We note that Novartis is expected to face challenging conditions in 2015. Diovan Mono is one of the key drugs in the company's portfolio and the entry of generics will hit sales in 2015. Moreover, currency headwinds will continue to negatively impact sales in 2015 to the tune of 10%. Oncology drugs will be under pricing pressure in 2015 as new immuno-oncology therapies enter the market.