Q2 sales growth was healthy, with a strong performance in Diagnostics being complemented by some recovery in Pharmaceuticals. However, sustained headwinds (pandemic + biosimilars) in the lynchpin oncology franchise (and partly in other areas as well) has resulted in a ‘surprise’ margin deterioration. Moreover, resurfacing COVID-19 risks are expected to keep the Swiss giant on the hook. While near-term Pharmaceutical normalcy seems difficult, one should find confidence from growing Diagnostics do ....
