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Fly News Breaks for February 25, 2020
NVS
Feb 25, 2020 | 08:49 EDT
As previously reported, Guggenheim analyst Seamus Fernandez downgraded Novartis (NVS) to Neutral from Buy. On February 23, the American Society of Retina Specialists sent its members a clinical update regarding risk of severe inflammation with Beovu, which Fernandez calls a "critically important 2020 launch product" for Novartis. Key Opinion Leader doctors with whom he spoke think the severe events reported, together with the experience of higher-than-expected inflammation, will be a major blow to the future of the product and also expect updates from other societies in the weeks ahead, which will keep the issue front and center, Fernandez said. He has cut his Beovu 2020 sales forecast by about 90%, to $360M from about $3.6B, Fernandez added.
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