NOVARTIS (NVS) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for NOVARTIS.

Q4 2025

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Analyst Coverage

Research analysts who have asked questions during NOVARTIS earnings calls.

James Quigley

Goldman Sachs

8 questions for NVS

Also covers: EVO, NVO, SNY +1 more

Peter Verdult

Citigroup Inc.

7 questions for NVS

Also covers: AZN, EVO, GMAB +4 more

Simon Baker

Redburn Atlantic

7 questions for NVS

Also covers: AUTL, AZN, BNTX +5 more

Florent Cespedes

Bernstein

6 questions for NVS

Also covers: NVO, SNY

Matthew Weston

UBS Group AG

6 questions for NVS

Also covers: AZN, GSK, SNY

Richard Vosser

JPMorgan Chase & Co.

6 questions for NVS

Also covers: ARGX, AZN, MOLN +2 more

Seamus Fernandez

Guggenheim Partners

6 questions for NVS

Also covers: AMLX, ARCT, ARQT +9 more

Thibault Boutherin

Morgan Stanley

6 questions for NVS

Also covers: ALVO, EVO, GRFS +2 more

Graham Parry

Bank of America Corporation

5 questions for NVS

Also covers: AZN, GRFS, GSK +1 more

Rajesh Kumar

HSBC

4 questions for NVS

Also covers: AZN, BZLFY, LLY +2 more

Emmanuel Papadakis

Deutsche Bank

3 questions for NVS

Also covers: AZN, NVO, SNY

Kerry Holford

Berenberg

3 questions for NVS

Also covers: GSK, LLY, PFE

Michael Leuchten

Jefferies

3 questions for NVS

Also covers: AZN, GSK, NVO +1 more

Sachin Jain

Bank of America

3 questions for NVS

Also covers: AZN, GMAB, GSK +2 more

Steve Scala

Cowen

3 questions for NVS

Also covers: ABBV, AZN, BMY +6 more

Emily Field

Barclays

2 questions for NVS

Also covers: AZN, GMAB, GSK +2 more

James Gordon

JPMorgan Chase & Co.

2 questions for NVS

Also covers: ARGX, AZN, GMAB +4 more

Michael Lyson

Jefferies Financial Group Inc.

2 questions for NVS

Richard Foster

JPMorgan Chase & Co.

2 questions for NVS

Also covers: NVO

Richard Parkes

BNP Paribas Exane

2 questions for NVS

Also covers: AZN, GSK, NVO

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

Also covers: BMY, RARE

Steven Skiena

The Toronto-Dominion Bank

2 questions for NVS

Eric Le Berrigaud

Stifel

1 question for NVS

Also covers: AZN, SNY

Etzer Darout

BMO Capital Markets

1 question for NVS

Also covers: ARVN, CTMX, EXEL +7 more

Graham Parry

Bank of America

1 question for NVS

Harry Sephton

UBS

1 question for NVS

Also covers: NVO

Jo Walton

UBS

1 question for NVS

Also covers: AZN, GSK, NVO +1 more

Mark Purcell

Morgan Stanley

1 question for NVS

Also covers: AZN, GSK

Michael Nedelcovych

TD Cowen

1 question for NVS

Also covers: BHC, CHRS, MOLN +4 more

Naresh Chouhan

Intrinsic Health

1 question for NVS

Peter Welford

Jefferies

1 question for NVS

Also covers: AZN, GSK, NVO +1 more

Shirley Chen

Barclays

1 question for NVS

Also covers: SNY

Timothy Anderson

BofA Securities

1 question for NVS

Also covers: ABBV, AMGN, AZN +10 more

Latest news

Recent press releases and 8-K filings for NVS.

Novartis Confirms $23 Billion U.S. Expansion Amidst Tariff Claims

NVS

New Projects/Investments

Novartis reiterated a prior commitment to invest approximately $23 billion to build or expand U.S. operations, including recent groundbreakings for manufacturing and research sites in North Carolina and California, and plans for a radioligand therapy manufacturing site in Florida.
President Donald Trump claimed his tariff policies spurred this expansion and that Novartis would build 11 new U.S. facilities; however, Novartis's statement did not validate this specific figure or explicitly link the expansions to the administration's tariff actions, having previously announced plans for 10 U.S. facilities.
Markets and analysts are awaiting clearer operational details before treating the announcement as a concrete shift in corporate capital allocation.
Novartis is a significant U.S. market participant, generating roughly one-third of its global revenue in the United States and possessing robust financial strength metrics.

Feb 19, 2026, 10:00 PM

Bloomberg

Novartis India to be Acquired by ChrysCapital

NVS

M&A

Takeover Bid

New Projects/Investments

Private equity firm ChrysCapital has agreed to acquire a 70.68% stake in Novartis India Ltd from Novartis AG for approximately Rs 1,446 crore.
The acquisition includes a mandatory open offer at Rs 860.64 per share, which could increase ChrysCapital's total holding to over 96% if successful.
Following the deal, Novartis AG will divest its entire stake in Novartis India, and the Novartis brand is expected to be phased out from the listed entity. Novartis AG will continue to operate in India through its wholly owned Novartis Healthcare Pvt Ltd.

Feb 19, 2026, 6:20 PM

Morningstar

Novartis' Pluvicto and Lutathera Drive Growth in Radioligand Therapeutics Market

NVS

Revenue Acceleration/Inflection

New Projects/Investments

The global market for radioligand therapeutics in cancer treatment is projected to expand significantly, from an estimated $2.6 billion in 2025 to $4.8 billion by 2030, representing a Compound Annual Growth Rate (CAGR) of 13.1%.
Novartis AG's Pluvicto and Lutathera have played a crucial role in catalyzing commercial momentum within the approved radioligand therapy market.
The market is expected to see increased adoption across North America, Europe, and emerging markets, with Novartis AG anchoring the North American market through substantial sales.

Feb 19, 2026, 12:33 PM

Press Release

Novartis Signs $1.8 Billion Collaboration with Unnatural Products

NVS

New Projects/Investments

Novartis has signed a research collaboration and licensing agreement with Unnatural Products to develop orally delivered macrocyclic peptide therapeutics for cardiovascular disease.
The deal is valued at up to $1.8 billion, with Unnatural Products eligible for up to $100 million in upfront and pre-IND milestone payments, and potentially up to $1.7 billion in development, regulatory, and commercial milestones.
Novartis will assume responsibility for IND-enabling studies, clinical development, manufacturing, and global commercialization of the therapies.
The partnership combines Unnatural Products' AI-enhanced macrocycle discovery engine with Novartis's global development and commercialization capabilities to pursue next-generation cardiovascular therapies.

Feb 18, 2026, 1:12 PM

Morningstar

Novartis Reports Positive Vanrafia Phase 3 Results, Plans Full FDA Filing

NVS

Product Launch

M&A

New Projects/Investments

Novartis announced positive Phase 3 ALIGN results for Vanrafia (atrasentan) in IgA nephropathy, demonstrating a clinically meaningful slowing of kidney function decline.
Despite narrowly missing a key statistical endpoint in the ALIGN trial, Novartis intends to pursue traditional FDA approval for Vanrafia, leveraging regulatory precedent for similar IgAN drugs.
Vanrafia, a potent endothelin A (ETA) receptor antagonist, was acquired by Novartis in June 2023 as part of its £2.5 billion purchase of Chinook Therapeutics and received accelerated approvals in the U.S. and China in 2025.

Feb 13, 2026, 8:09 AM

WSJ

Novartis Reports Strong FY 2025 Results, Achieves Core Margin Goal Early, and Provides 2026 Guidance

NVS

Earnings

Guidance Update

CFO Change

Novartis delivered strong full-year 2025 results, with sales up 8% and core operating income up 14%, achieving its 40.1% core margin goal two years ahead of schedule.
Key growth brands significantly contributed to performance, including Kisqali (up 57% to CHF 4.8 billion), Kesimpta (up 36% to $4.4 billion), and Scemblix (up 85%).
For 2026, the company expects low single-digit sales growth and a low single-digit decline in core operating income, anticipating a stronger second half after initial impacts from generic entries.
Novartis maintains confidence in a 5%-6% sales CAGR for the 2025-2030 period and aims to return to 40%+ core margin by 2029.
The company also announced a CFO transition, with Harry Kirsch stepping down and Mukul Mehta taking over in mid-March.

Feb 4, 2026, 1:00 PM

Transcript

Novartis Reports Full-Year 2025 Financial Results and CFO Transition

NVS

Earnings

Guidance Update

CFO Change

Novartis delivered high single-digit growth in 2025, with full-year sales up 8% and core operating income up 14%, achieving a 40.1% core margin two years ahead of plan.
For Q4 2025, sales declined 1% and core operating income increased 1%, impacted by gross-to-net adjustments and Entresto LOE, though underlying Q4 sales growth would have been positive 3% excluding these adjustments.
The company achieved its upgraded full-year 2025 guidance and expects a 5%-6% sales CAGR from 2025-2030, driven by strong performance from key growth brands such as Kisqali (up 57% full year), Kesimpta (up 36% full year), Scemblix (up 85% full year), and Pluvicto (up 42% constant currency full year).
Novartis is proposing a dividend of CHF 3.70 per share, representing a 6% increase, marking its 29th consecutive dividend increase.
Harry Kirsch will transition from his role as Chief Financial Officer, with Mukul Mehta taking over in mid-March 2026.

Feb 4, 2026, 1:00 PM

Transcript

Novartis Reports Strong FY 2025 Results and Provides 2026 Guidance

NVS

Earnings

Guidance Update

CFO Change

Novartis delivered strong full-year 2025 financial results, with 8% sales growth, 14% core operating income growth, $8.98 core EPS (up 17%), and CHF 17.6 billion in free cash flow (up 8%), achieving a 40.1% core margin.
For 2026, the company expects low single-digit sales growth and a low single-digit decline in core operating income, primarily due to the impact of US generic entries and a 1-2 percentage point core margin dilution from the Avidity deal. The year is anticipated to have a weaker first half followed by a stronger second half.
The company continues its commitment to shareholder returns, proposing a CHF 3.70 per share dividend (a 6% increase and its 29th consecutive increase) and having CHF 7.7 billion remaining in its CHF 10 billion share buyback program.
Key product updates include the US approval of Itvisma, which has a total sales potential of $3 billion+ and is expected to ramp up quickly over the next 2-3 years. Additionally, Pelabresib showed strong Phase 3 data, leading to an agreement with the EU to file in 2026.
Harry Kirsch will be stepping down as CFO, with Mukul Mehta taking over the role.

Feb 4, 2026, 1:00 PM

Transcript

Novartis Reports Strong Full Year 2025 Results and Provides 2026 Outlook

NVS

Earnings

Guidance Update

Share Buyback

Novartis reported full year 2025 net sales of USD 54.5 billion, an 8% increase (8% cc), with core operating income up 14% (cc) to USD 21.9 billion and core EPS of USD 8.98, up 17% (cc).
Free cash flow for full year 2025 was USD 17.6 billion, an 8% increase, while Q4 2025 free cash flow decreased by 54% to USD 1.7 billion.
The company provided 2026 guidance expecting net sales to grow low single-digit and core operating income to decline low single-digit, incorporating the impact of an agreement with the US government on drug prices.
In 2025, Novartis repurchased 77.6 million shares for USD 8.9 billion and proposed a dividend of CHF 3.70 per share for 2025, an increase of 5.7%. Net debt increased to USD 21.9 billion at December 31, 2025.

Feb 4, 2026, 11:51 AM

6-K

Novartis Presents Strong Financial Performance and Strategic Outlook at J.P. Morgan Healthcare Conference

NVS

Guidance Update

Share Buyback

M&A

Novartis reported strong financial performance, with 7% sales growth and 15% core operating income growth, achieving a 38.7% core operating margin by 2024 and generating $16 billion in free cash flow through Q3 2025.
The company provided long-term guidance, targeting high single-digit growth for 2024-2025, 5%-6% growth to 2030, and aiming for a 40% core operating margin by 2029.
Novartis is pursuing a pure-play medicines strategy, underpinned by a deep pipeline featuring 14 in-market blockbusters and 15 submission-enabling readouts in the next two years. Notable assets like Kisqali are now projected for $10 billion+ peak sales, and Scemblix for $4 billion+.
Capital allocation priorities include consistently growing dividends, completing a $10 billion share buyback this year, and strategic bolt-on acquisitions such as the proposed acquisition of Avidity.