Nestlé delivered solid 2012 results, thus widely meeting market expectations. Although organic sales growth was slightly lower than consensus (+5.9% vs. consensus +6%), the company was able to further improve its profitability. With a net profit of CHF10.6 bn, market expectations were fully met and Nestlé’s outlook is intact. Actelion missed expectations with an EPS of CHF3.69 (consensus CHF3.82) and revenues of CHF1.72 bn (CHF1.73 bn). 2013 guidance sees flat earnings.