Novartis AG
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Earnings Call Q4 2025
February 4, 2026 - AI Summary
Financial Performance and Growth: Novartis achieved high single-digit growth in 2025 with sales increasing by 8%, and core operating income (Core OpInc) rising by 14%, reaching a core margin of 40.1%, which was achieved two years earlier than planned. For Q4 specifically, however, sales declined by 1% partly due to U.S. generic entries impacting major products like Entresto, while Core OpInc increased by 1%.
Pipeline Highlights and Growth Drivers: Novartis showcased strong performance from key brands with Kisqali up 57% to $4.8 billion, Kesimpta up 36% to $4.4 billion, and Pluvicto achieving dynamic performance with a 42% growth, now at $2 billion globally. Continued investments in pipeline drugs like remibrutinib for MS and pelabresib for myelofibrosis are expected to bolster future growth.
Challenges from Generics: The entry of generics for major products in the U.S., particularly Entresto, Promacta, and Tasigna, presents a significant challenge. This trend is expected to impact sales negatively in the first half of 2026, leading to a projected low single-digit decline in sales and low double-digit decline in Core OpInc.
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$151.64
5.7% downside
Current Fair Value
5.7% downsideOvervalued by 5.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $303.67 Billion |
|---|---|
| Enterprise Value | $344.98 Billion |
| Annual dividend | $4.74 |
| Dividend yield | 2.77% |
| Earnings per Share | $7.56 |
| Beta | 0.49 |
| Outstanding Shares | 1,896,000,000 |
Return
| Return on Equity | 23.92% |
|---|---|
| Return on Assets | 8.14% |
| Return on Invested Capital | 16.08% |
Valuation & Multiples
| P/E Ratio | 31.19 |
|---|---|
| PEG | -44.94 |
| Price to Sales | 5.54 |
| Price to Book Ratio | 7.31 |
| Enterprise Value to Revenue | 6.22 |
| Enterprise Value to EBIT | 23.82 |
| Enterprise Value to Net Income | 34 |
| Total Debt to Enterprise | 0.14 |
| Debt to Equity | 1.18 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 27, 2026
EPS Estimate
$2.27
Consensus analyst estimateRevenue Estimate
$14.54 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 3, 2027
EPS Estimate
$2.24
Consensus analyst estimateRevenue Estimate
$14.72 B
Consensus analyst estimateInstitutional Sentiment (Put/Call)
No data available for the latest quarter.
Institutional Ownership
No data available for the latest quarter.
About Novartis AG
75,267 employees
CEO: Vasant Narasimhan
Novartis AG is a holding company, which engages in the development, manufacture, and marketing of healthcare products. It operates through the following segments: Innovative Medicines, Sandoz, and Corporate. The Innovative Medicines segm...