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Novartis AG

NVSEF

(2.2)
Stock Price

94,70 USD

36.39% ROA

41.08% ROE

13.79x PER

Market Cap.

214.626.539.870,00 USD

65.72% DER

3.41% Yield

35.25% NPM

Novartis AG Stock Analysis

Novartis AG Fundamental Analysis

Fundamental analysis in stock investing is like studying the foundation of a house before buying it. It involves looking at a company's financial health, like its earnings, assets, and debts, to determine if it's a good investment based on its fundamental strength and potential for growth.

Novartis AG Fundamental Stock Analysis
# Analysis Rating
1 ROA

The stock's ability to make a lot of money from its assets shows that it is very profitable, making it a good choice for people who want to invest and make a lot of money.

2 Dividend Growth

With a history of consistent dividend increases over the last five years, the company has proven to be a reliable choice for investors seeking steady income.

3 Dividend

Investors can trust the company's impressive dividend track record, consistently distributing dividends over the past five years, showcasing a strong commitment to rewarding shareholders.

4 ROE

The stock's ROE falls within an average range (13.65%), demonstrating satisfactory profitability and efficiency in utilizing shareholders' equity.

5 DER

The stock has a reasonable amount of debt compared to its ownership (55%), suggesting a balanced financial position and a moderate level of risk.

6 Buffet Intrinsic Value

The company's stock seems undervalued (873) by Warren Buffett's formula, indicating a promising investment opportunity as its intrinsic value exceeds the market price.

7 PBV

The stock's elevated P/BV ratio (3.75x) raises concerns about its overvaluation, making it an imprudent choice for investors seeking value.

8 Revenue Growth

Company has experienced no growth in revenue over the past three years, suggesting limited profitability and making it a less desirable investment opportunity.

9 Net Profit Growth

Throughout the last five years, this company's net profit has remained unchanged, indicating a lack of growth and making it a less favorable investment option.

10 Assets Growth

Company's revenue has remained stagnant over the past three years, indicating a lack of growth and making it a less favorable option.

11 Graham Number

The company's Graham number indicates that it is overvalued compared to its stock price, suggesting a potentially unfavorable investment opportunity.

Novartis AG Technical Analysis

Technical analysis in stock investing is like reading the patterns on a weather map to predict future weather conditions. It involves studying past stock price movements and trading volumes to make predictions about where a stock's price might go next, without necessarily looking at the company's financial health.

Novartis AG Technical Stock Analysis
# Analysis Recommendation
1 Awesome Oscillator Hold
2 MACD Buy
3 RSI Hold
4 Stoch RSI Sell

Novartis AG Price Chart

Financial Statements

Financial statements are like report cards for companies. They show how much money a company makes (income statement), what it owns and owes (balance sheet), and where it spends its money (cash flow statement), helping stock investors understand if a company is healthy and worth investing in.

Income Statements

An income statement for a company is like a scoreboard for its profits and losses. It shows how much money the company made (revenue) and how much it spent to make that money (expenses), helping stock investors see if a company is making a profit or not.

Revenue in stock investing is the total amount of money a company earns from its sales, and it's a key factor that investors consider to assess a company's financial performance and growth potential.

Novartis AG Revenue
Year Revenue Growth
1998 23.039.244.186
1999 20.418.000.000 -12.84%
2000 21.832.000.000 6.48%
2001 19.335.000.000 -12.91%
2002 23.151.000.000 16.48%
2003 24.864.000.000 6.89%
2004 28.247.000.000 11.98%
2005 32.526.000.000 13.16%
2006 36.749.000.000 11.49%
2007 38.947.000.000 5.64%
2008 42.584.000.000 8.54%
2009 45.103.000.000 5.58%
2010 51.561.000.000 12.52%
2011 59.375.000.000 13.16%
2012 57.561.000.000 -3.15%
2013 58.831.000.000 2.16%
2014 53.634.000.000 -9.69%
2015 50.387.000.000 -6.44%
2016 49.436.000.000 -1.92%
2017 50.135.000.000 1.39%
2018 53.166.000.000 5.7%
2019 48.677.000.000 -9.22%
2020 49.898.000.000 2.45%
2021 52.877.000.000 5.63%
2022 51.828.000.000 -2.02%
2023 48.368.000.000 -7.15%
2023 46.660.000.000 -3.66%
2024 50.351.416.788 7.33%

Research and Development Expenses are the costs a company incurs to create and improve its products or services, which can be important for investors to evaluate a company's innovation and potential for future growth.

Novartis AG Research and Development Expenses
Year Research and Development Expenses Growth
1998 2.707.122.093
1999 2.670.000.000 -1.39%
2000 2.840.000.000 5.99%
2001 2.528.000.000 -12.34%
2002 3.099.000.000 18.43%
2003 3.756.000.000 17.49%
2004 4.207.000.000 10.72%
2005 4.846.000.000 13.19%
2006 5.349.000.000 9.4%
2007 6.430.000.000 16.81%
2008 7.217.000.000 10.9%
2009 7.469.000.000 3.37%
2010 9.070.000.000 17.65%
2011 9.583.000.000 5.35%
2012 9.332.000.000 -2.69%
2013 9.852.000.000 5.28%
2014 9.086.000.000 -8.43%
2015 8.935.000.000 -1.69%
2016 9.039.000.000 1.15%
2017 8.972.000.000 -0.75%
2018 9.074.000.000 1.12%
2019 9.402.000.000 3.49%
2020 8.980.000.000 -4.7%
2021 9.540.000.000 5.87%
2022 9.996.000.000 4.56%
2023 15.700.000.000 36.33%
2023 11.371.000.000 -38.07%
2024 9.159.193.140 -24.15%

General and Administrative Expenses are the costs a company incurs to run its day-to-day operations, such as office rent, salaries, and utilities, which investors consider to understand a company's overall efficiency and management effectiveness.

Novartis AG General and Administrative Expenses
Year General and Administrative Expenses Growth
1998 1.292.877.906
1999 0 0%
2000 0 0%
2001 491.000.000 100%
2002 1.146.000.000 57.16%
2003 1.381.000.000 17.02%
2004 1.540.000.000 10.32%
2005 1.742.000.000 11.6%
2006 1.957.000.000 10.99%
2007 2.133.000.000 8.25%
2008 2.245.000.000 4.99%
2009 2.281.000.000 1.58%
2010 2.481.000.000 8.06%
2011 2.970.000.000 16.46%
2012 2.937.000.000 -1.12%
2013 3.060.000.000 4.02%
2014 2.616.000.000 -16.97%
2015 2.475.000.000 -5.7%
2016 2.194.000.000 -12.81%
2017 2.136.000.000 -2.72%
2018 0 0%
2019 0 0%
2020 0 0%
2021 0 0%
2022 0 0%
2023 0 0%
2023 0 0%
2024 0 0%

EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. It is a measure that helps stock investors analyze a company's profitability by looking at its earnings without considering certain expenses. This helps to get a clearer picture of the company's financial performance and its ability to generate cash flow.

Novartis AG EBITDA
Year EBITDA Growth
1998 6.354.651.162
1999 5.198.000.000 -22.25%
2000 5.389.000.000 3.54%
2001 4.413.000.000 -22.12%
2002 5.904.000.000 25.25%
2003 7.264.000.000 18.72%
2004 8.369.000.000 13.2%
2005 9.174.000.000 8.77%
2006 10.519.000.000 12.79%
2007 10.418.000.000 -0.97%
2008 12.333.000.000 15.53%
2009 12.709.000.000 2.96%
2010 15.813.000.000 19.63%
2011 17.338.000.000 8.8%
2012 16.921.000.000 -2.46%
2013 16.408.000.000 -3.13%
2014 17.727.000.000 7.44%
2015 14.364.000.000 -23.41%
2016 15.037.000.000 4.48%
2017 15.897.000.000 5.41%
2018 21.750.000.000 26.91%
2019 15.616.000.000 -39.28%
2020 17.211.000.000 9.27%
2021 33.061.000.000 47.94%
2022 16.389.000.000 -101.73%
2023 19.540.000.000 16.13%
2023 18.469.000.000 -5.8%
2024 20.483.432.824 9.83%

Gross profit is the money a company makes from selling its products or services after subtracting the cost of producing or providing them, and it is an important measure for investors to understand a company's profitability.

Novartis AG Gross Profit
Year Gross Profit Growth
1998 15.734.011.628
1999 15.189.000.000 -3.59%
2000 15.587.000.000 2.55%
2001 14.576.000.000 -6.94%
2002 17.710.000.000 17.7%
2003 18.970.000.000 6.64%
2004 21.622.000.000 12.27%
2005 23.658.000.000 8.61%
2006 26.450.000.000 10.56%
2007 27.915.000.000 5.25%
2008 31.145.000.000 10.37%
2009 32.924.000.000 5.4%
2010 37.073.000.000 11.19%
2011 40.392.000.000 8.22%
2012 38.805.000.000 -4.09%
2013 39.223.000.000 1.07%
2014 36.289.000.000 -8.09%
2015 32.983.000.000 -10.02%
2016 31.916.000.000 -3.34%
2017 32.960.000.000 3.17%
2018 34.759.000.000 5.18%
2019 34.252.000.000 -1.48%
2020 34.777.000.000 1.51%
2021 37.010.000.000 6.03%
2022 36.342.000.000 -1.84%
2023 35.900.000.000 -1.23%
2023 34.188.000.000 -5.01%
2024 37.405.404.336 8.6%

Net income in stock investing is like the money a company actually gets to keep as profit after paying all its bills, and it's an important measure to understand how well a company is doing financially.

Novartis AG Net Profit
Year Net Profit Growth
1998 4.367.732.558
1999 4.181.000.000 -4.47%
2000 4.467.000.000 6.4%
2001 3.836.000.000 -16.45%
2002 4.725.000.000 18.81%
2003 4.743.000.000 0.38%
2004 5.365.000.000 11.59%
2005 6.130.000.000 12.48%
2006 7.175.000.000 14.56%
2007 11.946.000.000 39.94%
2008 8.195.000.000 -45.77%
2009 8.400.000.000 2.44%
2010 9.794.000.000 14.23%
2011 8.940.000.000 -9.55%
2012 9.270.000.000 3.56%
2013 9.175.000.000 -1.04%
2014 10.210.000.000 10.14%
2015 17.783.000.000 42.59%
2016 6.712.000.000 -164.94%
2017 7.703.000.000 12.87%
2018 12.611.000.000 38.92%
2019 11.732.000.000 -7.49%
2020 8.072.000.000 -45.34%
2021 24.021.000.000 66.4%
2022 6.955.000.000 -245.38%
2023 7.044.000.000 1.26%
2023 14.850.000.000 52.57%
2024 12.984.000.000 -14.37%

EPS, or earnings per share, is a measure that shows how much profit a company has earned for each outstanding share of its stock, and it is important for stock investors as it helps understand the profitability of a company and compare it with other companies in the market.

Novartis AG Earning per Share (EPS)
Year Earning per Share (EPS) Growth
1998 0
1999 1 0%
2000 2 100%
2001 1 0%
2002 2 0%
2003 2 0%
2004 2 50%
2005 3 0%
2006 3 33.33%
2007 5 40%
2008 4 -66.67%
2009 4 0%
2010 4 25%
2011 4 -33.33%
2012 4 0%
2013 4 0%
2014 4 25%
2015 7 42.86%
2016 3 -250%
2017 3 33.33%
2018 5 40%
2019 3 -66.67%
2020 4 0%
2021 11 70%
2022 3 -233.33%
2023 3 0%
2023 8 57.14%
2024 6 -16.67%

Cashflow Statements

Cashflow statements show the movement of money in and out of a company, helping stock investors understand how much money a company makes and spends. By examining cashflow statements, investors can assess if a company is generating enough cash to pay its bills, invest in growth, and provide returns to stockholders.

Free cash flow is the leftover cash that a company generates after covering its operating expenses and capital expenditures, which is important for stock investors as it shows how much money a company has available to invest in growth, pay dividends, or reduce debt.

Novartis AG Free Cashflow
Year Free Cashflow Growth
1998 3.148.255.813
1999 3.473.000.000 9.35%
2000 3.816.000.000 8.99%
2001 3.616.000.000 -5.53%
2002 4.644.000.000 22.14%
2003 5.109.000.000 9.1%
2004 5.275.000.000 3.15%
2005 6.532.000.000 19.24%
2006 6.388.000.000 -2.25%
2007 6.077.000.000 -5.12%
2008 7.453.000.000 18.46%
2009 9.458.000.000 21.2%
2010 11.835.000.000 20.08%
2011 11.922.000.000 0.73%
2012 10.889.000.000 -9.49%
2013 9.399.000.000 -15.85%
2014 10.194.000.000 7.8%
2015 8.046.000.000 -26.7%
2016 8.596.000.000 6.4%
2017 9.875.000.000 12.95%
2018 10.917.000.000 9.54%
2019 11.368.000.000 3.97%
2020 11.065.000.000 -2.74%
2021 12.100.000.000 8.55%
2022 11.565.000.000 -4.63%
2023 4.695.000.000 -146.33%
2023 11.705.000.000 59.89%
2024 4.122.598.948 -183.92%

Operating cash flow represents the cash generated or consumed by a company's day-to-day operations, excluding external investing or financing activities, and is crucial for stock investors as it shows how much cash a company is generating from its core business operations.

Novartis AG Operating Cashflow
Year Operating Cashflow Growth
1998 4.277.616.279
1999 4.335.000.000 1.32%
2000 4.641.000.000 6.59%
2001 4.431.000.000 -4.74%
2002 5.830.000.000 24%
2003 6.652.000.000 12.36%
2004 6.725.000.000 1.09%
2005 8.080.000.000 16.77%
2006 8.710.000.000 7.23%
2007 9.210.000.000 5.43%
2008 9.769.000.000 5.72%
2009 12.191.000.000 19.87%
2010 14.067.000.000 13.34%
2011 14.309.000.000 1.69%
2012 14.194.000.000 -0.81%
2013 13.174.000.000 -7.74%
2014 13.897.000.000 5.2%
2015 11.897.000.000 -16.81%
2016 11.475.000.000 -3.68%
2017 12.621.000.000 9.08%
2018 14.272.000.000 11.57%
2019 13.625.000.000 -4.75%
2020 13.650.000.000 0.18%
2021 15.071.000.000 9.43%
2022 14.236.000.000 -5.87%
2023 5.378.000.000 -164.71%
2023 14.458.000.000 62.8%
2024 4.862.679.396 -197.33%

Capex, short for capital expenditures, refers to the money a company spends on acquiring or upgrading tangible assets like buildings, equipment, or technology, which is important for stock investors as it indicates how much a company is investing in its infrastructure to support future growth and profitability.

Novartis AG Capital Expenditure
Year Capital Expenditure Growth
1998 1.129.360.465
1999 862.000.000 -31.02%
2000 825.000.000 -4.48%
2001 815.000.000 -1.23%
2002 1.186.000.000 31.28%
2003 1.543.000.000 23.14%
2004 1.450.000.000 -6.41%
2005 1.548.000.000 6.33%
2006 2.322.000.000 33.33%
2007 3.133.000.000 25.89%
2008 2.316.000.000 -35.28%
2009 2.733.000.000 15.26%
2010 2.232.000.000 -22.45%
2011 2.387.000.000 6.49%
2012 3.305.000.000 27.78%
2013 3.775.000.000 12.45%
2014 3.703.000.000 -1.94%
2015 3.851.000.000 3.84%
2016 2.879.000.000 -33.76%
2017 2.746.000.000 -4.84%
2018 3.355.000.000 18.15%
2019 2.257.000.000 -48.65%
2020 2.585.000.000 12.69%
2021 2.971.000.000 12.99%
2022 2.671.000.000 -11.23%
2023 683.000.000 -291.07%
2023 2.753.000.000 75.19%
2024 740.080.448 -271.99%

Balance Sheet

Balance sheets provide a snapshot of a company's financial health and its assets (such as cash, inventory, and property) and liabilities (like debts and obligations) at a specific point in time. For stock investors, balance sheets help assess the company's overall worth and evaluate its ability to meet financial obligations and support future growth.

Equity refers to the ownership interest or stake that shareholders have in a company, representing their claim on its assets and earnings after all debts and liabilities are paid.

Novartis AG Equity
Year Equity Growth
1998 22.657.703.488
1999 23.545.000.000 3.77%
2000 22.524.000.000 -4.53%
2001 25.558.000.000 11.87%
2002 28.410.000.000 10.04%
2003 30.519.000.000 6.91%
2004 33.921.000.000 10.03%
2005 33.164.000.000 -2.28%
2006 41.294.000.000 19.69%
2007 49.396.000.000 16.4%
2008 50.437.000.000 2.06%
2009 57.462.000.000 12.23%
2010 69.769.000.000 17.64%
2011 65.940.000.000 -5.81%
2012 69.219.000.000 4.74%
2013 74.472.000.000 7.05%
2014 70.844.000.000 -5.12%
2015 77.122.000.000 8.14%
2016 74.891.000.000 -2.98%
2017 74.227.000.000 -0.89%
2018 78.692.000.000 5.67%
2019 55.551.000.000 -41.66%
2020 56.666.000.000 1.97%
2021 67.822.000.000 16.45%
2022 59.423.000.000 -14.13%
2023 46.750.000.000 -27.11%
2023 38.245.000.000 -22.24%
2024 41.881.584.506 8.68%

Assets represent the valuable resources that a company owns, such as cash, inventory, property, and equipment, and understanding a company's assets helps investors assess its value and potential for generating future profits.

Novartis AG Assets
Year Assets Growth
1998 40.214.389.534
1999 41.212.000.000 2.42%
2000 35.484.000.000 -16.14%
2001 40.305.000.000 11.96%
2002 45.144.000.000 10.72%
2003 49.317.000.000 8.46%
2004 54.469.000.000 9.46%
2005 57.732.000.000 5.65%
2006 68.008.000.000 15.11%
2007 75.452.000.000 9.87%
2008 78.299.000.000 3.64%
2009 95.505.000.000 18.02%
2010 123.318.000.000 22.55%
2011 117.496.000.000 -4.96%
2012 124.216.000.000 5.41%
2013 126.254.000.000 1.61%
2014 125.387.000.000 -0.69%
2015 131.556.000.000 4.69%
2016 130.124.000.000 -1.1%
2017 133.079.000.000 2.22%
2018 145.563.000.000 8.58%
2019 118.370.000.000 -22.97%
2020 132.059.000.000 10.37%
2021 131.795.000.000 -0.2%
2022 117.453.000.000 -12.21%
2023 99.945.000.000 -17.52%
2023 112.697.000.000 11.32%
2024 97.457.493.613 -15.64%

Liabilities refer to the financial obligations or debts that a company owes to creditors or external parties, and understanding a company's liabilities is important for investors as it helps assess the company's financial risk and ability to meet its obligations.

Novartis AG Liabilities
Year Liabilities Growth
1998 17.556.686.046
1999 17.667.000.000 0.62%
2000 12.960.000.000 -36.32%
2001 14.747.000.000 12.12%
2002 16.734.000.000 11.87%
2003 18.798.000.000 10.98%
2004 20.548.000.000 8.52%
2005 24.568.000.000 16.36%
2006 26.714.000.000 8.03%
2007 26.056.000.000 -2.53%
2008 27.862.000.000 6.48%
2009 38.043.000.000 26.76%
2010 53.549.000.000 28.96%
2011 51.556.000.000 -3.87%
2012 54.997.000.000 6.26%
2013 51.782.000.000 -6.21%
2014 54.543.000.000 5.06%
2015 54.434.000.000 -0.2%
2016 55.233.000.000 1.45%
2017 58.852.000.000 6.15%
2018 66.871.000.000 11.99%
2019 62.819.000.000 -6.45%
2020 75.393.000.000 16.68%
2021 63.973.000.000 -17.85%
2022 58.030.000.000 -10.24%
2023 53.195.000.000 -9.09%
2023 74.452.000.000 28.55%
2024 55.575.909.106 -33.96%

Novartis AG Financial Ratio (TTM)

Valuation Metrics

Revenue per Share
23.57
Net Income per Share
7.96
Price to Earning Ratio
13.79x
Price To Sales Ratio
4.48x
POCF Ratio
14.88
PFCF Ratio
18.41
Price to Book Ratio
5.35
EV to Sales
4.92
EV Over EBITDA
12.42
EV to Operating CashFlow
15.73
EV to FreeCashFlow
20.22
Earnings Yield
0.07
FreeCashFlow Yield
0.05
Market Cap
214,63 Bil.
Enterprise Value
235,70 Bil.
Graham Number
60.61
Graham NetNet
-18.65

Income Statement Metrics

Net Income per Share
7.96
Income Quality
1.5
ROE
0.39
Return On Assets
0.17
Return On Capital Employed
0.18
Net Income per EBT
1.38
EBT Per Ebit
0.94
Ebit per Revenue
0.27
Effective Tax Rate
0.08

Margins

Sales, General, & Administrative to Revenue
0
Research & Developement to Revenue
0.23
Stock Based Compensation to Revenue
0.02
Gross Profit Margin
0.75
Operating Profit Margin
0.27
Pretax Profit Margin
0.25
Net Profit Margin
0.35

Dividends

Dividend Yield
0.03
Dividend Yield %
3.41
Payout Ratio
0.47
Dividend Per Share
3.74

Operating Metrics

Operating Cashflow per Share
7.37
Free CashFlow per Share
5.73
Capex to Operating CashFlow
0.22
Capex to Revenue
0.07
Capex to Depreciation
0.47
Return on Invested Capital
0.16
Return on Tangible Assets
0.36
Days Sales Outstanding
64.56
Days Payables Outstanding
121.89
Days of Inventory on Hand
168.96
Receivables Turnover
5.65
Payables Turnover
2.99
Inventory Turnover
2.16
Capex per Share
1.64

Balance Sheet

Cash per Share
4,15
Book Value per Share
20,60
Tangible Book Value per Share
-5.47
Shareholders Equity per Share
20.52
Interest Debt per Share
13.93
Debt to Equity
0.66
Debt to Assets
0.28
Net Debt to EBITDA
1.11
Current Ratio
0.93
Tangible Asset Value
-11,13 Bil.
Net Current Asset Value
-29,90 Bil.
Invested Capital
61707759724
Working Capital
-1,92 Bil.
Intangibles to Total Assets
0.54
Average Receivables
8,36 Bil.
Average Payables
4,10 Bil.
Average Inventory
5739080088
Debt to Market Cap
0.13

Dividends

Dividends in stock investing are like rewards that companies give to their shareholders. They are a portion of the company's profits distributed to investors, typically in the form of cash payments, as a way for them to share in the company's success.

Novartis AG Dividends
Year Dividends Growth
2014 3
2015 3 0%
2016 3 0%
2017 3 0%
2018 3 0%
2019 3 0%
2020 3 33.33%
2021 3 0%
2022 3 0%
2023 3 0%
2024 4 0%

Novartis AG Profile

About Novartis AG

Novartis AG researches, develops, manufactures, and markets healthcare products worldwide. The company operates through two segments, Innovative Medicines and Sandoz. The Innovative Medicines segment offers prescription medicines for patients and healthcare providers. It also provides ophthalmology, neuroscience, immunology, hepatology, dermatology, respiratory, cardiovascular, renal, and metabolism medicine products. The Sandoz segment develops, manufactures, and markets finished dosage form medicines; active ingredients and finished dosage forms of small molecule pharmaceuticals to third parties; and retail generics and anti-infectives. It also provides active pharmaceutical ingredients and intermediates primarily antibiotics; protein- or other biotechnology-based products, including biosimilars; and biotechnology manufacturing services. Novartis AG has a license and collaboration agreement with Alnylam Pharmaceuticals to develop, manufacture, and commercialize inclisiran; and a clinical collaboration with Kura Oncology, Inc. to evaluate the combination of Tipifarnib and Alpelisib in patients with head and neck squamous cell carcinoma. The company was incorporated in 1996 and is headquartered in Basel, Switzerland.

CEO
Dr. Vasant Narasimhan M.D.
Employee
76.057
Address
Lichtstrasse 35
Basel, 4056

Novartis AG Executives & BODs

Novartis AG Executives & BODs
# Name Age
1 Paul Penepent
Head of Group Financial Reporting and Accounting
70
2 Dr. Klaus Moosmayer Ph.D.
Chief Ethics, Risk & Compliance Officer
70
3 Mr. Harry Kirsch
Chief Financial Officer
70
4 Dr. Robert Kowalski Pharm.D.
Chief People & Organization Officer
70
5 Dr. Vasant Narasimhan M.D.
Chief Executive Officer
70
6 Dr. Patrick Horber M.D.
President of International
70
7 Dr. Steffen Lang Ph.D.
President of Operations
70
8 Ms. Sloan Simpson
Global Head of Investor Relations
70
9 Ms. Karen L. Hale
Chief Legal Officer
70
10 Mr. Victor Bulto
President of US
70

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