Novartis AG (NOVN.S): Novartis upbeat remibrutinib. Sees $4bn+ in RMS $4bn+ in CSU/CIndU. SPMS, HS, food allergy additional

Novartis's call post-detailed REMODEL-1&2 RMS data was upbeat, in Citi's view. Novartis highlighted potential differentiation on disability progression and liver safety as driving its expectation for $4bn+ peak in RMS, along with $4bn+ in approved CSU/CIndU indications and upside from Phase III in SPMS (2031), HS (4Q26), food allergy and CPUO (Phase III started 3Q26). Management was explicit that it does not expect liver monitoring on the label, framing the liver safety profile as in line with its approved CSU/CIndU label for Rhapsido;