EarningsQ2 2026 Earnings Report

Novartis (NVSN) Q2 2026 Earnings Report

0 Followers

Previous Report: Q1 2026

MX:NVSN Q2 2026 EPS Results

Actual EPS$44.09

Consensus EPS$39.74

Beat/MissBeat by +$4.35

One Year Ago EPS$44.27

MX:NVSN Q2 2026 Revenue Results

Actual Revenue$263.77B

Expected Revenue$257.34B

Beat/MissBeat by +$6.43B

YoY Revenue Growth+0.97%

Earnings Announcement Details

QuarterQ2 2026

Date07/21/2026

TimeBefore Open

Conference CallTuesday, July 21, 2026

MX:NVSN Upcoming Earnings

Novartis's next earnings date is estimated for October 27, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:NVSN Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 21, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented a largely positive commercial and pipeline picture: multiple priority brands delivered high double-digit growth, Q2 returned to net sales growth, important regulatory and biomarker milestones were achieved, and management reaffirmed full-year guidance while outlining a busy H2 of pivotal readouts. Offsetting risks include H1 generic erosion and margin pressure (partly acquisition-related), temporary phasing effects that favor Q2, and several high-impact clinical readouts and regional competitive pressures that remain uncertain. On balance, the upside from strong product momentum, cash generation and pipeline progress outweighs the near-term headwinds.

Company Guidance

Novartis reaffirmed its full‑year 2026 guidance, reiterating net sales growth of low single digits and a low‑single‑digit decline in core operating income, with core net financial results of ~ $1.7 billion and a core tax rate of ~16.5%; the company expects H2 net sales to grow mid‑single digits and H2 core operating income to grow mid‑ to high‑single digits (noting about $800 million of prior‑year U.S. Entresto sales in the Q3 base). In Q2 the group reported net sales of $14.4 billion (up 1% in constant currencies) and flat core operating income at $5.9 billion with a 41.2% core operating margin (‑70 bps); H1 net sales were down 2%, H1 core operating income down 7% and H1 core operating margin was 39.4% (‑230 bps). Free cash flow was $5.6 billion in Q2 and $8.9 billion for H1; capital returns in H1 included $9.1 billion of dividends and $2.1 billion of share repurchases (with $5.6 billion remaining in the buyback program to be completed by end‑2027). Management noted Q2 was aided by one‑time phasing that boosted net sales by ~1 percentage point and core operating income by ~5 percentage points, and that if FX stays at mid‑July levels it would add ~1 percentage point to full‑year net sales and ~1 percentage point to core operating income.

Return to Revenue Growth in Q2

Net sales grew 1% in constant currencies to $14.4 billion in Q2 2026, with core operating income flat at $5.9 billion. The company reaffirmed full-year 2026 guidance (net sales: low single-digit growth; core operating income: low single-digit decline).

Growth Drivers Strong (+36% CC)

Priority growth drivers (KISQALI, Cosentyx, Scemblix, PLUVICTO, LEQVIO, Kesimpta, Scemblix) rose 36% in constant currencies, providing momentum into H2 and supporting midterm growth goals.

KISQALI Robust Performance (+43% CC)

KISQALI sales up 43% CC in Q2 (U.S. +39%), surpassing $1 billion in U.S. sales for the first time. Early breast cancer NBRX and TRX leadership: 58% of new patients from exclusive N0/N1 populations; prescriber base up 16%. Approved in 76 countries and reimbursed in 42; reaffirmed $10 billion peak sales ambition.

LEQVIO Rapid Expansion (+59% CC)

LEQVIO grew 59% CC (U.S. +55%), monthly TRX up 49%, Medicare Part B share at 23.3% (up 3.6% YTD). NRDL inclusion materially increased ex-U.S. demand (market share doubled vs pre-NRDL). Two outcome studies on track for 2027 readouts.

PLUVICTO Acceleration (+43% CC) and HSPC Opportunity

PLUVICTO grew 43% CC driven by PSMA-positive pre-taxane mCRPC; U.S. pre-taxane now >70% of new patients. Provider network: >880 U.S. sites and >650 outside U.S. Expected HSPC approval in Q3 to expand eligible pool by ~75%.

Scemblix Outstanding Growth (+89% CC)

Scemblix delivered 89% CC growth (U.S. +93%) with momentum toward first-line NBRX leadership in H2; approved in 65 ex-U.S. countries and showing early-line adoption pickup.

Kesimpta and Cosentyx Performance

Kesimpta up 32% CC (U.S. +32%) with rising TRX/NBRX shares and a maintenance dosing phase III on track for 2027. Cosentyx up 10% CC (U.S. +16%) with positive REPLENISH-PMR phase III data and anticipated FDA approval in H2; reaffirmed $8 billion peak sales target.

Rhapsido (remibrutinib) Strong Launch

Rhapsido has >4,000 prescribers and >10,000 patients treated; 60% of treated patients are first-line. Two of three major PBMs now covering with PA to label; CIndU data supports expanded indications and FDA SD filing on track.

Pipeline and Regulatory Milestones

Multiple pipeline highlights: KISQALI six-year OS/IDFS follow-up strengthening clinical case; del-zota (DMD exon 44) FDA accelerated-approval submission filed; del-brax biomarker endpoints met in FSHD (CK and KHDC1L reductions). Busy H2 with several pivotal readouts expected (pelacarsen, remibrutinib, del-desiran, ianalumab, etc.).

Strong Cash Generation and Capital Returns

Q2 free cash flow $5.6 billion (H1 FCF $8.9 billion). In H1 the company returned $9.1 billion in dividends and repurchased $2.1 billion of shares under a $10 billion buyback program (remaining $5.6 billion).

MX:NVSN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 27, 2026	2026 (Q3)	41.40 / -	41.163	―
Jul 21, 2026	2026 (Q2)	39.74 / 44.09	44.273	-0.41% (-0.18)
Apr 28, 2026	2026 (Q1)	38.38 / 36.41	41.712	-12.72% (-5.31)
Feb 04, 2026	2025 (Q4)	36.28 / 37.14	36.223	2.53% (+0.91)
Oct 28, 2025	2025 (Q3)	41.58 / 41.16	37.687	9.22% (+3.48)
Jul 17, 2025	2025 (Q2)	43.01 / 44.27	36.04	22.84% (+8.23)
Apr 29, 2025	2025 (Q1)	38.67 / 41.71	32.93	26.67% (+8.78)
Jan 31, 2025	2024 (Q4)	33.02 / 36.22	27.991	29.41% (+8.23)
Oct 29, 2024	2024 (Q3)	35.45 / 37.69	31.833	18.39% (+5.85)
Jul 18, 2024	2024 (Q2)	33.84 / 36.04	31.723	13.61% (+4.32)

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