Virtual Meet Novartis AG Management Investor Event Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Kerry Ann Holford - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Two please, probably for Harry. Firstly, on the pharma margin guidance range, I wonder if you can talk about how much of that raise reflecting margin savings you've highlighted from NTO and low travel, et cetera, and how much reflects a more bullish sales growth outlook for the business. And if that is a key driver, what assets would you highlight as outperforming versus your prior expectations when you true-up that guidance originally? And secondly, on the buyback, I guess the question for me is what's led you to push through now with a $2.5 billion buyback program over the next 6 months or so? Why not earlier this year when the shares have been under pressure? And also, do you have capacity and any willingness to continue that program into the latter half of next year?

Question: Kerry Ann Holford - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Question into [brex] looking at the (inaudible) study which is pembrolizumab in first-line lung. So that Phase II data due next year, is there any chance you could file on that? Or do you expect you need to run a Phase III study in order to progress that to market if not Phase II is positive? Just trying to feel as to when that line extension could become a reality? And then just a quick follow-up on ABL. Can you remind us of the IP behind that asset as well, please?