Novartis (NOTA) Q3 2026 Earnings Report
DE:NOTA 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:NOTA Q3 2026 Revenue Results
- Actual Revenue
- EUR 12.98B
- Expected Revenue
- EUR 13.06B
- Beat/Miss
- Missed by -EUR 86.40M
- YoY Revenue Growth
- +4.03%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/27/2026
- Time
- Before Open
- Conference Call
- Tuesday, October 27, 2026
DE:NOTA Upcoming Earnings
Novartis's next earnings date is estimated for February 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:NOTA Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive, supported by 4% quarterly sales growth, 10% core operating income growth, 29% priority-brand growth, strong performance from key brands, positive remibrutinib data, multiple regulatory milestones and an upgrade to full-year core operating income guidance. However, reported earnings and nine-month results were weaker, while delgociptacine and pelacarsen had unsuccessful Phase 3 outcomes, Rhapsido autoimmune studies remain on hold, and generic and biosimilar pressures are expected to affect future performance. Highlights significantly outweighed the explicitly stated challenges.
Company Guidance
For full year 2026, Novartis expects core operating income to be in line to growing low single digit, net sales to grow at 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. 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, expects to reach 40% margin by 2029, raised Rhapsido peak sales guidance to over $4 billion and expects a $10 billion-plus medicine for remibrutinib, while maintaining $10 billion peak sales guidance for Kisqali, $4 billion plus for Leqvio, and $3 billion for Fabhalta; if exchange rates remain at late October levels, it expects a positive 1 percentage point impact on full year net sales and a positive 1 percentage point impact on full year core operating income.
- Q3 Sales, Core Operating Income and Margin ExpansionThird-quarter net sales grew 4% in constant currencies to $14.5 billion, core operating income grew 10% to $6 billion, and core operating margin increased by 2 percentage points year over year to 41.6%, mainly driven by gross margin improvements, growth drivers and continued SG&A productivity.
- Full-Year Core Operating Income Guidance RaisedNovartis raised its full-year 2026 core operating income guidance to in line to growing low single digit, compared with prior guidance for a low single digit decline. Full-year net sales guidance remains low single digit growth, with core net financial results expected to be an expense of $1.7 billion and the core tax rate around 16.5%.
- Priority Brands Delivered Strong GrowthPriority brands grew 29% in the quarter, with strong performance across Kisqali, Kesimpta, Scemblix and Leqvio, alongside solid performance from Cosentyx and strong launch momentum for Rhapsido.
- Kisqali Continued Rapid Growth and Market Share GainsKisqali grew 37% overall and 38% in the US, reaching $3 billion year to date. US NBRx share increased 3 points versus the prior quarter, 53% of patients were from the exclusive early-breast-cancer population, and first-line metastatic NBRx share reached 55%. Prescriber base increased 12% year over year and 44% in early breast cancer. Outside the US, growth was 35% in constant currencies; early breast cancer was approved in 84 countries and reimbursed in 43, with 80% share in Germany, 77% in the UK and 55% in China.
- Kisqali Received Support from Overall-Survival DataThe Natalie six-year data showed clinically meaningful overall survival with a hazard ratio of 0.809, which management said supports the use of CDK4/6 inhibitors such as Kisqali with endocrine therapy in node-zero and node-one patients.
- Kesimpta Continued Share and Earlier-Line GainsKesimpta grew 22%, with US growth of 22% and quarterly growth of 21% also stated. Total-treatment growth outpaced the market, increasing overall multiple-sclerosis share by 3 points to 16% and B-cell-class share by 4.5 points to 27%. Seventy-seven percent of US NBRxs and 80% of EU4 patients were in first-line or first-switch use.
- Pluvicto Grew and Expanded InternationallyPluvicto grew 20% in constant currencies, including 9% US growth and 68% growth outside the US. International momentum was described as strong across Europe, Canada and Japan, with early momentum in China. Japan became the fastest market to reach 1,000 patients, and the PSMA-positive hormone-sensitive prostate cancer indication was approved in China in August.
- Pluvicto Launch Foundations and Future ExpansionFor 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. The company expects 5 to 10 weeks of lead time for new patients and anticipates the fastest uptake in high-tumor-burden and de novo segments, with further acceleration expected next year.
- Leqvio Delivered Accelerating Global GrowthLeqvio grew 63% in the quarter, including 60% growth in the US and 65% outside the US. US growth outpaced the advanced lipid-lowering market, Medicare share reached 22%, and China continued to grow following inclusion in the NRDL. 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 MomentumScemblix grew 67%, driven by strong US momentum. US first-line share reached 33%, while the brand maintained 77% share in later-line treatment across key markets. 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 ExpansionCosentyx grew 9% in constant currencies, with growth in hidradenitis suppurativa and spondyloarthritis indications. 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 the fourth quarter, and hidradenitis suppurativa was added to the label in October.
- Rhapsido Launch Momentum and Peak-Sales UpgradeRhapsido had strong launch momentum and received approval for symptomatic dermographism, covering about two-thirds of chronic inducible urticaria patients. In US chronic spontaneous urticaria, more than 6,000 prescribers and more than 15,000 treated patients were reported, with approximately 26% NBRx share, up about 3 points versus the prior quarter, despite about 50% access to the label. The combined CSU and CIndU peak-sales guidance was increased to over $4 billion.
- Remibrutinib Delivered Positive Multiple-Sclerosis DataRemibrutinib achieved comprehensive disease control with a consistent safety profile, including a 30% reduction in six-month PIRA, no liver signals, no infection imbalances and nearly 50% fewer adverse-event discontinuations. The FDA submission remains on track for the fourth quarter with a priority review voucher.
- Remibrutinib Commercial OpportunityManagement estimated that approximately 30% of treatment-naive patients, 40% to 100% of oral-switch patients over time, about 45% of US patients controlled on anti-CD20 therapies, and up to 100% of some older injectable populations could be addressable. The company estimates around 38% addressability outside the US and expressed confidence in a $4 billion-plus medicine, with further upside from nonrelapsing SPMS.
- Productivity and SG&A SavingsSG&A was 7% lower in Q3 versus the prior year while company sales grew 4%. Management identified agency, travel, consulting and professional-services spend as areas benefiting from technology and AI, and said productivity remains a key pillar for reaching margins of 40%-plus by 2029.
- Cash Returns and Business Development ContinuedFree cash flow was $5.1 billion in the quarter and $14 billion for the first nine months. Novartis repurchased $2.8 billion of shares in the first nine months under its up-to-$10 billion program, with $4.9 billion still to be executed. The company completed the acquisition of Karren Bio, exercised its option to acquire Sironax's blood-brain-barrier delivery platform, and continued internal R&D investment.
- Pipeline and Regulatory CatalystsThe company cited positive pipeline milestones for remibrutinib and Rhapsido, Pluvicto label expansions, FDA approval for Repsido as stated on the call, FDA priority review for Delzota in DMD44, and a European filing for HST Blabrasib. FDA action for in a lumab is expected by year-end, and the company expects discussions before year-end on accelerated-approval filings for givinostat in FSHD and pelabresib based on MANIFEST 2.
- Abaloparatide and Longer-Term Pipeline ProgressThe abaloparatide interim result passed a very high bar, and the study will continue without changes. Novartis is planning a secondary-stroke-prevention study for next year and evaluating additional clinical trials. Management also highlighted abaloparatide, Actinium, Pluvicto, pelabresib and programs acquired from Vividity as assets to be discussed at Meet Novartis Management.
- Long-Term Growth and Capital Allocation Framework ReaffirmedNovartis reaffirmed its 5% to 6% constant-currency sales guidance for 2025 to 2030 and its mid-single-digit long-term growth outlook. Management said the company remains committed to dividends, investment in the core business, selective primarily bolt-on M&A, and share repurchases, with no change in the balance among these four capital-allocation priorities.
DE:NOTA Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 03, 2027 | 2026 (Q4) | 2.01- | 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) | 1.781.82 | 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.
Beat Missed