22 Jul 2026 00:00:00 ET │ 17 pages Novartis AG (NOVN.S) Raising EPS 2-6% and TP to CHF142 post solid 2Q results. Buy Ac t i o n | Graham Parry AC +44-20-7508-3661 graham.parry@citi.com CITI'S TAKE Following 2Q26 EPS that beat cons by 12% (7% after accounting for one-off phasing) we raise 26E EPS 2%, 27E 5% and 28-30E 6% and increase our TP to CHF142. The underlying beat was despite worse generic erosion than expected. As this annualizes in 4Q Novartis is set up for strong, above consensus earnings trajector ...