations.