Novartis AG 1Q 2016 -- Forecast

FRANKFURT--The following is a summary of analysts' forecasts for Novartis AG (NVS) first-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 April 21.

=== 
            Net sales: 
1st Quarter    -total  -Pharma -Diovan  -Gleevec  -Lucentis 
AVERAGE        11,700    7,831     270       734        480 
Prev. Year     11,935    7,960     372     1,070        539 
+/- in %         -2.0     -1.6     -28       -31        -11 
 
MEDIAN         11,705    7,833     265       752        483 
Maximum        12,020    8,070     294       876        495 
Minimum        11,273    7,319     255       463        447 
Amount              8        9       6         9          8 
 
Berenberg      11,831    7,833      --       463        488 
Bernstein      11,772    7,943     266       876        484 
Deutsche Bank  12,020    8,070     280       792        489 
Jefferies      11,687    7,821     259       711        495 
JP Morgan          --    8,023      --       836         -- 
Morgan Stanley 11,708    7,853      --       780        479 
UBS            11,701    7,832     255       751        481 
Vontobel       11,606    7,783     264       752        477 
Zuercher KB    11,273    7,319     294       642        447 
 
               Core: 
            -Operating     -Net  -Net attrib. 
1st Quarter     income   income       profit    -EPS 
AVERAGE          3,134    2,664        2,704    1.14 
Prev. Year       3,651    3,199        3,199    1.33 
+/- in %           -14      -17          -15     -15 
 
MEDIAN           3,137    2,700        2,700    1.13 
Maximum          3,244    2,757        2,739    1.16 
Minimum          3,032    2,370        2,676    1.11 
Amount               8        7            4       9 
 
Berenberg        3,244    2,746        2,739    1.15 
Bernstein        3,090    2,700        2,700    1.13 
Deutsche Bank    3,194    2,702        2,700    1.13 
Jefferies        3,032    2,694           --    1.13 
JP Morgan           --       --           --    1.13 
Morgan Stanley   3,112       --           --    1.11 
UBS              3,034    2,370           --    1.13 
Vontobel         3,207    2,757           --    1.16 
Zuercher KB      3,162    2,678        2,676    1.15 
 
                 Target price  Rating 
AVERAGE                 84.17  positive 5 
Prev. Quarter          103.88  neutral  2 
+/- in %                  -19  negative 1 
 
MEDIAN                  84.50 
Maximum                104.00 
Minimum                 72.00 
Amount                      6 
 
Berenberg               85.00  Buy 
Bernstein               84.00  Outperform 
Deutsche Bank           85.00  Hold 
Jefferies              104.00  Buy 
JP Morgan                  --  Overweight 
Morgan Stanley          75.00  Underweight 
UBS                     72.00  Neutral 
Zuercher KB                --  Overweight 
===

Year-earlier figures are as reported by the company - continued operations.