Novartis Q2: Sales Return to Growth, Pipeline Advances, and Guidance Reaffirmed
NVS sits 39% above its 52-week low of $112.34.
Summary
Novartis posted Q2 2026 sales of $14.4 billion, up 1% in constant currencies, with core operating income flat. Full-year guidance was reaffirmed. The pipeline advanced with key data readouts and regulatory submissions, and the company announced the acquisition of Myricx Bio.
Key Events · Earnings and Guidance · NVS
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Q2 Sales Return to Growth
Net sales of $14.4 billion grew 1% in constant currencies, fueled by Kisqali (+43% cc), Kesimpta (+32% cc), Scemblix (+89% cc), and Pluvicto (+43% cc), which together offset generic competition to Entresto and Promacta.
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Core Operating Income Flat
Core operating income came in at $5.9 billion, flat year-over-year, while the margin contracted 70 basis points to 41.2%. Net income fell 19% to $3.3 billion, pressured by higher taxes and interest expense.
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Full-Year Guidance Reaffirmed
For 2026, Novartis expects net sales to grow low single-digit and core operating income to decline low single-digit, consistent with its prior outlook.
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Pipeline Progress
A 6-year follow-up for Kisqali showed clinically meaningful overall survival in early breast cancer; a BLA for del-zota was submitted for accelerated approval in DMD; and del-brax met Phase I/II biomarker endpoints in FSHD.
Analysis · NVS · Life Sciences
A return to sales growth in Q2 underscores the strength of key growth drivers—Kisqali, Kesimpta, Scemblix, and Pluvicto—which more than offset generic erosion. Core operating income held steady, and full-year guidance was reaffirmed, providing a clear line of sight. The pipeline delivered meaningful progress, including updated overall survival data for Kisqali in early breast cancer and an FDA submission for del-zota in DMD. Separately, the acquisition of Myricx Bio bolsters the oncology pipeline. While net income fell 19% on higher taxes and interest expense, the underlying business is stabilizing, and the reaffirmed outlook offers visibility.
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At the time of this filing, NVS was trading at $156.61 on NYSE in the Life Sciences sector, with a market capitalization of approximately $282.1B. The 52-week trading range was $112.34 to $170.46. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.