Novartis AG (NOT) Q3 2026 Earnings Report
DE:NOT Q3 2026 EPS Results
- Actual EPS
- EUR 2.21
- Consensus EPS
- EUR 2.04
- Beat/Miss
- Beat by +EUR 0.17
- One Year Ago EPS
- EUR 2.02
DE:NOT Q3 2026 Revenue Results
- Actual Revenue
- EUR 12.78B
- Expected Revenue
- EUR 13.07B
- Beat/Miss
- Missed by -EUR 293.29M
- YoY Revenue Growth
- +5.98%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/27/2026
- Time
- Before Open
- Conference Call
- Tuesday, October 27, 2026
Novartis AG's next earnings date is estimated for February 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was broadly positive, with strong Q3 sales growth, core margin expansion, robust performance from priority brands, multiple pipeline and regulatory milestones, and an upgrade to full-year core operating income guidance. These positives were partly offset by major clinical setbacks, including the delgociptacine primary-endpoint miss and $1.9 billion impairment, the pelicarcen phase 3 failure, first-half generic erosion, expected Q4 margin pressure, and delays or uncertainty across several programs.
For full year 2026, Novartis expects net sales to grow low single digit, core operating income to be in line to growing low single digit, core net financial results to be an expense of $1.7 billion, and the core tax rate to be around 16.5%; for H2, net sales are expected to grow mid to high single digit and core operating income high single to low double digit, while Q4 core margin is expected to decline versus Q3. The company reaffirmed 5% to 6% constant currency sales guidance for 25 to 30 and its mid single digit constant currency long term growth outlook, remains committed to 40% margin by 2029, and expects to complete the $10 billion share buyback program by end of 27. If exchange rates remain at late October levels, it expects positive 1 percentage point impact on full year net sales and positive 1 percentage point impact on full year core operating income; if these rates also prevail in 2027, it expects a negative 1 percentage point impact on top line and no impact on core operating income. Peak-sales guidance includes Rhapsido in CSU and CIndU combined to over $4 billion, remibrutinib at $4 billion for CSU and CIndU and $4 billion for the current MS readout, equaling $8 billion-plus, Leqvio as a $4 billion plus medicine, Fabhalta at $3 billion, and Kisqali at $10 billion.
- Q3 Sales Growth, Margin Expansion, and Guidance UpgradeQ3 net sales grew 4% in constant currencies to $14.5 billion, core operating income increased 10% to $6 billion, core operating income margin expanded by 2 percentage points to 41.6%, and core EPS rose 8% to $2.46. The company upgraded full-year 2026 core operating income guidance from a low single digit decline to in line to growing low single digit, while maintaining low single digit net sales growth guidance.
- Priority Brands Delivered Strong GrowthPriority brands grew 29% in the quarter, with very strong performance across Kisqali, Kesimpta, Scemblix, and Leqvio, a solid quarter from Cosentyx, and strong performance from Rhapsido. Management said the results demonstrated the replacement power of the business despite several products facing generic or biosimilar erosion.
- Kisqali Continued Rapid ExpansionKisqali sales grew 37% globally, including 38% growth in the US and 35% constant-currency growth outside the US. US year-to-date sales reached $3 billion, NBRx share increased 3 points versus the prior quarter, 53% of patients were from the exclusive population, first-line metastatic NBRx share reached 55%, and the prescriber base grew 12% year over year and 44% in early breast cancer. Early breast cancer was approved in 84 countries and reimbursed in 43 countries, with shares of 80% in Germany, 77% in the UK, and 55% in China. Six-year NATALEE data showed clinically meaningful overall survival with a hazard ratio of 0.809.
- Kesimpta Gained Market Share in Multiple SclerosisKesimpta grew 22%, fueled by strong demand. US growth was 21% in the quarter, total MS market share increased 3 points to 16%, and B-cell class share increased 4.5 points to 27%. Seventy-seven percent of US NBRxs and 80% of EU4 patients were in first line or first switch, reflecting continued movement toward earlier-line use.
- Pluvicto Maintained Growth and Expanded InternationallyPluvicto grew 20% in constant currencies, including 9% growth in the US and 68% growth outside the US. International momentum was strong in Europe, Canada, Japan, and China; Japan became the fastest market to reach 1,000 patients, and China approved the PSMA-positive metastatic hormone-sensitive prostate cancer indication in August.
- Pluvicto PSMA-Positive HSPC Launch Has Strong FoundationsFor the PSMA-positive hormone-sensitive prostate cancer launch, two-thirds of patients are managed by physicians already using Pluvicto or connected to established referral pathways, and 9 out of 10 patients are within 30 miles of a treatment site. Infusion and prefilled-syringe availability is being expanded, and management said early uptake indicators were encouraging, while expecting further acceleration next year.
- Leqvio Growth Accelerated GloballyLeqvio grew 63% in the quarter, including 60% growth in the US and 65% outside the US. US growth was outpacing the advanced lipid-lowering market, Medicare share reached 22%, and growth continued in China following NRDL inclusion and across Europe. The US label was updated with a cardiovascular statement, while ORION 4 and VICTORION-2P outcomes readouts are expected in the fourth quarter and 2027, respectively.
- Scemblix Continued Strong Launch MomentumScemblix grew 67%, driven by strong US momentum. US first-line share reached 33%, while the product maintained 77% share across key markets in later lines outside the US. The early-line indication was approved in 69 countries outside the US, with first-line NBRx share of 56% in Japan and 33% in Germany.
- Cosentyx Delivered Solid Growth and Label ProgressCosentyx grew 9% in constant currencies, or in the mid-single-digit growth range after gross-to-net effects, with growth in hidradenitis suppurativa and spondyloarthritis. US hidradenitis suppurativa share remained in the high forties and spondyloarthritis share remained at 14%. Polymyalgia rheumatica was approved by the European Commission, with an FDA decision expected in Q4, and hidradenitis suppurativa was added to the label in October.
- Rhapsido Posted Strong Launch PerformanceRhapsido had strong launch momentum, supported by an additional approval for symptomatic dermographism, which covers about two-thirds of chronic inducible urticaria patients. In US chronic spontaneous urticaria, more than 6,000 prescribers and 15,000 patients had been reached, NBRx share was about 26%, and share increased about 3 points versus the prior quarter despite approximately 50% access to label. Rhapsido was launched in seven markets outside the US, with strong early uptake in Germany and China, and peak sales guidance for CSU and CIndU was raised to over $4 billion.
- Remibrutinib Data Supported a Significant MS OpportunityRemibrutinib produced comprehensive disease control with a favorable and consistent safety profile, no liver signals, no infection imbalances, and nearly 50% fewer adverse-event discontinuations. Six-month PIRA was reduced by 30%. The FDA submission remained on track for Q4 with a priority review voucher. Management estimated a $4 billion-plus opportunity based on new starts, oral switches, and switches from older injectable medicines, with further upside from non-relapsing SPMS.
- Pipeline Milestones and Regulatory ProgressThe company reported positive remibrutinib data in relapsing multiple sclerosis, positive Rhapsido progress, Pluvicto label expansion, FDA approval for Repsido, important Pluvicto approvals in the US and China, a European filing for pelabresib, and FDA priority review for Delzota in DMD44. In addition, FDA engagement for FSHD and potential accelerated approval discussions for pelabresib were expected before year-end.
- Productivity Supported ProfitabilityCore margin performance was supported by gross-margin improvements and productivity initiatives, primarily in SG&A. SG&A was 7% lower in Q3 versus the prior year while company sales grew 4%. Management said productivity, particularly across third-party spending categories affected by technology and AI, remained a key pillar and supported the commitment to reach margins of 40%-plus by 2029 at the latest.
- Capital Allocation and Business Development ContinuedNovartis completed the acquisition of Karan Bio, exercised its option to acquire Sironax's blood-brain-barrier delivery platform, and continued investing in internal R&D. The company repurchased $2.8 billion of shares in the first nine months under its up-to-$10 billion program, with $4.9 billion remaining to be executed, and remained committed to dividends, core-business investment, selective bolt-on M&A, and share buybacks.
- Strong Longer-Term Pipeline and Growth OutlookManagement reaffirmed 5% to 6% constant-currency sales growth guidance for 2025 to 2030 and its mid-single-digit constant-currency long-term growth outlook. It highlighted potential future contributions from enalumab, abaloparatide, pelabresib, Actinium, additional Pluvicto programs, and assets acquired from Vividity, with multiple readouts expected in 2026 and a strong catalyst path for 2027.
- Positive Kidney Disease Portfolio OutlookManagement continued to expect iptacopan to become a blockbuster medicine and maintained its expectation that Fabhalta could reach $3 billion in sales across indications. Novartis also continued advancing programs in IgAN, adult polycystic kidney disease, and other rare renal diseases, with the IgAN board readout expected next year.
DE:NOT Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 03, 2027 | 2026 (Q4) | 2.02- | 1.82 | ― | ― |
| Oct 27, 2026 | 2026 (Q3) | 2.042.21 | 2.02 | 9.33% (+0.19) | |
| Jul 21, 2026 | 2026 (Q2) | 1.952.17 | 2.18 | -0.41% (-0.01) | |
| Apr 28, 2026 | 2026 (Q1) | 1.891.79 | 2.05 | -12.72% (-0.26) | |
| Feb 04, 2026 | 2025 (Q4) | 1.791.82 | 1.78 | 2.53% (+0.04) | |
| Oct 28, 2025 | 2025 (Q3) | 2.042.02 | 1.85 | 9.22% (+0.17) | |
| Jul 17, 2025 | 2025 (Q2) | 2.112.18 | 1.77 | 22.84% (+0.40) | |
| Apr 29, 2025 | 2025 (Q1) | 1.902.05 | 1.62 | 26.67% (+0.43) | |
| Jan 31, 2025 | 2024 (Q4) | 1.621.78 | 1.38 | 29.41% (+0.40) | |
| Oct 29, 2024 | 2024 (Q3) | 1.741.85 | 1.56 | 18.39% (+0.29) |
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.
