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Novartis
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Latest analysis
Updated Oct 27, 2026
Novartis Q3 2026: Oncology momentum and Kisqali leadership offset Zolgensma revenue headwinds.
Novartis reported Q3 2026 net sales of $11.85 billion, representing 5% growth year-over-year on a reported basis and 7% on a constant currency basis. Oncology delivered robust performance, led by Kisqali's 30% net sales growth and Pluvicto's continued uptake, while rare disease franchise momentum continued through Zolgensma and Risdiplam. However, the company faces near-term commercial and manufacturing headwinds in gene therapy and a challenging immunology landscape as Cosentyx faces biosimilar competition and Gilenya approaches loss of exclusivity. Management guided FY 2026 net sales growth of 4-5% on a reported basis, unchanged from prior guidance, signaling confidence in the underlying commercial trajectory despite patent-cliff pressures.
Tone: cautiousRevenue
$56.7B
NVS 20-F · FY 2025
Employees
75,267
Revenue FY2024
$51.7B
Founded
1996
Profile
NVS 20-F Item 4.B · Feb 4, 2026Novartis is a Swiss-based global innovative medicines company focused on research, development, manufacturing, and commercialization of pharmaceutical products across four core therapeutic areas: cardiovascular, renal and metabolic; immunology; neuroscience; and oncology. The company sells products in approximately 120 countries and employs over 75,000 full-time equivalent employees. Its strategy centers on technology leadership in R&D and novel access approaches to deliver high-value medicines.
Read filing description ↓ Collapse description ↑
Novartis is an innovative medicines company, engaged in the research, development, manufacturing, distribution, marketing and sale of a broad range of pharmaceutical products. Our purpose is to reimagine medicine to improve and extend people's lives. Our strategy is to deliver high-value medicines that alleviate society's greatest disease burdens through technology leadership in R&D and novel access approaches. To support our strategy, we have clear focus areas where we commit most of our time, energy and resources. These core therapeutic areas are cardiovascular, renal and metabolic; immunology; neuroscience; and oncology. In 2025, Novartis achieved net sales from continuing operations of USD 54.5 billion, and net income from continuing operations amounted to USD 14.0 billion. Headquartered in Basel, Switzerland, we employed 75 267 full-time equivalent employees as of December 31, 2025. Our products are sold in approximately 120 countries around the world. Our operations are organized into the following five organizational units: Biomedical Research, Development, Operations, and two commercial units, US and International. These organizational units are supported by our global functions in areas such as corporate affairs, ethics, risk and compliance, finance, legal, internal audit, people and organization and strategy and growth.
Primary products
- Entresto (sacubitril/valsartan)
- Cosentyx (secukinumab)
- Kisqali (ribociclib)
- Kesimpta (ofatumumab)
- Tafinlar + Mekinist (dabrafenib + trametinib)
- Jakavi (ruxolitinib)
Business segments
End markets
Geographies
Named competitors
“The global pharmaceutical market is highly competitive. We compete against other major international corporations that have substantial financial and other resources, as well as against smaller companies that operate regionally or nationally.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Reported in USD. Net sales from continuing operations grew 8% in both USD reported terms and constant currencies in 2025, driven by 15 percentage points of volume growth, partially offset by 6 percentage points of generic competition headwind and 1 percentage point of pricing pressure.
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