Novartis AG (NVS) Earnings
Novartis AG is expected to report next earnings on July 21, 2026 (in NaN days), with a consensus EPS estimate of $2.19. NVS has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +2.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $2.11 | $1.99 | -5.7% | $13.1B | -2.4% |
| Feb 4, 2026 | $1.99 | $2.03 | +2.0% | $13.3B | +0.1% |
| Jul 17, 2025 | $2.38 | $2.42 | +1.7% | $14.3B | +2.5% |
| Jan 31, 2025 | $1.80 | $1.98 | +10.0% | $13.6B | +5.6% |
| Jul 18, 2024 | $1.89 | $1.97 | +4.2% | $12.5B | -0.2% |
| Jan 31, 2024 | $1.64 | $1.53 | -6.7% | $11.8B | -0.9% |
| Jul 18, 2023 | $1.68 | $1.83 | +8.9% | $13.9B | +3.4% |
| Feb 1, 2023 | $1.42 | $1.51 | +6.3% | $13.1B | -1.0% |
| Jul 19, 2022 | $1.51 | $1.56 | +3.3% | $13.1B | +1.6% |
| Feb 2, 2022 | $1.44 | $1.40 | -2.8% | $13.5B | +1.5% |
| Jul 21, 2021 | $1.53 | $1.66 | +8.5% | $13.3B | +2.6% |
| Jan 26, 2021 | $1.38 | $1.34 | -2.9% | $13.0B | -1.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Delivered strong start to year across priority brands and launches. - Growth drivers up 34% in constant currency. - Core offing down 14% due to sales decline and R&D investments. - Pipeline highlights including Rapsodo progress, Unalamab breakthrough therapy designation, etc. - Maintaining full-year sales and core operating guidance. - Discussing details of each key brand's performance, like Kiskali's growth in different markets, Kasimta's performance in US and ex-US, etc. - Mentioning pipeline readouts and acquisitions in the second half.
Guidance
- Reaffirming full year 2026 guidance, expecting low single-digit sales growth and low single-digit decline in core operating income. - H1 growth impacted by tough prior year base, with Q2 sales expected to decline low single-digit and core-op expected to decline high single-digit to low double-digit. - H2 expected to have strong growth of priority brands and launches, with sales growth of mid-single-digit and core-op in growth of mid-to-high single-digit. - Positive plus 2% impact on full year sales and positive 1% on full year core operating income if exchange rates remain at late April levels.
Segment performance
Growth drivers were up 34% in constant currency. Base business was largely stable but had significant GX erosions. Core offing was down 14% due to sales decline and increased R&D investments. Kiskali grew 55%, with strong performance in early and metastatic breast cancer, and strong ex-US growth. Kasimta had 26% growth, with strong performance in US and ex-US. Fluvicto continued strong rollout, with 76% US sales growth and 48% ex-US growth. Lyfio had strong quarter, with 31% US growth and 106% ex-US growth. Semblix was up 79%, with strong performance in US and ex-US. Cosentix had broadly stable quarter, impacted by one-time effects. Renal portfolio: Fabhalta sales up 103%, Venrafia had steady uptake. Rapsido CSU launched strong in US, with plans for ex-US rollout. Remibrutinib had phase two results for food allergy. Avidity acquisition added late-stage medicines for neuromuscular disease.
Analyst Q&A
Q: Peter Fedult from BNP Paribas asked about HS, current volume price dynamics for Cosentix, target clinical profile for Rapsido in HS, and positioning of both assets.
A: Vaz responded about Cosentix volume growth, remibrutinib phase two data, and positioning depending on data set.
Q: Satya and Jane from Bank of America followed up on HS, target efficacy profile relative to existing biologics and size of HS vs MS indication.
A: Vaz said it depends on phase three study design and data profile.
Q: Richard Foster from J.P. Morgan asked about China, slower international growth in some products and LECVEO's peak in China.
A: Vaz said China business can be in high single digit to low double digit growth range and Lectio has aspiration to be a billion-dollar medicine.
Q: Simon Baker from Rothschild asked about updated confidence on timing and outcome of Pellicast and Horizon study.
A: Vaz said no new info, expected readout in early second half.
Q: Matthew Weston from UBS asked about Rapsido and EU pricing discussions.
A: Vaz said Rapsido only has MFN impact for Medicaid, engaging with European governments but progress not as hoped.
Q: James Gordon from Barclays asked about hormonal breast cancer and pressure on CDK4 use.
A: Vaz said physicians will want to use combination therapies and it will take time to replace established therapies.
Q: Michael Leusten from Jefferies asked about Avidity, data from Dyn Therapeutics and decision to pursue VST.
A: Vaz said avidity acquisition is right decision with compelling profile.
Q: Graham Parry from Citigroup asked about remabrutinib in MS, comparing data and blinded safety data.
A: Vaz said no comment on ARR data but blinded safety data is clean.
Q: Thibaut Botherin from Morgan Stanley asked about Rapsido stocking and dynamic for rest of year.
A: Vaz said stocking in line with historical, steady increase in initial months.
Q: James Quigley from Goldman Sachs asked about Del Dizaran in DM1, clinically meaningful impact and differentiation.
A: Vaz said well-understood endpoint and looking at additional functional outcomes.
Q: Florence from OdoBHF asked about multiple readouts in H2 that could raise mid-term to long-term growth outlook.
A: Vaz mentioned remy brudenib, unalamab, paula carson, dii 235, etc.
Q: Kerry Holford from Barenberg asked about PluVicto, European filing withdrawal and impact on peak sales forecast.
A: Vaz said no impact on peak sales forecast, waiting on OS data for hormone sensitive setting.
Q: Steve Scaler from TD Securities asked about delaying Cosentix LOE, co-formulation, etc.
A: Vaz said ongoing efforts to defend IP and lifecycle manage medicines.
Q: Naresh Chauhan from Intron Health asked about Cosentix margin impact and optimizing profitability.
A: Mukul said margin impact factored into guidance.
Q: Seamus Fernandez from Guggenheim Securities asked about IL-15 in vitiligo and atopic dermatitis market size.
A: Vaz said IL-15 has potential in multiple immunology indications.
Q: Matthew Weston from UBS followed up on Rapsido and CNS indication MFN considerations.
A: Vaz said current assumption is remibrutinib indications susceptible to Medicaid MFN element.
Q: Michael Leuchten from Jefferies asked about gross margin pressure, scale factor and R&D spend.
A: Mukul said margin decrease from R&D spend and GX impact, R&D spend from acquisitions.
Q: Thibaut Barthelin from Morgan Stanley asked about voter plan and FDA discussion on phase two.
A: Vaz said results confirm phase three design, still in discussions with partner.
Q: Graham Parry from Citigroup asked about Cosentix gross to net adjustments and peak sales.
A: Vaz said Cosentix in positive growth territory, mid single digit range globally.
Q: James Quigley from Goldman Sachs asked about remoributinib food allergy data and 75 milligram dose.
A: Vaz said modeling shows 75 milligram dose has full target engagement.
Q: Steve Scaler from TD Securities asked about MFN mention on slide 25.
A: Vaz said MFN fully factored in guidance, confident in modeling MFN impact.