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NVS

Novartis AG

NVS

Novartis AG • NYSE
$130.40 ▼ -0.03% (-0.04)
Market Cap $255.16 B
52w High $134.00
52w Low $96.06
Dividend Yield 3.99%
P/E 17.81
Volume 1.51M
Outstanding Shares 1.96B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $14.358B ▼ $6.318B ▼ $3.928B ▼ 27.358% ▲ $0.62 ▼ $5.841B ▼
Q2-2025 $14.836B ▲ $6.65B ▲ $4.041B ▲ 27.238% ▲ $2.07 ▲ $6.076B ▲
Q1-2025 $13.62B ▲ $5.73B ▼ $3.606B ▲ 26.476% ▲ $1.83 ▲ $5.831B ▲
Q4-2024 $13.558B ▲ $6.704B ▲ $2.818B ▼ 20.785% ▼ $1.42 ▼ $5.188B ▼
Q3-2024 $13.172B $6.311B $3.189B 24.21% $1.58 $5.614B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $9.753B ▲ $107.289B ▲ $62.537B ▲ $44.33B ▲
Q2-2025 $7B ▼ $104.395B ▲ $62.341B ▲ $41.985B ▲
Q1-2025 $7.196B ▼ $99.941B ▼ $61.489B ▲ $38.369B ▼
Q4-2024 $13.351B ▼ $102.246B ▼ $58.12B ▼ $44.046B ▲
Q3-2024 $14.02B $103.524B $60.083B $43.317B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.93B ▼ $6.571B ▼ $-860M ▲ $-2.789B ▲ $2.9B ▲ $5.74B ▼
Q2-2025 $4.024B ▲ $6.664B ▲ $-2.243B ▼ $-5.213B ▲ $-410M ▲ $6.106B ▲
Q1-2025 $3.606B ▲ $3.645B ▼ $330M ▲ $-8.548B ▼ $-4.393B ▼ $2.151B ▼
Q4-2024 $2.818B ▼ $4.193B ▼ $-3.033B ▼ $-2.996B ▼ $-2.15B ▼ $3.062B ▼
Q3-2024 $3.189B $6.286B $-374M $-382M $5.706B $5.487B

Revenue by Products

Product Q2-2020Q2-2021Q2-2022Q2-2023
Rest of portfolio
Rest of portfolio
 $2.08Bn ▲$2.33Bn ▲$2.20Bn ▼$2.45Bn ▲
Top 20 products
Top 20 products
 $7.10Bn ▲$8.23Bn ▲$8.26Bn ▲$8.79Bn ▲
Anti Infectives sold under Sandoz name
Anti Infectives sold under Sandoz name
 $130.00M ▲$160.00M ▲$180.00M ▲$0 ▼
Total antiinfectives net sales
Total antiinfectives net sales
 $0 ▲$260.00M ▲$280.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue dipped earlier in the period but has grown nicely over the last two years, reaching new highs as key drugs have scaled. Gross profitability has steadily improved, suggesting good pricing power and mix shift toward higher‑margin innovative medicines. Operating profit has recovered well after a softer patch, pointing to better cost control and portfolio focus. Net income and earnings per share have been more volatile than operating profit, likely reflecting one‑time gains, divestments, and other non‑core items rather than swings in the core business.

Balance Sheet

Balance Sheet The balance sheet has become leaner over the past five years, with total assets and equity trending down as the company has simplified its structure and likely returned capital to shareholders. Debt levels remain meaningful but not excessive given the company’s size and cash generation, suggesting a generally manageable leverage profile. Cash on hand has fluctuated but remains solid, providing flexibility for R&D, acquisitions, and shareholder returns. Overall, Novartis looks financially sturdy, though with a more streamlined and somewhat more leveraged balance sheet than earlier in the decade.

Cash Flow

Cash Flow Novartis generates strong and consistently improving cash flow from operations, which is a key strength for a large drug maker with heavy R&D needs. Free cash flow has grown steadily and comfortably exceeds capital spending, indicating that the business is not overly capital‑intensive and has room to fund dividends, buybacks, and deals. Capital expenditure has been relatively stable, pointing to disciplined investment rather than large, risky build‑outs. The cash‑flow profile underpins financial resilience and supports the company’s long‑term innovation strategy.

Competitive Edge

Competitive Edge Novartis holds a leading global position in innovative prescription medicines, supported by a wide geographic footprint and a portfolio of established blockbuster drugs. Its focus on a few high‑value therapeutic areas—such as cardiovascular disease, immunology, neuroscience, and oncology—allows it to build deep expertise and strong physician relationships. A large patent estate and strong brand recognition provide protection from generic competitors, though patent expiries and pricing pressure remain ongoing threats. Competition from other major pharma companies is intense, but Novartis’s scale, commercialization capabilities, and breadth of marketed products give it a durable, if constantly challenged, competitive edge.

Innovation and R&D

Innovation and R&D Innovation is the centerpiece of Novartis’s strategy, with sustained heavy investment in research and a shift toward advanced therapy platforms. The company is pushing into RNA‑based medicines, radioligand therapies, and cell and gene therapies, which could support long‑term growth if late‑stage programs succeed. Use of data science and digital tools across discovery, development, and patient support aims to speed up trials and improve outcomes. The pipeline contains multiple late‑stage assets across immunology, neurology, and cardiovascular disease, but as always in pharma, there is significant scientific, regulatory, and commercial uncertainty around how many will ultimately become major products.

Summary

Overall, Novartis combines improving underlying profitability and strong cash generation with a robust innovation engine focused on complex, high‑value therapies. The business has become more streamlined, with a solid but somewhat tighter balance sheet and a clearer focus on innovative medicines rather than diversified healthcare. Key strengths include its global scale, leading positions in several therapeutic areas, and deep pipeline in advanced modalities. Key risks center on drug pricing pressure, eventual patent losses on current blockbusters, execution on high‑risk R&D programs, and the need to continually replenish the pipeline through both internal research and external deals.

NEWS

November 25, 2025 · 1:15 AM UTC

Novartis data underscore pioneering scientific innovation in Hematology and Oncology at ASH and SABCS

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November 24, 2025 · 10:21 PM UTC

Muscular Dystrophy Association Calls FDA Approval of Novartis' Itvisma (onasemnogene abeparvovec-brve) a Major Step Forward for the Spinal Muscular Atrophy Community

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November 24, 2025 · 5:16 PM UTC

Novartis receives FDA approval for Itvisma®, the only gene replacement therapy for children two years and older, teens, and adults with spinal muscular atrophy (SMA)

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November 20, 2025 · 1:00 AM UTC

Novartis projects +5-6% cc sales CAGR 2025-2030, with long-term growth backed by 30+ potential high-value pipeline assets

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November 19, 2025 · 12:30 PM UTC

Novartis announces plans to build flagship manufacturing hub in North Carolina

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