Stifel maintains its Hold rating on Novartis shares, with an unchanged target price of CHF 106.

This morning, the laboratory reported that it had received accelerated approval from the FDA for Fabhalta (formerly iptacopan) in Nephropathy.

Our estimate is that only around 10-15% of IgAN patients would be eligible for the drug', the analyst points out.

'We remain very optimistic about the drug's potential across its range of indications, and see peak sales in excess of $3 billion from 2029 onwards', he concludes.

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