Novartis AG (DE:NOTA)

NYSE:NOTA

NOTA

Novartis

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Novartis (NOTA) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Jul 21, 2026

TBA (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

1.88

Last Year’s EPS

2.09

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 4 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 04, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed strong multi-product commercial momentum, record profitability and cash generation, and a robust late-stage pipeline with multiple potential catalysts in 2026. Management acknowledged notable near-term headwinds — chiefly mid-2025 generic entries (Entresto, Promacta, Tasigna), noisy Q4 gross-to-net adjustments, the largest GX impact expected in 2026, and some clinical/regulatory timing uncertainties (pelacarsen event rates, remibrutinib monitoring, zigakibart timing). However, the breadth of blockbuster growth across key brands, record margins and cash flow, clear capital allocation, and a defined plan to return to 40%+ core margins by 2029 outweigh the near-term challenges.

Company Guidance

Novartis guided 2026 sales to grow low single‑digit while core operating income is expected to decline low single‑digit (reflecting a 1–2 percentage‑point core‑margin dilution from the Avidity deal); core net financial expenses are expected at about $1.7 billion and the core tax rate around 16.5%. Management said 2026 will be a year of two halves — H1 sales down low single‑digit and H1 core operating income down low double‑digit (Q1 also affected by a ~2% positive gross‑to‑net in the Q1‑2025 base), then H2 sales up mid‑single‑digit and H2 core operating income up mid‑ to high‑single‑digit — producing the full‑year low‑single‑digit top‑line guidance; at late‑January FX levels they expect a ~+2–3 percentage‑point boost to sales and ~+1 percentage‑point to core operating income. They reiterated a 5–6% sales CAGR for 2025–2030 and a return to 40%+ core margin in 2029 (after achieving a 40.1% core margin, $21.9B core operating income, $8.98 core EPS and $17.6B free cash flow in 2025), and announced a proposed dividend of CHF 3.70 (up 6%) plus a new up‑to‑$10B buyback (≈$7.7B remaining).

Full-Year Sales and Profitability

FY2025 sales up 8% (constant currency); Core operating income up 14% to $21.9 billion; achieved 40.1% core margin (target met 2 years early); core EPS up 17% to $8.98; record free cash flow $17.6 billion (+8%).

Kisqali Strong Growth and Market Traction

Kisqali up 57% for the year (Q4 growth 44%; adjusted global growth 54%; U.S. +62% when removing RD adjustments). Management reiterates $10 billion peak sales outlook and notes >60% U.S. eBC NBRx and >80% NBRx share in Germany early breast cancer.

Multiple Blockbuster Brand Performances

Kesimpta +36% to $4.4 billion (expanding first-line adoption to ~50% of NBRx); Pluvicto +42% CC, reached $2 billion (U.S. pre-taxane +75%, PSMA share up 4x to 16%); Scemblix blockbuster with Q4 +87% and 41% U.S. NBRx share across all lines; Leqvio blockbuster (FY +57%, Q4 +46%).

Cosentyx and Specialty Launches

Cosentyx up 8% to $6.7 billion (Q4 +11%); #1 prescribed IL-17 across indications; U.S. growth driven by hidradenitis and IV revenue; U.S. polymyalgia rheumatica submission completed.

Renal Portfolio and Lifecycle Advances

IgAN brands (Vanrafia, Fabhalta) drove 50% of NBRx market growth year-over-year; Fabhalta approved in C3G in 45 countries; management expects full eGFR datasets and filings for Fabhalta and Vanrafia in H1 2026.

Rhapsido Launch Momentum

U.S. launch showing encouraging early demand: >2,000 HCP starts via sampling/bridge program, positive feedback from allergists/dermatologists, expect stronger uptake as access expands (notable pick-up expected in 2H2026).

Pelabresib & Other Pipeline Advances

Pelabresib 96-week MANIFEST data showed deep/durable responses and comparable safety vs ruxolitinib; EU filing path in 2026 and new U.S./China/Japan Phase III planned targeting high-TSS50 patients. Company expects 7 pivotal readouts in 2026 to drive midterm outlook.

Global Health Progress

KLU156 (ganaplacide + lumefantrine) shows strong malaria cure rates (adjusted 99.2% vs 96.4% comparator) and potential to be first new malaria medicine in ~25 years, supporting Novartis' global health mission.

Capital Allocation and Shareholder Returns

Invested >$10 billion in R&D (+8% YoY); completed $15 billion buyback and launched new up-to-$10 billion buyback (≈$7.7 billion remaining); proposing CHF 3.70 dividend (+6% in CHF; 29th consecutive CHF increase).

Novartis (DE:NOTA) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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DE:NOTA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 21, 2026	2026 (Q2)	1.88 / -	2.095	―	―	―
Apr 28, 2026	2026 (Q1)	1.82 / 1.72	1.973	-12.72% (-0.25)
Feb 04, 2026	2025 (Q4)	1.72 / 1.76	1.714	2.53% (+0.04)
Oct 28, 2025	2025 (Q3)	1.97 / 1.95	1.783	9.22% (+0.16)
Jul 17, 2025	2025 (Q2)	2.03 / 2.09	1.705	22.84% (+0.39)
Apr 29, 2025	2025 (Q1)	1.83 / 1.97	1.558	26.67% (+0.42)
Jan 31, 2025	2024 (Q4)	1.56 / 1.71	1.324	29.41% (+0.39)
Oct 29, 2024	2024 (Q3)	1.68 / 1.78	1.506	18.39% (+0.28)
Jul 18, 2024	2024 (Q2)	1.60 / 1.71	1.501	13.61% (+0.20)
Apr 23, 2024	2024 (Q1)	1.45 / 1.56	1.403	11.04% (+0.15)

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

DE:NOTA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 28, 2026	€123.00	€119.00	-3.25%
Feb 04, 2026	€123.08	€126.51	+2.79%
Oct 28, 2025	€107.88	€102.97	-4.55%
Jul 17, 2025	€98.56	€101.99	+3.48%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.