The earnings call presented a strong growth performance across key brands and successful pipeline advancements, despite challenges from generic erosion and market dynamics.

Company Guidance

In the Novartis Q3 2025 earnings call, the company reported a solid sales growth of 7% and a core operating income increase of 7%, maintaining a core margin at 39.3%. Significant pipeline milestones were achieved, including FDA approval for Rhapsido and positive Phase III results for several drugs like Ianalumab and Pluvicto. The priority brands, including Kisqali and Kesimpta, drove robust growth with a 35% increase, showcasing strong performances across various markets. Novartis reaffirmed its full-year guidance, expecting high single-digit growth in net sales and low-teens growth in core operating income despite generic headwinds. The company continues to focus on innovation and expansion, highlighted by their proposed acquisition of Avidity, aiming to bolster long-term growth prospects.

Solid Sales and Core Operating Income Growth

Novartis delivered a 7% increase in sales and core operating income, maintaining a core margin of 39.3%.

Strong Performance of Key Brands

Kisqali grew 68%, Kesimpta 44%, Pluvicto 45%, and Scemblix 95%, with robust growth across multiple markets.

FDA Approvals and Positive Pipeline Results

Important approvals include Rhapsido for CSU, with positive Phase III results for Ianalumab and Pluvicto, among others.

Free Cash Flow and Capital Allocation

Free cash flow reached $16 billion for the first nine months, enabling significant reinvestment and shareholder returns.

2025 Guidance Reaffirmed

The company expects high single-digit sales growth and low teens growth in core operating income for the full year.

Novartis (NVS) Earnings, Revenues Date & History

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NVS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 04, 2026	2025 (Q4)	1.97 / -	1.98	―	―	―
Oct 28, 2025	2025 (Q3)	2.27 / 2.25	2.06	9.22% (+0.19)
Jul 17, 2025	2025 (Q2)	2.35 / 2.42	1.97	22.84% (+0.45)
Apr 29, 2025	2025 (Q1)	2.11 / 2.28	1.8	26.67% (+0.48)
Jan 31, 2025	2024 (Q4)	1.80 / 1.98	1.53	29.41% (+0.45)
Oct 29, 2024	2024 (Q3)	1.94 / 2.06	1.74	18.39% (+0.32)
Jul 18, 2024	2024 (Q2)	1.85 / 1.97	1.734	13.61% (+0.24)
Apr 23, 2024	2024 (Q1)	1.68 / 1.80	1.621	11.04% (+0.18)
Jan 31, 2024	2023 (Q4)	1.65 / 1.53	1.441	6.18% (+0.09)
Oct 24, 2023	2023 (Q3)	1.67 / 1.74	1.498	16.15% (+0.24)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

NVS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 28, 2025	$129.14	$123.43	-4.42%
Jul 17, 2025	$118.37	$114.52	-3.25%
Apr 29, 2025	$112.63	$113.45	+0.73%
Jan 31, 2025	$101.67	$101.64	-0.03%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.