The earnings call reflected a generally positive outlook for Novartis, with strong sales and income growth driven by key products like Kisqali, Kesimpta, and Pluvicto. The initiation of a new share buyback program further underscores confidence in future performance. However, challenges such as the slowing growth of Cosentyx and market slowdown in China present hurdles that the company will need to address.

Company Guidance -

Q3 2025

During the Novartis Q2 2025 earnings call, the company highlighted its strong financial performance and upgraded its full-year bottom line guidance. Key metrics included an 11% increase in sales and a 21% rise in core operating income, both in constant currency. Notable growth drivers were priority brands, which grew by 30%, excluding Entresto, which itself achieved a 33% growth. Kisqali saw a remarkable 64% growth, achieving leadership in metastatic breast cancer in the U.S. and reaching a 61% NBRx share in early breast cancer. Kesimpta expanded its market share with a 33% growth, driven by the U.S. market. Pluvicto's sales increased by 30%, supported by a significant uptick in patient starts. The company also reported 61% growth for Leqvio, attributing success to strong performance in key markets, including China. Scemblix achieved a 79% growth, and Cosentyx experienced moderated growth at 6%, with the expectation of mid-single-digit growth for the full year. The company's core margin improved by 340 basis points to 42.2%, and core EPS was up 24% to $2.42, with free cash flow increasing by 37% to $6.3 billion. Novartis announced a new $10 billion share buyback program, reflecting its confidence in long-term growth and commitment to balanced capital allocation.

Strong Double-Digit Sales Growth

Novartis reported an 11% increase in sales in constant currency for Q2 2025, reflecting robust performance across its portfolio.

Core Operating Income Surge

Core operating income rose by 21% in constant currency, demonstrating strong financial performance and efficiency improvements.

Kisqali's Impressive Growth

Kisqali grew 64% globally and achieved leadership in metastatic breast cancer in the U.S., with a 100% increase in Q2.

Kesimpta's Expanding Market Share

Kesimpta grew 33%, leading in NBRx share in 8 out of 10 major markets outside the U.S.

Pluvicto's Robust Growth

Pluvicto sales increased by 30%, with strong uptake in the community setting and a 40% growth in new patient starts.

Leqvio's Strong Performance

Leqvio grew 61% in the quarter, driven by a 74% growth outside the U.S., particularly in China.

Scemblix's Launch Success

Scemblix experienced a 79% growth and achieved NBRx leadership across all lines of therapy in CML.

Initiation of New Share Buyback Program

Novartis announced a new $10 billion share buyback program, highlighting strong cash flow and shareholder returns.

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.