EarningsQ2 2026 Earnings Report
DE:NOT Q2 2026 EPS Results
Actual EPS€2.15
Consensus EPS€1.93
Beat/MissBeat by +€0.22
One Year Ago EPS€2.16
DE:NOT Q2 2026 Revenue Results
Actual Revenue€12.21B
Expected Revenue€12.56B
Beat/MissMissed by -€351.60M
YoY Revenue Growth-2.00%
Earnings Announcement Details
QuarterQ2 2026
Date07/21/2026
TimeBefore Open
Conference CallTuesday, July 21, 2026
DE:NOT Upcoming Earnings
Novartis AG's next earnings date is estimated for October 27, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call presents a positive operational and commercial momentum story: multiple priority brands and launches delivered strong double‑digit growth (KISQALI +43%, Scemblix +89%, LEQVIO +59%, PLUVICTO +43%, Kesimpta +32%) and the company returned to quarter‑on‑quarter sales growth while generating strong free cash flow and maintaining shareholder returns. Key near‑term risks include H1 legacy impacts (net sales down 2%), margin pressure from acquired program costs and one‑time phasing that will reverse in H2, ongoing generic erosion headwinds (notably Entresto), and dependence on several pivotal readouts and regulatory interactions later this year and into 2027. On balance, the breadth and scale of growth across multiple franchises and solid cash generation outweigh the operational and regulatory risks discussed on the call.Company Guidance
Return to Sales Growth and Strong Q2 Results
Net sales grew 1% in constant currencies to $14.4 billion in Q2 2026; core operating income was flat at $5.9 billion. Management reaffirmed full-year 2026 guidance (net sales low single digits growth; core operating income decline low single digits).
Growth Drivers Outperforming
Company 'growth drivers' portfolio grew 36% in constant currencies in Q2, led by multiple priority brands and launches that offset generic erosion impacts in H1.
KISQALI Strong Growth and Clinical Momentum
KISQALI sales up 43% in constant currencies (U.S. +39%), surpassing $1 billion in sales in the U.S. for the first time; prescriber base up 16%; approved in 76 countries and reimbursed in 42. Updated six‑year follow-up showed clinically meaningful overall survival (OS) and continued IDFS benefit in the broadest at‑risk early breast cancer population; company reiterates $10 billion peak sales ambition.
Scemblix and CML Leadership
Scemblix grew 89% in constant currency (U.S. +93%), with management expecting first‑line NBRX leadership in the U.S. in H2; approved in 65 countries and early first‑line adoption picking up ex‑U.S.
LEQVIO Rapid Expansion and Strong Demand
LEQVIO grew 59% in constant currencies (U.S. +55%); monthly TRX growth +49%. Medicare Part B share at 23.3% (up 3.6% year‑to‑date). NRDL inclusion in China doubled market share vs pre‑NRDL levels. Two LEQVIO outcome studies on track for 2027.
PLUVICTO Uptake and Site Expansion
PLUVICTO grew 43% driven by PSMA‑positive pre‑taxane mCRPC; pre‑taxane now >70% of new U.S. patients. Over 880 U.S. sites and >650 non‑U.S. sites providing radioligand therapy; HSPC approval expected in Q3 will increase eligible patient pool by ~75%.
Kesimpta Continued Growth and Pipeline
Kesimpta up 32% in Q2 (U.S. +32%), gaining TRX and NBRX share in B‑cell and MS markets; once‑every‑2‑month maintenance dosing Phase III on track for 2027 readout.
Scalable Launches: Rhapsido and Itvisma
Rhapsido (remibrutinib) launch: >4,000 prescribers and >10,000 patients treated, with 60% first‑line use and 2 of 3 major PBMs covering (PA to label). Itvisma European approval progressing; gene‑therapy ramp expected over ~3 years with multi‑billion dollar potential (company cites ~$2B range for Itvisma peak and ~$3B combined with Zolgensma).
Pipeline & Regulatory Milestones (Avidity assets)
del‑zota (Avidity) FDA submission for accelerated approval in DMD exon 44 (dystrophin surrogate) achieved; del‑brax phase I/II biomarker endpoints met (KHDC1L and creatine kinase reductions), with base‑case submission planning for 2028 and active regulator engagement.
Strong Cash Generation and Capital Returns
Free cash flow in Q2 of $5.6 billion and H1 free cash flow $8.9 billion. Q1–H1 capital distribution: $9.1 billion dividends and $2.1 billion share repurchases under a $10 billion buyback (remaining $5.6 billion to execute by end‑2027).
DE:NOT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed