By Fineline Cube 
Swiss pharmaceutical giant Novartis (NYSE: NVS) released its Q1 2025 financial report, showing net sales growing by 15% year-on-year (YOY) in constant currency terms to USD 13.2 billion. Generic competition had a negative impact of 2 percentage points, while pricing had a positive impact of 2 percentage points, benefiting from revenue deduction adjustments mainly in the US. Core operating income was USD 5.6 billion (+27%), driven by higher net sales and offset by increased investments in priority brands and R&D.
Key Brands Performance
During the period, key brands Kisqali (ribociclib), Kesimpta (ofatumumab), and Leqvio (inclisiran) showed strong growth momentum, expected to drive growth through 2030 and beyond. Major innovation milestones were achieved, with new approvals for Pluvicto (lutetium Lu177 vipivotide tetraxetan) in the pre-taxane setting, Vanrafia (atrasentan) for IgA nephropathy, and Fabhalta (iptacopan) for C3G.
Forecast and Guidance
Novartis assumes US generic entry for Tasigna (nilotinib), Promacta (eltrombopag olamine), and Entresto (sacubitril, valsartan) in mid-2025 for forecasting purposes. The company raised its full-year 2025 guidance, with sales expected to grow in the high single digits and core operating income expected to grow in the low double digits.
Q1 2025 Net Sales of Novartis’ Top 20 Brands
| Trade Name | Q1 Sales (USD Mil.) | Growth |
|---|---|---|
| Entresto | 2,261 | +22% |
| Cosentyx | 1,534 | +18% |
| Kisqali | 956 | +56% |
| Kesimpta | 899 | +43% |
| Tafinlar + Mekinist | 552 | +19% |
| Promacta/Revolade | 546 | +8% |
| Jakavi | 492 | +7% |
| Xolair | 456 | +19% |
| Ilaris | 419 | +20% |
| Tasigna | 377 | -2% |
| Pluvicto | 371 | +21% |
| Zolgensma | 327 | +13% |
| Sandostatin Group | 317 | -9% |
| Leqvio | 257 | +72% |
| Scemblix | 238 | +76% |
| Lutathera | 193 | +15% |
| Lucentis | 189 | -38% |
| Exforge Group | 179 | -1% |
| Diovan Group | 150 | +12% |
| Galvus Group | 124 | -11% |