Novartis AG (NYSE: NVS) reported full‑year 2025 net sales of USD 54.5 billion, up 8% year‑on‑year (YOY) at constant currency, driven by strong performance of priority brands. Operating income rose 25% to USD 17.6 billion, achieving a core operating margin of 40.1%. Q4 sales declined 1% YOY to USD 13.3 billion due to US generic entry for Entresto and Promacta.
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Financial Performance Summary
| Metric | 2025 Full‑Year | YOY Growth (CER) | Key Drivers |
|---|---|---|---|
| Net Sales | USD 54.5 B | +8% | Priority brands offset generics |
| Operating Income | USD 17.6 B | +25% | Margin expansion to 40.1% |
| Q4 Net Sales | USD 13.3 B | -1% | Entresto/Promacta generic impact |
| 2026 Guidance | Low single‑digit growth | — | Navigate patent expiry year |
Product Sales Performance
| Product | 2025 Sales (USD B) | YOY Growth | Strategic Role |
|---|---|---|---|
| Kisqali (ribociclib) | 4.8 | +57% | Early breast cancer expansion |
| Kesimpta (ofatumumab) | 4.4 | +36% | Self‑administered MS leader |
| Pluvicto (lutetium‑177) | 2.0 | +42% | Prostate cancer growth |
| Scemblix (asciminib) | 1.3 | +85% | CML differentiation |
| Cosentyx (secukinumab) | 6.7 | +8% | Stable immunology base |
| Entresto (sacubitril/valsartan) | 7.7 | -2% | US generics from Q3’25 |
| Promacta/Revolade (eltrombopag) | 1.6 | -27% | US/ex‑US generic impact |
Regional Performance
| Region | 2025 Sales (USD B) | YOY Growth | Key Trends |
|---|---|---|---|
| United States | 23.3 | +10% | Priority brands strong |
| Europe | 16.7 | +8% (+4% cc) | Kesimpta, Entresto, Kisqali, Pluvicto growth |
| Emerging Growth Markets | 14.0 | +8% (+10% cc) | China sales USD 4.2 B (+8%) |
| China | 4.2 | +8% (USD & cc) | Key growth driver |
2026 Outlook & Pipeline Milestones
- Revenue Growth: Low single‑digit despite largest patent expiry in company history
- Core Operating Income: Expected to decline low single‑digit
- Acquisitions: Avidity acquisition expected to close H1 2026, strengthening RNA‑based therapeutics platform
- Pipeline Catalysts:
- Ianalumab: Global regulatory submissions planned early 2026 (Sjögren’s disease)
- Remibrutinib: Full study readout and additional submissions for chronic inducible urticaria (CIndU) expected 2026
- Pelabresib: US/EU filings for myelofibrosis planned 2026
- Pluvicto: Potential mHSPC indication decision anticipated 2026
Forward‑Looking Statements
This brief contains forward‑looking statements regarding revenue projections, pipeline development, and commercial prospects for Novartis. Actual results may differ due to competitive dynamics, regulatory changes, and market conditions.-Fineline Info & Tech
