[NVS] Novartis: Q3 2026 earnings test sales growth after Entresto generics

Novartis is an innovative medicines company headquartered in Basel, Switzerland, whose products are sold in about 120 countries[1]. It holds its earnings call on 2026-10-27 to report the third quarter of 2026, ending September 30, 2026[2]. In the latest disclosed period, the second quarter of 2026, Novartis reported net sales of $14.41 billion, up 1% in constant currencies and 3% in US dollars; core operating income of $5.94 billion was flat year over year, the core margin was 41.2%, and free cash flow fell 12% to $5.56 billion[3]. Volume added 18 percentage points to growth in the quarter, generic competition subtracted 14 points and pricing subtracted 3 points[4]. The company kept its full-year 2026 guidance of low single-digit net sales growth and a low single-digit decline in core operating income, both in constant currencies[5]. On the second-quarter call, management guided second-half net sales up mid single digits and core operating income up mid to high single digits, and said one-time phasing items that added about 1 point to second-quarter sales growth and 5 points to core profit growth will reverse in the second half[6]. According to analyst estimates compiled by Drillr as of 2026-09-25, the consensus of 5 analysts for third-quarter net sales is $14.62 billion, in a range of $14.40 billion to $14.90 billion, and the consensus of 3 analysts for earnings per share is $2.26[7]. The Drillr earnings calendar shows an EPS estimate of $2.24, and the same calendar records second-quarter actual EPS of $2.41, which matches the company's reported core EPS, so these EPS estimates are on a core basis[2].

Three things matter most in the Novartis Q3 2026 earnings. First, can sales growth rise from 1% in the second quarter toward the mid single digits? US Entresto has faced generics since the third quarter of 2025[8], so the year-over-year base is now much smaller, but about 1 point of the second quarter's 1% growth was phasing that will reverse[6], and US sales still fell 5% in the quarter[4]; the third quarter will test whether the return to growth is an underlying improvement or a timing shift. Second, can core profit return to growth after the phasing reverses? Flat second-quarter core operating income relied on about 5 points of phasing[6], while core gross profit was flat at $12.0 billion and core R&D rose because of acquired assets[9]; the third quarter is the first period that tests the full-year guide for a low single-digit decline and the second-half guide for mid to high single-digit growth at the same time. Third, can the growth brands carry the growth? In the second quarter Kisqali sold $1.695 billion and Pluvicto $651 million, both up 43% in constant currencies, and the newly launched Rhapsido sold $64 million[10]; after three clinical setbacks in September and a sharp fall in the share price[11], these marketed brands carry more weight in judging mid-term growth.

Company Background and Business Structure

Novartis is now a pure innovative medicines company focused on four core therapeutic areas: cardiovascular, renal and metabolic; immunology; neuroscience; and oncology. It had 75,267 full-time equivalent employees at the end of 2025[1]. The company was formed in 1996 through the merger of Ciba-Geigy and Sandoz, and it has focused on innovative medicines since spinning off its generics business Sandoz in October 2023; Vas Narasimhan is CEO and Giovanni Caforio is chairman. In 2025 Novartis reached a drug-pricing agreement with the US Administration and signed 17 business development, licensing and M&A deals, the largest being the acquisition of RNA therapy company Avidity Biosciences, which closed in the first half of 2026[12].

Novartis reports a single operating segment and discloses sales by brand and therapeutic area, and its revenue is concentrated in a few large brands and in the US market. Of 2025 net sales of $54.53 billion, the top 20 brands contributed $44.51 billion, or about 81.6%. By brand, Entresto sold $7.748 billion, Cosentyx $6.668 billion, Kisqali $4.783 billion, Kesimpta $4.426 billion, Pluvicto $1.994 billion, Promacta $1.636 billion, Scemblix $1.285 billion, Leqvio $1.198 billion and Tasigna $1.104 billion[13]. By region, US sales were $23.3 billion, about 42.8% of the total, and sales outside the US were $31.2 billion, including about $4.2 billion from China[14].

Generic competition has visibly changed the 2026 revenue mix, shrinking the US share and the older brands. Established brands totaled $3.548 billion in the second quarter, down 14% in constant currencies, including $472 million of contract manufacturing revenue[10]. US sales were $5.954 billion, down 5%, and on the two periods' figures the US share of total sales fell from about 44% a year earlier to about 41%[4]. Medicines reach hospitals, clinics and patients mainly through wholesalers and specialty pharmacies, and US revenue is recognized at net price after commercial insurance, Medicare/Medicaid and 340B rebates and discounts. Novartis manufactures across five technology platforms (chemistry, biotherapeutics, cell and gene therapy, xRNA and radioligand therapy), and contract manufacturing revenue is also booked under established brands[15].

Financial History and Current Position

Full-year 2025 was a year of expanding growth and margins for Novartis. Net sales rose 8% to $54.53 billion from $50.32 billion in 2024; IFRS operating income was $17.64 billion, net income $13.97 billion, operating cash flow $19.14 billion and free cash flow $17.60 billion[16]. Growth came from 15 points of volume, offset by 6 points of generic competition and 1 point of negative pricing[14]. Core operating income was $21.89 billion, up 14% in constant currencies, and the core margin rose from 38.7% to 40.1%[17]. Net debt at year end was $21.9 billion, up from $16.1 billion at the end of 2024[18].

In the first half of 2026, US generic competition pushed down both growth and margins. First-quarter net sales were $13.11 billion, down 5% in constant currencies, with generic competition subtracting 14 points and pricing 4 points, including 1 point from US revenue deduction adjustments; core operating income fell 14% to $4.90 billion and the core margin was only 37.3%[19]. Second-quarter net sales were $14.41 billion, up 1%, core operating income was flat at $5.94 billion, the core margin was 41.2% and free cash flow was $5.56 billion. For the first half as a whole, net sales were $27.52 billion, down 2% in constant currencies, core operating income was $10.84 billion, down 7%, the core margin was 39.4% and free cash flow was $8.89 billion[3].

The balance sheet took on noticeably more leverage in the first half, and the interest burden rose with it. Net debt rose from $21.9 billion at the end of 2025 to $39.4 billion at June 30, 2026, because $8.89 billion of free cash flow could not cover a $15.3 billion net outflow for M&A and intangible assets, the $9.1 billion annual dividend and $3.1 billion of treasury share outflows; Moody's and S&P still rate the company's long-term debt Aa3 and AA-[20]. Core interest expense was $462 million in the second quarter, compared with $289 million a year earlier[9]. The company guided 2026 core net financial expense of about $1.7 billion and a core tax rate of about 16.5%[6].

Operating Model

Novartis's net sales are the sum across brands of patients multiplied by treatment duration or dose and by net price, and the company breaks each quarter's growth into volume, price, generic competition and currency. The US net price equals the list price minus commercial insurer and pharmacy benefit manager rebates, statutory Medicare/Medicaid discounts (including IRA negotiated prices and inflation penalties), 340B discounts and channel fees. The four-way split was volume +15, price -1, generics -6 and currency 0 points in 2025[14], and +18, -3, -14 and +2 points in the second quarter of 2026[4]. The losses come mainly from generic substitution after patent expiry: US Entresto has been hit since the third quarter of 2025[8], the compound patents for Promacta and Tasigna have expired[21], and Lutathera also faces generic entry[22]. The drag is heaviest in the first year after generic entry, and the year-over-year base only begins to ease after four quarters.

Core operating income equals core gross profit minus core selling, general and administrative expense and core R&D, plus or minus other income and expense. In 2025 core gross profit was $45.52 billion, core SG&A was $13.24 billion, or about 24% of sales, and core R&D was $10.30 billion, or about 18.9%[17]. When high-margin patented medicines are replaced by generics, almost all of the lost sales fall through to profit, so second-quarter core gross profit was essentially flat at $12.0 billion, which the company attributed to unfavorable product mix. Core R&D of $2.7 billion rose 4% on investment in acquired assets, and 10% in the first half, while core SG&A fell 6% through productivity[9]. IFRS operating income also deducts core adjustments such as amortization, impairments and restructuring: second-quarter IFRS operating income was $4.75 billion, about $1.2 billion below core operating income[3].

Novartis's free cash flow is more sensitive to quarterly profit than to capital spending. In 2025 operating cash flow was $19.14 billion and free cash flow $17.60 billion, about 1.26 times net income, mainly because non-cash charges such as amortization are added back[16]. In the first half of 2026 the company paid $9.1 billion in dividends and repurchased $2.1 billion of shares under its $10 billion buyback program, with $5.6 billion remaining and completion targeted by the end of 2027[23]. Higher net debt from acquisitions lowers core net income through interest expense over the following quarters without affecting core operating income.

Industry and Competitive Position

Novartis sits in the same tier as Roche, AstraZeneca, Merck, Eli Lilly, Pfizer and Sanofi, but the real competition happens brand by brand. Kisqali competes with Pfizer's Ibrance and Lilly's Verzenio in HR+/HER2- breast cancer and, with its early breast cancer indication, holds a 58% share of new US patients in the node-positive early setting; Pluvicto is the first mover in radioligand therapy for prostate cancer, with more than 880 active US treatment sites[24]. Kesimpta competes with Roche's Ocrevus and other B-cell therapies in multiple sclerosis, and Leqvio faces oral and antibody PCSK9 cholesterol drugs. Cosentyx faces pressure from the IL-17 and IL-23 classes in psoriasis and spondyloarthritis, and local competition in China is also squeezing it[22].

Novartis's differentiation lies in its platform technologies and in-house manufacturing, while its constraints come from US pricing and the next wave of patent expiries. The company has competitive advantages in logistics and manufacturing for radioligand therapy[22] and owns manufacturing capacity across five technology platforms[15]. However, Entresto has already been selected for Medicare price negotiation, and Cosentyx, Kisqali and Xolair were selected for the 2028 negotiation round[25]; the US patents for Cosentyx expire in 2029 and those for Kisqali and Kesimpta in 2031[21], and the FDA granted Kisqali six months of pediatric exclusivity[26]. This comparison reaches only brand-level competitors and share; peer financial data are not part of the available record, so Novartis's margins cannot be compared quantitatively with companies in its tier.

Core Debates

A year after US generics of Entresto arrived, can Novartis lift third-quarter sales growth from 1% toward the mid-single digits it has guided for the second half?

This question decides whether Novartis can deliver its full-year guidance and its mid-term growth commitment. Generic competition cut about 14 points from sales growth in both the first and second quarters of 2026[19], turning 8% growth in 2025 into a 2% constant-currency decline in the first half[3]. The company's guide for mid single-digit second-half sales growth assumes the US Entresto base has been absorbed[6]. If third-quarter growth stays in the low single digits, both the full-year guide and the starting point for the 5% to 6% sales CAGR for 2025 to 2030 that the company kept in September will be questioned[27].

The case for improvement rests on volume and on the base. Second-quarter net sales were $14.41 billion, up 1% in constant currencies, with volume adding 18 points and sales outside the US up 6% in constant currencies[4]. Subtracting first-half from full-year figures, second-half 2025 global sales were about $3.13 billion for Entresto, $588 million for Promacta and $400 million for Tasigna, each below its first-half level[13], while US Entresto fell to just $70 million in the first half of 2026, down 97%[28], so the third quarter's year-over-year base is much smaller. The baselines here are 1% second-quarter net sales growth, a 14-point generic drag, a 3-point price headwind and US sales of $5.954 billion.

The opposing evidence shows that the second quarter's return to growth was not clean. About 1 point of that 1% growth was one-time phasing that reverses in the second half[6], currency added a further 2 points, and pricing was still minus 3 points[4]; Lutathera already faces generic entry[22], and Entresto's EU regulatory data protection expires in 2026[21]. The financial transmission runs as follows: generic substitution of US Entresto, Promacta and Tasigna narrows the drag as the prior-year base is absorbed, and growth-brand volume minus the price effect determines constant-currency net sales growth and whether US sales stop falling. What remains unresolved is the alternative explanation that the second-quarter improvement came mainly from phasing and currency, and that underlying growth is still close to zero.

The third-quarter results can test this debate on five measures. The key checks are whether constant-currency net sales growth is at least 4% and whether management sizes the phasing reversal; whether the generic drag narrows to 8 points or less; whether the price effect stays around minus 3 points; whether the US decline narrows or turns positive; and whether Entresto keeps growing outside the US, where it sold $1.183 billion in the second quarter, up 3% in constant currencies[10]. If third-quarter growth is below 2% while the generic drag remains heavier than 10 points, or if ex-US Entresto turns to decline and starts the next wave of erosion early, the current view that erosion is fading would be weakened.

Novartis kept second-quarter core operating income flat only with about five points of one-time phasing. Once that reverses, can core profit grow in the third quarter?

The core margin is the main basis on which the market judges Novartis's earnings quality, and it now sits between two opposing forces. The core margin rose to 40.1% in 2025[17], but generics are replacing the highest-margin older drugs while acquisitions keep pushing R&D higher. The company guided full-year core operating income down low single digits[5], yet second-half core operating income up mid to high single digits[6]; the third quarter is the first period that tests both statements at once.

The second-quarter profit figures look stable, but their structure is weakening. Core operating income was flat at $5.94 billion and the core margin was 41.2%, down 0.7 points year over year in constant currencies[3], with about 5 points of growth coming from phasing[6]. Core gross profit was flat at $12.0 billion, which the company attributed to unfavorable product mix; core R&D of $2.7 billion rose 4%, and 10% in the first half, while core SG&A fell 6%[9]. The first-quarter core margin was only 37.3%[19] and the first-half margin 39.4%; second-quarter core R&D equaled about 18.7% of net sales, which is the R&D intensity baseline for this debate.

The year-over-year hurdle for the third quarter is not high, which makes the answer depend more on profit structure than on any single number. Taking full-year 2025 core operating income of $21.89 billion[17], subtracting the first half's $11.50 billion and dividing by second-half net sales gives a second-half 2025 core margin of about 38.1%[3], so the third-quarter margin could improve year over year even if it falls below the second quarter's. The financial transmission runs from generic substitution of high-margin older drugs and the new product mix to core gross profit, while acquired assets raise R&D; SG&A productivity and the phasing reversal together determine core operating income, and interest on $39.4 billion of net debt further reduces core net income. The unresolved alternative explanation is that second-quarter stability came from phasing and cost compression, that gross profit structure is deteriorating and that R&D has stepped up structurally after acquisitions; on the first-quarter call the company also attributed margin decline to R&D spending and generic impact[29].

The third-quarter results should show whether constant-currency core operating income growth turns positive and reaches at least 5%. Other checks include whether the core margin is at least 38.1%, whether core gross profit returns to growth, whether core R&D exceeds 20% of sales and how programs are adjusted after the clinical failures, and whether interest expense is consistent with the roughly $1.7 billion full-year core net financial expense. If core operating income falls year over year after the phasing reverses, or R&D rises above 20% of sales without faster sales growth, the view that second-half profit returns to growth would be falsified.

As generic erosion fades, can Kisqali, Pluvicto and the newly launched Rhapsido carry Novartis's growth in the second half?

Novartis's mid-term growth guidance rests on continued growth-brand expansion, yet those brands have their own time limits. In September 2026 the company still maintained its 5% to 6% sales CAGR guidance for 2025 to 2030[27], but Cosentyx loses US patent protection in 2029 and Kisqali and Kesimpta in 2031[21], and Cosentyx and Kisqali enter Medicare price negotiation in 2028[25]. After three clinical setbacks in September, including the failed pelacarsen cardiovascular outcomes trial[30], judging whether growth can last depends more on marketed brands and near-term approvals.

All three brands grew in the second quarter, but at different speeds. Kisqali sold $1.695 billion, up 43% in constant currencies, and its US sales of $1.045 billion topped $1 billion for the first time[10]; it holds a 58% share of new US node-positive early breast cancer patients[24] and received six months of pediatric exclusivity[26]. Pluvicto sold $651 million, up 43% year over year but only about 1.4% above the first quarter's $642 million[19]; management said the metastatic hormone-sensitive prostate cancer indication, with approval expected in the third quarter, would expand the eligible patient pool by 75%[24]. Rhapsido's first-half sales of $101 million[28] imply a rise from about $37 million in the first quarter to $64 million in the second, with more than 4,000 US prescribers and about 10,000 treated patients[31].

The financial transmission for the growth brands is clear, but each link has an alternative explanation. Share of new early breast cancer patients drives the number of patients on Kisqali; penetration of pre-taxane metastatic castration-resistant prostate cancer, approval of the hormone-sensitive indication and the number of treatment sites drive Pluvicto doses; and prescribers, patients, insurance coverage and conversion from free drug to paid drive Rhapsido sales, all feeding volume contribution and net sales. The alternative explanation is that Kisqali's slowdown from 55% growth in the first quarter to 43% reflects maturing early breast cancer penetration, that Pluvicto has reached a plateau, and that many Rhapsido patients are in the company's free drug program, so conversion to paid use will take longer[26]. In September remibrutinib met its primary endpoint in Phase III trials in relapsing multiple sclerosis[32], adding a long-term option for the molecule but no direct contribution to 2026 sales.

The third-quarter results offer several clear lines to test whether the growth brands can take over. The key checks are whether Kisqali grows at least 35% in constant currencies with US sales of at least $1 billion; whether Pluvicto returns to sequential growth at $700 million or more and whether the hormone-sensitive indication is approved in the third quarter; and whether Rhapsido reaches at least $90 million and the company discloses the share of paying patients. If Kisqali growth falls below 30% while Pluvicto shows no sequential growth, or Rhapsido's quarterly increment shrinks below $11 million, the view that the growth brands can carry the second half would be falsified.

Risks and Falsifiers

R&D and M&A credibility became the most visible risk after September, but it affects judgments on mid-term growth and capital allocation before it affects 2026 sales. The pelacarsen cardiovascular outcomes trial[30], the Phase III HARBOR trial of del-desiran acquired with Avidity[27] and the ALS drug VHB937 all failed, after which shareholder Artisan Partners publicly called for a board shake-up and better dealmaking[11]; on the second-quarter call management said its M&A strategy had not changed and still focuses on bolt-on deals with upfront payments below $2 billion[23]. The exposed financial lines are acquired intangible assets, whose impairment falls under IFRS rather than core profit, and core R&D of about $2.7 billion per quarter, part of which failed programs would keep consuming if not cut promptly. This risk would ease if del-zota (DMD44), which has FDA priority review, is approved on schedule, the remibrutinib multiple sclerosis filings advance, and the company explains R&D cuts to failed programs in its third-quarter report.

Pressure from US pricing policy on the price line is already increasing. The IRA selected Cosentyx, Kisqali and Xolair for Medicare price negotiation in 2028[25], Novartis reached a drug-pricing agreement with the US Administration in 2025[12], and the price effect on growth moved from minus 1 point in 2025 to minus 3 points in the second quarter of 2026[4]. The exposed line is net sales: the three drugs together sold about $13.17 billion in 2025, and US sales were 42.8% of 2025 company net sales[13]; each additional point of negative price costs about $140 million of quarterly sales at second-quarter scale. If the third-quarter price effect is no worse than minus 3 points and the company flags no new US pricing adjustments, this risk has not materialized.

The risk that erosion fades more slowly than expected is that generics for Promacta, Tasigna, Lutathera and European Entresto could follow one another and keep the drag in double digits[21]. The 14-point drag in the second quarter equaled about $1.97 billion of quarterly sales on the prior-year base of $14.05 billion[4]; each additional point of drag costs about $140 million of sales, most of which falls through to core profit. This risk would be falsified if the third-quarter generic drag narrows to 8 points or less while ex-US Entresto keeps growing.

The risk of a structural margin step-down is that the replacement of high-margin older drugs, the new product mix and acquired R&D keep the core margin from returning to the roughly 40% level of 2025. The exposed line is core operating income: on second-quarter net sales of $14.41 billion, each point of core margin equals about $140 million of quarterly core operating income[3]. This risk would be falsified if third-quarter core operating income grows at least 5% in constant currencies and core gross profit returns to growth[9].

Growth brands slowing before the next wave of patent expiries is offset is the risk that links the short and the mid term. Kisqali's base effect, Pluvicto's plateau and slow paid conversion for Rhapsido could compound; the three sold about $2.41 billion combined in the second quarter, and on a prior-year base of about $1.63 billion, each 10 points less of combined growth costs about $160 million of quarterly sales[10]. This risk would be falsified if Kisqali grows at least 35% in the third quarter, Pluvicto reaches at least $700 million and Rhapsido at least $90 million.

What to Watch Next

• Generic erosion fading: constant-currency net sales growth versus +1% in the second quarter; at least +4% plus a sized phasing reversal strengthens the view, while growth below +2% with a drag still heavier than 10 points weakens it.
• Generic drag and price: from minus 14 and minus 3 points; a drag of 8 points or less strengthens the view, and a decline in ex-US Entresto weakens it.
• US net sales: $5.954 billion, down 5%; a narrower decline or a return to growth strengthens the view.
• Core profit after the phasing reversal: from flat growth and a 41.2% margin; growth of at least 5% and a margin of at least 38.1% strengthen the view, while a year-over-year decline falsifies it.
• Core gross profit and R&D intensity: from $12.0 billion and 18.7%; renewed gross profit growth strengthens the view, while R&D above 20% of sales without faster sales weakens it.
• Kisqali: from $1.695 billion, up 43%; growth of at least 35% with US sales of at least $1 billion supports the view, while growth below 30% alongside flat sequential Pluvicto sales falsifies it.
• Pluvicto: from $651 million; at least $700 million and approval of the hormone-sensitive indication support the view, while no sequential growth weakens it.
• Rhapsido: from $64 million; at least $90 million and disclosure of paying patients support the view, while a quarterly increment below $11 million falsifies it.

Conclusion

Novartis's business is decided by two forces: volume expansion from growth brands such as Kisqali, Pluvicto and Kesimpta, against generic substitution and US price pressure on older drugs such as Entresto, Promacta and Tasigna. In 2025 net sales were $54.53 billion and the core margin was 40.1%[17]; in the second quarter of 2026 net sales grew only 1% in constant currencies with a 41.2% core margin[3], and net debt rose to $39.4 billion on acquisitions and dividends[20]. The central unresolved relationship is whether fading generic drag and growth-brand expansion can, after the one-time phasing reverses, push sales to mid single-digit growth and return core profit to growth at the same time[6].

Since the second-quarter results, only one independent assessment with a specific position could be found, and it concerns capital allocation rather than third-quarter sales. In a Reuters interview, David Samra, managing director at shareholder Artisan Partners, said that after three clinical setbacks and a sharp share-price fall "the party is over" at Novartis, argued that the company has a poor M&A track record and needs a chairman who can overhaul its approach to transactions, and called for changes at board level; Bloomberg Law relayed the interview on September 10, 2026[11]. This view conflicts with management's statement on the second-quarter call that the M&A strategy is unchanged and focused on bolt-on deals with upfront payments below $2 billion[23], and it connects to the debate over whether growth brands can take over: if marketed brands slow, outside tolerance for acquired late-stage assets and R&D spending will be lower. Other coverage consisted mostly of clinical-trial news and changes in analyst opinion, and this assessment represents one shareholder's outside interpretation, not a fact and not a market consensus.

A combination in the third-quarter results that would clearly strengthen the current understanding is constant-currency net sales growth of at least 4%, a generic drag within 8 points, core operating income growth of at least 5%, Kisqali growth of at least 35% and Pluvicto back above $700 million. Conversely, if sales growth is below 2%, core operating income falls year over year after the phasing reverses, and R&D rises above 20% of sales while the growth brands slow at the same time, support for both the company's second-half guidance and its mid-term growth outlook would weaken.

Sources

[1] NVS 20-F filed 2026-02-04 · company overview and core therapeutic areas · 2026-02-04 · Form 20-F annual report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000004/nvs-20251231.htm

[2] Drillr earnings calendar (updated 2026-09-26) · NVS 2026-10-27 call · 2026-09-26 · Drillr earnings calendar

[3] NVS 6-K filed 2026-07-21 · Q2 2026 key figures · 2026-07-21 · Form 6-K report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000012/nvs-20260630-99_1.htm

[4] NVS 6-K filed 2026-07-21 · Q2 2026 sales bridge and regions · 2026-07-21 · Form 6-K report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000012/nvs-20260630-99_2.htm

[5] NVS 6-K filed 2026-07-21 · 2026 outlook · 2026-07-21 · Form 6-K report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000012/nvs-20260630-99_1.htm

[6] NVS Q2 2026 earnings call 2026-07-21 · H2 guidance and one-time phasing · 2026-07-21 · earnings call summary · https://gateway.drillr.ai/mcp/private

[7] Drillr analyst_financial_estimates (updated 2026-09-25) · NVS quarter ending 2026-09-30 · 2026-09-25 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[8] NVS 20-F filed 2026-02-04 · Entresto US generic entry · 2026-02-04 · Form 20-F annual report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000004/nvs-20251231.htm

[9] NVS 6-K filed 2026-07-21 · Q2 2026 core P&L lines and interest · 2026-07-21 · Form 6-K report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000012/nvs-20260630-99_2.htm

[10] NVS 6-K filed 2026-07-21 · Q2 2026 net sales by brand · 2026-07-21 · Form 6-K report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000012/nvs-20260630-99_2.htm

[11] Bloomberg Law 2026-09-10 · Novartis Needs Board Shakeup and M&A Revamp, Investor Says · 2026-09-10 · Artisan Partners · https://news.bloomberglaw.com/mergers-and-acquisitions/novartis-needs-board-shakeup-m-a-revamp-investor-tells-reuters

[12] NVS 20-F filed 2026-02-04 · 2025 pricing agreement and deal activity · 2026-02-04 · Form 20-F annual report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000004/nvs-20251231.htm

[13] NVS 20-F filed 2026-02-04 · net sales by brand FY2025 · 2026-02-04 · Form 20-F annual report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000004/nvs-20251231.htm

[14] NVS 20-F filed 2026-02-04 · FY2025 sales bridge and regions · 2026-02-04 · Form 20-F annual report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000004/nvs-20251231.htm

[15] NVS 20-F filed 2026-02-04 · manufacturing platforms and contract manufacturing · 2026-02-04 · Form 20-F annual report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000004/nvs-20251231.htm

[16] NVS 20-F filed 2026-02-04 · key figures FY2025 · 2026-02-04 · Form 20-F annual report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000004/nvs-20251231.htm

[17] NVS 20-F filed 2026-02-04 · core operating income FY2025 · 2026-02-04 · Form 20-F annual report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000004/nvs-20251231.htm

[18] NVS 20-F filed 2026-02-04 · net debt December 31 2025 · 2026-02-04 · Form 20-F annual report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000004/nvs-20251231.htm

[19] NVS 6-K filed 2026-04-28 · Q1 2026 key figures and sales bridge · 2026-04-28 · Form 6-K report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000010/a260428-99_1.htm

[20] NVS 6-K filed 2026-07-21 · capital structure and net debt June 30 2026 · 2026-07-21 · Form 6-K report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000012/nvs-20260630-99_1.htm

[21] NVS 20-F filed 2026-02-04 · patent expiry of key marketed products · 2026-02-04 · Form 20-F annual report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000004/nvs-20251231.htm

[22] NVS Q2 2026 earnings call 2026-07-21 · stated business risks · 2026-07-21 · earnings call summary · https://gateway.drillr.ai/mcp/private

[23] NVS Q2 2026 earnings call 2026-07-21 · capital allocation and deal discipline · 2026-07-21 · earnings call summary · https://gateway.drillr.ai/mcp/private

[24] NVS Q2 2026 earnings call 2026-07-21 · priority brand demand indicators · 2026-07-21 · earnings call summary · https://gateway.drillr.ai/mcp/private

[25] NVS 20-F filed 2026-02-04 · IRA Medicare negotiation selections · 2026-02-04 · Form 20-F annual report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000004/nvs-20251231.htm

[26] NVS 6-K filed 2026-07-21 · Q2 2026 priority brands and pipeline milestones · 2026-07-21 · Form 6-K report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000012/nvs-20260630-99_1.htm

[27] NVS 6-K filed 2026-09-08 · HARBOR del-desiran and mid-term guidance · 2026-09-08 · Form 6-K report · https://www.sec.gov/Archives/edgar/data/1114448/000117184326005908/f6k_090826.htm

[28] NVS 6-K filed 2026-07-21 · H1 2026 net sales by brand and geography · 2026-07-21 · Form 6-K report · https://www.sec.gov/Archives/edgar/data/1114448/000111444826000012/nvs-20260630-99_2.htm

[29] NVS Q1 2026 earnings call 2026-04-28 · quarterly phasing guidance · 2026-04-28 · earnings call summary · https://gateway.drillr.ai/mcp/private

[30] NVS 6-K filed 2026-09-04 · pelacarsen Lp(a)HORIZON outcome · 2026-09-04 · Form 6-K report · https://www.sec.gov/Archives/edgar/data/1114448/000117184326005896/f6k_090426.htm

[31] NVS Q2 2026 earnings call 2026-07-21 · launches and H2 regulatory events · 2026-07-21 · earnings call summary · https://gateway.drillr.ai/mcp/private

[32] NVS 6-K filed 2026-09-01 · REMODEL-1/-2 remibrutinib in RMS · 2026-09-01 · Form 6-K report · https://www.sec.gov/Archives/edgar/data/1114448/000117184326005824/f6k_090126.htm