Sees FY26 core operating income down low single digits vs. last year. “On December 19, 2025, Novartis (NVS) reached an agreement with the US government that aims to lower the price of innovative medicines in the US and support continued US investment in manufacturing, and research and development. The implications of that agreement are reflected in our 2026 guidance and in our 5-6% five- year sales CAGR guidance for 2025-2030. We will continue to monitor the longer-term implications as the agreement is implemented.”
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