Wells Fargo analyst David Maris said that while Novartis' (NVS) Sandoz Q2 results were better than expected, they were mainly driven by ex-U.S. performance, and the analyst believes this could have "negative implications for other companies with significant U.S. commodity generics, such as Teva (TEVA) and Mylan (MYL) though perhaps moreso for Mylan." Maris noted that on the conference call, Novartis stated, "If you take out one-time, certain one-time effects, you would see that in the U.S. the base business continues to have declines in the mid-teens consistent with what we've seen in past quarters, so we haven't seen yet a stabilization in the core GX business in the U.S." The analyst concluded that the commentary is consistent with his "continued caution on generics."

TD Cowen analyst Yaron Werber raised the firm's price target on BeiGene (BGNE) to $236 from $235 and keeps a Buy rating on the shares. The firm updated its model to reflect lower collaborative revenue given termination of Novartis (NVS) agreement for tisle in Sep 2023.