NOVARTIS (NVS) Company Report

Analyst Coverage

Research analysts who have asked questions during NOVARTIS earnings calls.

Florent Cespedes

Bernstein

6 questions for NVS

Also covers: NVO, SNY

James Quigley

Goldman Sachs

6 questions for NVS

Also covers: EVO, NVO, SNY +1 more

Peter Verdult

Citigroup Inc.

5 questions for NVS

Also covers: AZN, EVO, GMAB +4 more

Simon Baker

Redburn Atlantic

5 questions for NVS

Also covers: AUTL, AZN, BNTX +5 more

Matthew Weston

UBS Group AG

4 questions for NVS

Also covers: AZN, GSK, SNY

Rajesh Kumar

HSBC

4 questions for NVS

Also covers: AZN, BZLFY, LLY +2 more

Richard Vosser

JPMorgan Chase & Co.

4 questions for NVS

Also covers: ARGX, AZN, MOLN +2 more

Seamus Fernandez

Guggenheim Partners

4 questions for NVS

Also covers: AMLX, ARCT, ARQT +9 more

Thibault Boutherin

Morgan Stanley

4 questions for NVS

Also covers: ALVO, EVO, GRFS +2 more

Emmanuel Papadakis

Deutsche Bank

3 questions for NVS

Also covers: AZN, NVO, SNY

Graham Parry

Bank of America Corporation

3 questions for NVS

Also covers: GRFS, GSK, SNY

Kerry Holford

Berenberg

3 questions for NVS

Also covers: GSK, LLY, PFE

Emily Field

Barclays

2 questions for NVS

Also covers: AZN, GMAB, GSK +2 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

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 +5 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 Leuchten

Jefferies

1 question for NVS

Also covers: AZN, GSK, NVO +1 more

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

Sachin Jain

Bank of America

1 question for NVS

Also covers: AZN, GMAB, GSK +2 more

Shirley Chen

Barclays

1 question for NVS

Also covers: SNY

Steve Scala

Cowen

1 question for NVS

Also covers: ABBV, AZN, BMY +6 more

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 breaks ground on flagship manufacturing hub in North Carolina

NVS

New Projects/Investments

Hiring

Novartis broke ground on a more than 700,000-square-foot flagship manufacturing hub in North Carolina, a crucial step towards producing all its key medicines for US patients domestically.
This project is expected to create 700 new jobs by 2030 and support over 3,000 indirect jobs across the Novartis US supply chain.
The hub, anticipated to open in 2027-2028, is part of Novartis's $23 billion investment in US-based infrastructure over the next five years.
This groundbreaking highlights a year of significant US expansion for Novartis in 2025, which also includes plans for a new $1.1 billion biomedical research hub in San Diego, CA.

Dec 12, 2025, 12:00 PM

Press Release

Novartis Collaborates with Relation Therapeutics for Allergic Disease Drug Targets

NVS

New Projects/Investments

Novartis AG has entered a strategic collaboration with UK-based Relation Therapeutics Ltd. to discover and develop novel drug targets for allergic and atopic diseases.
The collaboration involves a commitment of up to $1.7 billion, including an upfront payment of $55 million (equity investment and R&D funding), with additional preclinical, development, regulatory, and commercial milestones, plus tiered royalties.
Relation Therapeutics will leverage its AI-powered drug discovery platform, which integrates patient-derived multi-omic data and proprietary experimental systems, to uncover causal genes and refine target hypotheses.
Novartis will hold worldwide development and commercialization rights for any resulting therapeutic targets, utilizing its expertise in immuno-dermatology.

Dec 9, 2025, 6:35 AM

Bloomberg

Novartis Announces Swiss Job Cuts and Strategic Facility Investments

NVS

Layoffs

New Projects/Investments

Novartis plans to eliminate approximately 550 full-time positions at its Swiss Stein site by the end of 2027, as part of a restructuring effort to modernize the facility and focus on innovative manufacturing technologies.
Concurrently, the company is investing $80 million in its Schweizerhalle production facility to expand RNA treatments manufacturing, which is expected to create around 80 new jobs by the end of 2028.
These Swiss facility plans are separate from the previously announced $23 billion investment to expand U.S. manufacturing capabilities for biologics and gene therapy.

Nov 25, 2025, 8:27 AM

Barron's

Novartis receives FDA approval for Itvisma, a gene replacement therapy for SMA

NVS

Product Launch

New Projects/Investments

Novartis AG announced on November 24, 2025, that its gene replacement therapy, Itvisma® (onasemnogene abeparvovec-brve), received FDA approval.
Itvisma is the first and only gene replacement therapy approved for children two years and older, teens, and adults with spinal muscular atrophy (SMA).
The therapy is a one-time fixed dose designed to address the genetic root cause of SMA by replacing the SMN1 gene.
Itvisma is expected to be available in the US in December.

Nov 24, 2025, 10:50 PM

6-K

Novartis Updates Mid-Term Sales Guidance and Pipeline Outlook

NVS

Guidance Update

M&A

New Projects/Investments

Novartis projects a +5-6% cc sales CAGR for 2025-2030, rolling forward its mid-term guidance.
Peak sales guidance for Kisqali was upgraded to USD 10 billion+ and Scemblix to USD 4 billion+, contributing to eight de-risked, in-market assets with USD 3-10 billion peak sales potential.
The company achieved a core operating income margin of 41.2% in the first nine months of 2025 and anticipates returning to 40%+ margins by 2029, despite dilution from the planned Avidity Biosciences acquisition.
Novartis's pipeline features 30+ potential high-value medicines and expects 15+ potentially submission-enabling readouts over the next two years.

Nov 20, 2025, 11:05 AM

6-K

Novartis Updates on Pipeline, Growth Outlook, and Key Therapeutic Areas

NVS

Guidance Update

New Projects/Investments

Product Launch

Novartis has upgraded its growth guidance to 5%-6% through 2030 and maintains a robust pipeline with 30 high-value assets.
The company expects to submit data for its CAR-T therapy, YTB, by 2027, following alignment with the FDA on registrational Phase 2 studies.
Novartis anticipates biosimilar exposure for Cosentyx in the U.S. no earlier than 2032 , and for Pelacarsen, a Phase 3 outcome trial data readout is expected in 2026.
The company sees a potential $30 billion sales market for Radioligand Therapies (RLT) and has over 20 RLT programs in research, with FAP 2286 showing uptake in 28 different tumor types.
The core tax rate is currently 16.2% and is projected to be between 15.5% and 17% through 2030.

Nov 20, 2025, 9:15 AM

Transcript

Novartis Provides Business Update and Strategic Outlook

NVS

Guidance Update

Product Launch

Share Buyback

Novartis has upgraded its guidance, expecting 5%-6% growth through 2030, supported by a robust pipeline with 30 high-value assets and numerous late-stage readouts.
The company reported a "phenomenal year" for its immunology team, highlighted by the FDA approval of Rhapsido (remibrutinib) for chronic spontaneous urticaria and positive phase III results for ianalumab in Sjögren's disease.
In the Cardiorenal Metabolic (CRM) segment, Leqvio has become a blockbuster, and key pipeline assets like pelacarsen and zigakibart are anticipated to have phase III data readouts in 2026.
Novartis maintains a strong capital allocation strategy, with significant cash flow projected to be around $20 billion annually in future years, and an ongoing $10 billion share buyback program over two and a half years.
The company's M&A strategy focuses on acquiring high-value, novel, first-in-class, or best-in-class assets within its four core therapeutic areas, including neurology, cardiovascular, immunology, and oncology.

Nov 20, 2025, 9:15 AM

Transcript

Novartis Highlights Strong Immunology Pipeline, Radioligand Therapy Growth, and Financial Strength

NVS

New Projects/Investments

M&A

Share Buyback

Novartis highlighted a robust immunology pipeline, including continued strong performance of Cosentyx (reinforcing $8 billion PIC/SAILS guidance) and the FDA approval of Rapsido (remibrutinib) for chronic spontaneous urticaria. Positive Phase III results for Enalumab in Sjogren's disease also position it for potential first approval.
The company is heavily investing in Radioligand Therapeutics (RLT), with over 20 programs in research and an ambition to grow this into a $30 billion market. This strategy includes developing broad pan-tumor targets and targeted therapies, leveraging significant R&D and manufacturing capabilities built since 2019.
Financially, Novartis announced a $10 billion share buyback program over 2.5 years (approximately $4 billion annually) supported by strong cash flow, projected to reach the $20 billion range. The core tax rate is expected to remain between 15.5% and 17% through 2030.
Strategic acquisitions like Mariana Oncology (RLTs) and Avidity (muscular dystrophies) are expanding key therapeutic areas, with a focus on high-value assets that meet a $2 billion peak sales threshold for an asset or $500 million for an indication.

Nov 20, 2025, 9:15 AM

Transcript

Novartis Updates Growth Outlook and Product Pipeline

NVS

Guidance Update

M&A

New Projects/Investments

Novartis upgraded its sales growth guidance to 6% for 2024-2029 and set a new guidance of 5-6% for 2025-2030, with expectations for continued mid-single-digit growth beyond 2030. The company reported $15.9 billion in free cash flow for the first nine months of the year.
The company expects a 1-2 percentage point decline in core margin in 2026 due to the Avidity acquisition, but anticipates climbing back to over 40% by 2029.
Novartis upgraded Kisqali's peak sales potential to over $10 billion and maintains strong outlooks for Cosentyx ($8 billion), Kesimpta (over $6 billion), and Pluvicto (over $5 billion). The pipeline includes 15+ submission-enabling readouts and 30 high-value pipeline assets.
The company is actively deploying capital through value-creating bolt-on acquisitions, completing 30 deals over the last year, and continues to return capital to shareholders via a consistent growing dividend and an ongoing $10 billion share buyback.

Nov 20, 2025, 8:00 AM

Transcript

Novartis Reports Strong Financial Performance and Upgrades Sales Growth Guidance

NVS

Guidance Update

M&A

New Projects/Investments

Novartis reported strong financial performance with 7% sales growth, 15% core operating income growth, and 1,100 basis points of margin improvement over the year, achieving $15.9 billion in free cash flow in the first nine months and a 17% return on invested capital.
The company upgraded its sales growth guidance for 2024-2029 to 6% and guided for 5-6% sales growth for 2025-2030. A 1-2 percentage point core margin decline is expected in 2026 due to the Avidity acquisition, with a recovery to 40%+ by 2029.
Key product updates include Kisqali's peak sales potential upgraded to $10 billion+ and Scemblix guidance raised. The pipeline features 15+ submission-enabling readouts and 30 high-value assets, with a focus on RNA therapeutics, radioligand therapies, and cell and gene therapies.
Capital allocation priorities include investing in the business, value-creating bolt-on acquisitions (30 deals last year), consistent growing dividends, and ongoing share buybacks, including a $10 billion buyback currently in progress.