Novartis AG (NVS) is a global pharmaceutical company headquartered in Basel, Switzerland, focused on developing, manufacturing, and marketing innovative medicines. The company aims to improve and extend lives by addressing major disease burdens through cutting-edge research and development. Novartis offers a wide range of therapeutic products across multiple core areas, including cardiovascular, immunology, neuroscience, oncology, and established brands.
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Oncology - Develops and markets treatments for various cancers, including targeted therapies and radioligand therapies.
- Key Products: Kisqali, Promacta/Revolade, Tafinlar + Mekinist, Jakavi, Pluvicto.
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Immunology - Provides therapies for autoimmune and inflammatory diseases.
- Key Products: Cosentyx, Xolair, Ilaris.
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Cardiovascular, Renal, and Metabolic - Focuses on treatments for heart failure, kidney diseases, and metabolic disorders.
- Key Products: Entresto, Leqvio.
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Established Brands - Offers older, widely-used pharmaceutical products across various therapeutic areas.
- Key Products: Sandostatin Group, Lucentis, Exforge Group, Diovan Group.
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Neuroscience - Develops treatments for neurological conditions, including multiple sclerosis and spinal muscular atrophy.
- Key Products: Kesimpta, Zolgensma.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Karen L. Hale ExecutiveBoard | Chief Legal and Compliance Officer | Karen L. Hale is the Chief Legal and Compliance Officer of Novartis since April 2025 , previously serving as Chief Legal Officer from May 2021 to April 2025 and as a Board Member of Novartis Pharma AG since 2021. | ||
Shreeram Aradhye ExecutiveBoard | President, Development and Chief Medical Officer | Executive Vice President & Chief Development Officer, Axcella Health, US; Executive Vice President & Chief Medical Officer, Dicerna Pharmaceuticals, US | Shreeram Aradhye, M.D. is the President, Development and Chief Medical Officer at Novartis since May 16, 2022; he has held several senior leadership roles at Novartis and previously served as Executive Vice President & Chief Development Officer at Axcella Health and Executive Vice President & Chief Medical Officer at Dicerna Pharmaceuticals. | |
Steffen Lang ExecutiveBoard | President, Operations | Board Member, Bachem Holding AG | Steffen Lang, Ph.D. is the President, Operations at Novartis since April 2022, and he previously served as the Global Head of Novartis Technical Operations from 2017 to April 2022. | |
Vasant Narasimhan ExecutiveBoard | Chief Executive Officer | Member, National Academy of Medicine, US; Board Member, Pharmaceutical Research and Manufacturers of America (PhRMA), US; Committee Member, Biopharmaceutical CEOs Roundtable, International Federation of Pharmaceutical Manufacturers & Associations, Switzerland; Board of Fellows, Harvard Medical School | CEO of Novartis since February 2018, previously served as Global Head of Drug Development and Chief Medical Officer from 2016 to 2018 while joining the company in 2005. | View Report → |
Victor Bulto ExecutiveBoard | President, US | Board member of the Biotechnology Innovation Organization since 2021; Member of the advisory board of the Leonard D. Schaeffer Center for Health Policy & Economics since 2024 | Victor Bulto is the President, US at Novartis since April 2022 and a member of the Executive Committee since May 2022. Previously, he led key business units at Novartis, including serving as President of Novartis Pharmaceuticals Corporation from 2019 to April 2022. | |
Aharon (Ronny) Gal Executive | Chief Strategy & Growth Officer | Aharon (Ronny) Gal, Ph.D. has served as the Chief Strategy & Growth Officer at Novartis since July 2022. He has an extensive background in biopharmaceutical strategy, analytics, and consulting roles. | ||
Fiona Marshall Executive | President of Biomedical Research | Member of the Scientific Advisory Board of SciLifeLab | Fiona Marshall has served as President of Biomedical Research at Novartis since November 2022. She has extensive experience in neuroscience and biomedical research, previously holding senior roles at Merck & Co., Sosei Heptares, and Heptares Therapeutics. | |
Harry Kirsch Executive | Chief Financial Officer (CFO) of Novartis | Harry Kirsch has been serving as the CFO of Novartis since 2013 and has held multiple key financial roles within the company, including positions in the Pharmaceuticals Division. He is scheduled to retire on March 15, 2026. | ||
Klaus Moosmayer Executive | Chief Ethics, Risk & Compliance Officer | Board Member of SwissHoldings; Member of the Executive Board, BIAC; Co-founder and Honorary Board Member, European Chief Compliance and Integrity Officers’ Forum | Klaus Moosmayer served as Chief Ethics, Risk & Compliance Officer at Novartis from 2018 until his departure in March 2025, playing a key role in developing and executing the company’s ethics, risk, and compliance systems while also serving on the Executive Committee. | |
Patrick Horber Executive | President, International | Board Member of the European Federation of Pharmaceutical Industries and Associations | Patrick Horber, M.D. is the President, International at Novartis since December 1, 2023 and a member of the Executive Committee. He has previously held senior leadership roles at AbbVie and Roche. | |
Ana de Pro Gonzalo Board | Independent Non-Executive Director | Member of the Supervisory Board and Chair of the Audit Committee, STMicroelectronics NV (since 2020); Board Member, Mobico Group PLC (since 2019) | Ana de Pro Gonzalo has been a Board Member and Independent Non-Executive Director at Novartis since March 4, 2022, leveraging her expertise in finance, capital markets, and technology. Previously, she held executive roles including CFO at Amadeus IT Group and other senior positions at multinational companies. | |
Bridgette Heller Board | Independent Non-Executive Director | Board Member at Aramark, US; Board Member at Dexcom Inc., US; Board Member at Integral Ad Science Inc., US; Board Member at Newman's Own Inc., US; Board Member at Newman's Own Foundation, US; Board Member at Shirley Proctor Puller Foundation, US; Advisory Board Member, Kellogg School of Management at Northwestern University, US; Board Member, Northwestern University, US | Bridgette Heller has been the Independent Non-Executive Director at NVS since 2020 and serves on the Audit and Compliance, Compensation, and Governance, Sustainability and Nomination Committees. She has held senior leadership roles at companies such as Danone, Merck & Co., and Johnson & Johnson. | |
Charles L. Sawyers Board | Independent Non-Executive Director | Chair of the Human Oncology and Pathogenesis Program at Memorial Sloan Kettering Cancer Center (2006–present) ; Professor of Medicine at Weill Cornell Graduate School of Medical Sciences (2008–present) ; Professor of Cell and Developmental Biology at Weill Cornell Graduate School of Medical Sciences (2011–present) ; Investigator at Howard Hughes Medical Institute (2008–present) ; Member of the National Academy of Medicine (current) ; Member of the National Academy of Sciences (current) | Charles L. Sawyers has served as an Independent Non-Executive Director at Novartis since 2013, and he is widely recognized for his pioneering contributions to cancer research, including the co-development of Gleevec/Glivec. His extensive career also includes leadership roles at top medical institutions, showcasing his expertise in oncology. | |
Daniel Hochstrasser Board | Independent Non-Executive Director | Chair of the Board of Directors, Daniel Hochstrasser AG (since January 2023); Vice President, ICC Court of Arbitration (since 2021); Member, Ethics Court, Zurich Bar Association (since 2004); Board Member, Finland Arbitration Institute (since 2020) | Daniel Hochstrasser has been serving as an Independent Non-Executive Director on the Novartis Board of Directors since March 4, 2022, contributing his extensive dispute resolution and governance expertise. Previously, he held significant legal and leadership roles in his own firm and other organizations. | |
Elizabeth (Liz) Doherty Board | Independent Non-Executive Director | Board Member and Chair of the Audit Committee at Corbion NV; Member of the Supervisory Board and Chair of the Audit Committee at Royal Philips NV; Member of the Advisory Committee at Freya Holdco S.à.r.l. | Elizabeth (Liz) Doherty has served as an Independent Non-Executive Director at Novartis since February 2016. Previously, she held senior finance roles at companies such as Unilever, Tesco, and Reckitt Benckiser. | |
Frans van Houten Board | Board Member | Board Chair of Absci Corporation; Board Chair of Castor EDC; Board Member of Affidea Group; Board Chair of Synthesis Health Inc | Frans van Houten has been a Board Member at Novartis since 2017 and brings extensive leadership experience from roles such as CEO of Royal Philips NV and CEO of NXP Semiconductors. | |
Joerg Reinhardt Board | Chair of the Board of Directors | Member of the Board, Swiss Re AG; Chair of the Board of Trustees, Institute of Molecular and Clinical Ophthalmology Basel (IOB); Chair of the Board of Trustees, Novartis Foundation | Joerg Reinhardt has served as Chair of the Board of Directors at Novartis since 2013. He previously held executive roles at Novartis including Chief Operating Officer (2008-2010) and Head of the Vaccines and Diagnostics Division (2006-2008). | |
John D. Young Board | Board Member | Board Member and Chair of the Compensation Committee at Arvinas Inc.; Board Member at Johnson Controls International | John D. Young is a seasoned healthcare professional with over 35 years of industry experience, having held various leadership roles at Pfizer before joining Novartis. He has served as an Independent Non-Executive Director and Board Member at Novartis since March 7, 2023. | |
Nancy C. Andrews Board | Independent Non-Executive Director | Board Member and Chair of the Science and Technology Committee at Charles River Laboratories International Inc.; Board Member at Maze Therapeutics Inc.; Home Secretary and Council Member at National Academy of Sciences | Nancy C. Andrews has served as an Independent Non-Executive Director at Novartis AG since 2015, participating on both the Risk Committee and the Science & Technology Committee. She also has extensive experience in medicine and academia, having held leadership roles such as Professor in Residence at Harvard Medical School and Executive Vice President and Chief Scientific Officer at Boston Children’s Hospital. | |
Patrice Bula Board | Lead Independent Director | Vice Chair of the Board, Schindler AG (Since 2015); Chair of the Board, Froneri Lux Topco Sarl (Since 2021); Chair of the Board, European Pizza Group Topco Sarl (Since 2023); Member of the Board and Chair of the ESG Committee, New Tiger LLC (Since 2023) | Patrice Bula has been the Lead Independent Director at Novartis since March 4, 2022 and a board member since 2019. He brings extensive leadership experience from his previous executive roles at Nestlé, including serving as Executive Vice President and Head of Strategic Business Units from 2011 to 2021. | |
Simon Moroney Board | Vice-Chair of the Board of Directors | Chair of the Board of Directors at Biotalys NV; Chair of the Remuneration and Nomination Committee at Biotalys NV | Simon Moroney serves as Vice-Chair of the Board of Directors at Novartis since March 4, 2022 and as an Independent Non-Executive Director since 2020. Previously, he co-founded and led MorphoSys AG as CEO from 1992 to 2019. | |
Ton Buechner Board | Independent Non-Executive Director | Chair of the Board of Directors and the Strategy and Sustainability Committee, Burckhardt Compression AG; Chair of the Board of Directors and the Sustainability Committee, Swiss Prime Site AG; Member of the Advisory Committee to the Ministry of Economic Affairs and Climate Policy, Netherlands | Ton Buechner has served as an Independent Non-Executive Director at Novartis since February 2016, where he also chairs the Risk Committee and is a member of the Audit and Compliance Committee. Previously, he held executive leadership roles such as CEO at Sulzer AG and AkzoNobel NV, contributing significantly to corporate governance and ESG initiatives. | |
William T. Winters Board | Independent Non-Executive Director | CEO of Standard Chartered PLC; Board Member, Standard Chartered Bank PLC | William T. Winters has served as a board member at NVS since 2013 as an Independent Non-Executive Director and sits on key committees including Compensation and Governance, Sustainability and Nomination. |
- Given the ongoing IP litigation and the potential for earlier generic entry of Entresto in the U.S., can you detail your contingency plans to mitigate a faster-than-expected impact on revenue and how this might alter your full-year guidance?
- With Cosentyx showing a slowdown in China due to tighter healthcare spending and pricing policies, how will you adjust your strategy to maintain robust growth in that market, especially for NRDL-listed drugs?
- In light of current U.S. policy debates and your discussions with HHS, can you explain how your plan to pursue direct-to-patient pricing will improve net revenue without triggering adverse effects on your overall pricing architecture?
- As you advance pivotal studies for YTB and PSMA therapies concurrently, what risks do you foresee in resource allocation and clinical timelines, and how are you prioritizing these programs to maximize long-term value?
- With the new €10 billion share buyback program in place, how do you balance immediate shareholder returns with the need to allocate capital for strategic bolt-on acquisitions and long-term pipeline investments?
Research analysts who have asked questions during NOVARTIS earnings calls.
Florent Cespedes
Bernstein
6 questions for NVS
James Quigley
Goldman Sachs
6 questions for NVS
Peter Verdult
Citigroup Inc.
5 questions for NVS
Simon Baker
Redburn Atlantic
5 questions for NVS
Matthew Weston
UBS Group AG
4 questions for NVS
Rajesh Kumar
HSBC
4 questions for NVS
Richard Vosser
JPMorgan Chase & Co.
4 questions for NVS
Seamus Fernandez
Guggenheim Partners
4 questions for NVS
Thibault Boutherin
Morgan Stanley
4 questions for NVS
Emmanuel Papadakis
Deutsche Bank
3 questions for NVS
Graham Parry
Bank of America Corporation
3 questions for NVS
Kerry Holford
Berenberg
3 questions for NVS
Emily Field
Barclays
2 questions for NVS
Michael Lyson
Jefferies Financial Group Inc.
2 questions for NVS
Richard Foster
JPMorgan Chase & Co.
2 questions for NVS
Richard Parkes
BNP Paribas Exane
2 questions for NVS
Sachin Dean
Bank of America Corporation
2 questions for NVS
Shirley Tan
Barclays PLC
2 questions for NVS
Steven Scala
TD Cowen
2 questions for NVS
Steven Skiena
The Toronto-Dominion Bank
2 questions for NVS
Eric Le Berrigaud
Stifel
1 question for NVS
Etzer Darout
BMO Capital Markets
1 question for NVS
Graham Parry
Bank of America
1 question for NVS
Harry Sephton
UBS
1 question for NVS
Jo Walton
UBS
1 question for NVS
Mark Purcell
Morgan Stanley
1 question for NVS
Michael Leuchten
Jefferies
1 question for NVS
Michael Nedelcovych
TD Cowen
1 question for NVS
Naresh Chouhan
Intrinsic Health
1 question for NVS
Peter Welford
Jefferies
1 question for NVS
Sachin Jain
Bank of America
1 question for NVS
Shirley Chen
Barclays
1 question for NVS
Steve Scala
Cowen
1 question for NVS
Timothy Anderson
BofA Securities
1 question for NVS
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Regulus Therapeutics Inc | 2025 | Novartis acquired Regulus Therapeutics for an upfront cash payment of $0.8 billion plus a contingent value right (CVR) that could bring the total deal value to $1.7 billion; the acquisition secured the key miRNA therapeutic asset, farabursen, for treating ADPKD. |
Anthos Therapeutics, Inc | 2025 | Novartis acquired Anthos Therapeutics with an upfront cash payment of $0.9 billion and potential milestone payments of up to $2.1 billion to add the late-stage asset abelacimab—a selective monoclonal antibody targeting Factor XI—to its cardiometabolic and cardiovascular portfolio. |
MorphoSys AG | 2024 | Novartis executed a public takeover offer at EUR 68 per share, paying approximately EUR 2.3–2.6 billion in cash to acquire MorphoSys AG, which brought oncology assets including pelabresib and tulmimetostat into its pipeline. |
Mariana Oncology | 2024 | Novartis acquired Mariana Oncology for a total consideration of USD 1.3 billion—comprising USD 1.1 billion in cash and contingent payments—to gain a preclinical radioligand therapy portfolio aimed at addressing solid tumor indications. |
Chinook Therapeutics, Inc | 2023 | Novartis acquired Chinook Therapeutics for a total of USD 3.3 billion (including contingent value rights) to enhance its renal pipeline with assets targeting IgA nephropathy, notably the late-stage candidates atrasentan and Zigakibart. |
DTx Pharma Inc | 2023 | Novartis acquired DTx Pharma with an upfront cash consideration of USD 0.6 billion plus potential milestones up to USD 0.5 billion, obtaining access to its FALCON siRNA platform and preclinical neuroscience programs to advance treatments for neurological disorders. |
Gyroscope Therapeutics Holdings plc | 2022 | Novartis completed the acquisition of Gyroscope Therapeutics for a total consideration of USD 1.0 billion—with an upfront cash payment of USD 0.8 billion plus contingent milestones—to bolster its ocular gene therapy capabilities for retinal indications. |
Recent press releases and 8-K filings for NVS.
- Novartis Capital Corporation issued a total of $6,000,000,000 aggregate principal amount of various notes, fully and unconditionally guaranteed by Novartis AG.
- The issuance includes $800,000,000 aggregate principal amount of Floating Rate Notes due November 5, 2028, with an interest rate basis of Compounded SOFR plus 52 bps.
- Fixed-rate notes issued include $700,000,000 of 3.900% Notes due 2028, $1,750,000,000 of 4.100% Notes due 2030, $925,000,000 of 4.300% Notes due 2032, $925,000,000 of 4.600% Notes due 2035, $350,000,000 of 5.200% Notes due 2045, and $550,000,000 of 5.300% Notes due 2055.
- The Terms Agreement for these notes was dated November 3, 2025, with an expected settlement date of November 5, 2025.
- Novartis has recently secured U.S. approval for Rapsodo (remibrutinib) for chronic spontaneous urticaria (CSU) and announced positive Phase 3 data for Yanalumab in Sjogren's disease.
- The company is strategically intensifying its focus on immunology, targeting areas such as immunodermatology, systemic autoimmunity, allergic conditions, and arthritides, utilizing diverse platforms including small molecules, monoclonal antibodies, and CAR-T therapies.
- The positive Sjogren's data for Yanalumab is expected to de-risk its future development across other B-cell diseases, with readouts for SLE and lupus nephritis anticipated around 2027, and for ITP/YHAT in 2026.
- Novartis is also advancing its CAR-T therapy, YTB323, for multiple autoimmune conditions, building on positive Phase 1-2 data.
- Novartis announced the FDA approval of Rapsodo (remibrutinib) on September 30th for chronic spontaneous urticaria (CSU) in adult patients symptomatic despite H1 antihistamine treatment, positioning it as the only targeted BTK inhibitor for CSU and an immediate treatment option post-antihistamine failure.
- Rapsodo demonstrated fast onset of action and long-term safety and efficacy in CSU, with 50% of patients achieving well-controlled disease at week 12. This launch provides a foundation for future indication expansion, with a path to multi-billion dollar potential across all indications, including hidradenitis suppurativa, food allergy, multiple sclerosis, and myasthenia gravis.
- The company reported positive Phase 3 data from the Neptunus I and II studies for Yanalumab in Sjogren's disease, showing a statistically significant and sustained reduction of disease activity.
- Yanalumab, an afucosylated fully human monoclonal antibody targeting the BAF receptor, is considered to have multi-blockbuster potential with Sjogren's as its foundational indication, and future readouts expected for SLE, lupus nephritis, systemic sclerosis, and ITP.
- Novartis is doubling down on immunology as a key therapeutic area, leveraging multiple platforms including CAR-T therapy (YTB323) for multiple autoimmune conditions, with Phase 2 pivotal trials underway for diseases like lupus, systemic sclerosis, and inflammatory myositis.
- Novartis announced the U.S. FDA approval of RHAPSIDO (remibrutinib) for chronic spontaneous urticaria (CSU) on September 30th, positioning it as the first-line oral option after antihistamine failure.
- The CSU market opportunity is significant, with approximately 10 million patients globally actively treated, and about 50% of them uncontrolled on antihistamines. Novartis expects fast uptake once access is established.
- The company reported positive Phase III data for ianalumab in Sjögren's disease from the NEPTUNUS-1 and NEPTUNUS-2 studies, which met their primary endpoints. This data supports ianalumab's potential across other B-cell driven diseases, including SLE, lupus nephritis, and systemic sclerosis, with readouts expected around 2027.
- Novartis is also advancing its CAR-T therapy, YTB323, for multiple autoimmune conditions, with positive Phase I-II data and Phase II pivotal trials underway for diseases such as lupus, lupus nephritis, and systemic sclerosis.
- Novartis delivered solid Q3 2025 financial results, with net sales and core operating income both growing 7% in constant currency, and core EPS increasing 10% to $2.25. For the first nine months of 2025, net sales grew 11% and core operating income grew 18%.
- Priority brands were key growth drivers in Q3 2025, with Kisqali sales up 68% (in the breast cancer market) and 44% (in the MS and B-cell markets), Scemblix up 95%, Leqvio up 54%, and Pluvicto up 45% in constant currency. The company also achieved significant pipeline milestones, including FDA approval for remibrutinib in CSU and positive Phase 3 results for ianalumab.
- The company reaffirmed its full-year 2025 guidance for high single-digit net sales growth and low teens core operating income growth. Novartis also completed a $15 billion share buyback program and initiated a new $10 billion program, while pursuing the acquisition of Avidity Biosciences, which is expected to dilute core margin by 1%-2% for the next three years.
- Novartis reported solid Q3 2025 financial results, with net sales and core operating income both growing 7% and core EPS increasing 10% to $2.25.
- The company reaffirmed its full-year 2025 guidance for high single-digit net sales growth and low teens core operating income growth.
- Priority brands were key growth drivers in Q3 2025, with Kisqali up 68%, Scemblix up 95%, Leqvio up 54%, and Pluvicto up 45% in constant currency.
- Novartis completed a $15 billion share buyback program in early July and initiated a new $10 billion program targeted for completion by the end of 2027.
- The proposed acquisition of Avidity Biosciences is projected to increase the 2024-2029 sales average growth rate from 5% to 6%, but will result in 1% to 2% core margin dilution for the next three years before returning to a 40% margin in 2029.
- Novartis reported Q3 2025 net sales growth of 7% and core operating income growth of 7%, with core EPS increasing 10% to $2.25. The company reaffirmed its full-year guidance, expecting high single-digit net sales growth and low teens core operating income growth.
- Key growth drivers delivered robust performance in Q3 2025, with Kisqali sales up 68%, Pluvicto up 45%, Leqvio up 54%, and Scemblix up 95%.
- Significant pipeline milestones included the FDA approval of remibrutinib for CSU and positive Phase 3 results for ianalumab, Pluvicto, and Cosentyx in polymyalgia rheumatica.
- The company completed a $15 billion share buyback program and launched a new $10 billion program targeted for completion by the end of 2027, in addition to distributing $7.8 billion in dividends in the first half of the year.
- Novartis reported Q3 2025 net sales of $13,909 million, an increase of 8% (USD) or 7% (cc), and core operating income of $5,460 million, up 6% (USD) or 7% (cc).
- Sales growth was primarily driven by strong performance from key brands including Kisqali (+68% cc), Kesimpta (+44% cc), Pluvicto (+45% cc), and Scemblix (+95% cc) in Q3 2025.
- The company reaffirmed its full-year 2025 guidance, expecting sales to grow high single-digit and core operating income to grow low-teens.
- Novartis completed the acquisitions of Regulus Therapeutics Inc. for $0.8 billion in cash plus contingent value rights up to $0.9 billion, and Anthos Therapeutics, Inc. for $0.9 billion in cash plus potential additional milestones up to $2.1 billion.
- In June 2025, France's Supreme Court overturned a prior decision regarding Lucentis/Avastin® matters, entitling the French Competition Authority to re-impose its original fine, leading Novartis to record a $443 million expense.
- On October 27, 2025, China Medical System Holdings Limited (CMS) entered into a five-year exclusive distribution agreement with Novartis Pharma Services AG for the ophthalmic drugs Ranibizumab Injection (Lucentis®) and Brolucizumab Injection (Beovu®) in the People's Republic of China.
- Under the agreement, CMS obtains the exclusive right to import, distribute, sell, and promote these products in the specified region, with Novartis continuing to be responsible for production and supply.
- Lucentis® is the first anti-vascular endothelial growth factor (VEGF) drug approved for ophthalmic use in China, while Beovu® is a next-generation anti-VEGF drug approved in China in May 2025 for the treatment of Diabetic Macular Edema (DME).
- This collaboration is expected to enhance CMS Vision's overall competitiveness in ophthalmology and have a positive impact on the CMS Group's financial results, targeting a Chinese ophthalmic anti-VEGF drug market projected to grow to RMB 18.6 billion by 2030.
- Novartis proposes to acquire Avidity Biosciences for $72 per share, representing a 46% premium to Avidity's October 24th closing price, with a total transaction value estimated at $12 billion on a fully diluted basis.
- The acquisition will include Avidity's neuromuscular franchise, follow-on compounds, and platform rights, adding three late-stage neuromuscular programs (del-desiran for DM1, del-brax for FSHD, and del-zota for DMD) to Novartis's portfolio.
- This deal is expected to raise Novartis's 2024-2029 CAGR from +5% to +6% and unlock multiple near-term multibillion-dollar opportunities with programs anticipated to launch before 2030.
- Novartis expects an initial 1%-2% margin dilution but aims to return to a 40%+ core margin by 2029.
- The transaction is anticipated to close in the first half of 2026, subject to the separation of Avidity's early-stage precision cardiology programs into a new SpinCo and other customary closing conditions.