The earnings call highlighted a strong quarter with robust sales and operating income growth, driven by key products like Kisqali, Kesimpta, and Leqvio. New buyback programs and continued pipeline advancements also contributed positively. However, challenges such as Cosentyx's moderated growth, a slowdown in China, and potential generic threats in the U.S. were notable concerns.

Company Guidance -

Q3 2025

During the Novartis Q2 2025 earnings call, the company reported double-digit sales growth of 11% in constant currency, alongside a core operating income increase of 21%. The core margin expanded to 42.2%, contributing to an upgrade in full-year 2025 bottom-line guidance. Key products, such as Kisqali and Kesimpta, showcased substantial growth, with Kisqali's sales rising 64% and Kesimpta's by 33%. Pluvicto also saw a 30% increase, driven by new patient starts following the approval of a pre-taxane indication. The company highlighted the launch successes of several priority brands, which collectively grew 30% in constant currencies, excluding Entresto. Novartis also noted that its free cash flow increased by 46% in the first half of 2025, supporting a new $10 billion share buyback program targeted for completion by the end of 2027. The guidance for core operating income was raised to low teens, up from the previous low double-digit outlook, with core EPS up 24% to $2.42.

Strong Sales and Operating Income Growth

Sales were up 11% in constant currency, and core operating income increased by 21% in constant currency for Q2 2025.

Kisqali's Robust Performance

Kisqali grew 64% in the quarter, achieving TRx leadership in metastatic breast cancer, with a 100% increase in the U.S. in Q2.

New Buyback Program

Initiation of a new up to $10 billion share buyback program targeted for completion by the end of 2027.

Kesimpta's Growth Trajectory

Kesimpta grew 33% in the quarter, with strong demand growth for a self-administered B-cell therapy for MS.

Leqvio's Strong Growth

Leqvio grew 61% in the quarter, driven by outpacing the lipid-lowering market in the U.S. and strong growth in China.

Scemblix's Expansion

Scemblix saw 79% constant currency growth and is on track to exceed $1 billion in sales, with growing momentum in early lines.

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
Oct 28, 2025	2025 (Q3)	2.25 / -	2.06	―	―	―
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)
Jul 18, 2023	2023 (Q2)	1.64 / 1.73	1.479	17.24% (+0.25)

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
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%
Oct 29, 2024	$112.23	$107.28	-4.41%

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.