Novartis AG
Built from real-time financials, refreshed daily. For a full Analyst Grade with bull/bear case, price targets, and qualitative risk analysis, generate a NVS research report →
Range $136 – $136
Price Chart
About the company
Novartis AG is a holding company, which engages in the business of developing, manufacturing, and marketing healthcare products. Its product portfolio is heavily focused on innovative prescription medicines, especially oncology, immunology, neuroscience, and cardiovascular diseases, supplemented by established older brands and a wide range of specialized therapies. The company was founded on February 29, 1996 and is headquartered in Basel, Switzerland.
- CEO
- Vasant Narasimhan
- IPO
- 1996
- Employees
- 75,267
- HQ
- Basel, BS, CH
AI snapshot
Six angles, distilled from the data.
The stock is in a multi-month consolidation below its 200-day average, with the longer trend still repairing after a pullback from the 52-week high. That leaves the setup range-bound rather than momentum-led, with the 52-week low still well below current levels.
Street sentiment is cautious-to-neutral, with a Hold consensus and an average target of 136 versus a 141.01 share price. Recent actions have tilted mixed: HSBC upgraded to Hold after negative catalysts played out, while Deutsche Bank cut its view to Hold and RBC started at Sector Perform.
The next print follows a solid beat pattern, with 5 of the last 7 quarters topping EPS estimates. Analysts still expect growth ahead, with next-year EPS around 9.84 versus 6.57 TTM, so shareholders should watch whether margin strength and pipeline execution keep that trajectory intact.
No notable insider activity. With no recent transactions reported, there is no clear discretionary buy or sell signal to read into.
Profitability is strong, led by a 75.0% gross margin, 34.62% operating margin, and 22.5% net margin. Revenue growth is modest at 0.8% year over year, but free cash flow remains robust at $20.8 billion with a 7.51% yield.
Novartis screens as a high-quality large-cap pharma name with a 0.49 beta and premium profitability versus typical defensive peers. Valuation is not stretched for the group, at 16.41 times earnings, while the market still assigns a Hold consensus.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $267.87B
- P/E
- 21.57
- Fwd P/E
- 15.99
- PEG
- -4.80
- P/S
- 4.93
- P/B
- 6.50
- EV/EBITDA
- 14.14
- Div Yield
- 3.13%
- Gross Margin
- 74.29%
- Op Margin
- 29.86%
- Net Margin
- 23.09%
- ROE
- 29.64%
- ROIC
- 13.38%
Latest fiscal year · YoY change
- Revenue
- $54.81B+6.0%
- Gross Profit
- $41.12B+5.7%
- Op Income
- $17.07B
- Net Income
- $14.06B+17.7%
- EPS
- $7.25+22.5%
- OCF Growth
- +9.2%
- FCF Growth
- +28.1%
- 52W High
- $170.46
- 52W Low
- $121.57
- 50D MA
- $150.52
- 200D MA
- $150.73
- Beta
- 0.42
- RSI (14)
- 40
- Avg Volume
- 1.97M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Novartis returned to Q2 sales growth, reaffirmed full-year guidance, and emphasized strong momentum across its priority growth drivers and pipeline readouts.· July 21, 2026
- Q2 net sales rose 1% to $14.4 billion; core operating income was flat at $5.9 billion and core operating margin was 41.2%.
- Growth drivers grew 36% in constant currencies, led by KISQALI, Kesimpta, PLUVICTO, LEQVIO, Scemblix, and Cosentyx.
- Management reaffirmed full-year 2026 guidance: low-single-digit sales growth and low-single-digit core operating income decline.
- Several pipeline updates were highlighted, including updated KISQALI OS data, del-brax biomarker data in FSHD, and progress on ianalumab, remibrutinib, pelacarsen, and abelacimab.
- CFO said Q2 benefited from about a 1 percentage point top-line phasing benefit and about 5 percentage points to core operating income, both expected to reverse in H2.
In Q2 2026, net sales grew 1% to $14.4 billion and core operating income was flat at $5.9 billion. Core operating margin was 41.2%, down 70 basis points versus the prior year, mainly due to incremental Avidity cost and a lower gross margin partly offset by productivity gains. Free cash flow was $5.6 billion in Q2, and H1 free cash flow was $8.9 billion. For the first half, net sales declined 2%, core operating income declined 7%, and core operating margin declined 2.3 percentage points to 39.4%. Full-year 2026 guidance was reaffirmed for net sales growth of low single digits, core operating income decline of low single digits, core net financial results of around $1.7 billion, and core tax rate of around 16.5%. Management also said that if exchange rates stay at mid-July levels, full-year net sales and core operating income would each get a positive 1 percentage point FX impact. For H2, Novartis expects net sales to grow mid-single digits and H2 core operating income to grow mid to high single digits.
Vas Narasimhan said Novartis delivered strong performance across priority brands and launches, which helped the company return to growth in Q2. He emphasized that the growth drivers are performing strongly and that this gives the business momentum into the second half, after the Entresto patent expiry. He also framed the pipeline as an important source of future upside, pointing to planned readouts and regulatory milestones that could support a better mid- to long-term growth outlook.
Mukul Mehta walked through the financials, saying Q2 net sales grew 1% to $14.4 billion and core operating income was flat at $5.9 billion. He highlighted a 41.2% core operating margin, down 70 basis points year over year, with the decline mainly due to incremental Avidity cost; he also noted Q2 free cash flow of $5.6 billion and H1 free cash flow of $8.9 billion. On capital allocation, he said Novartis paid $9.1 billion in dividends in H1, repurchased $2.1 billion of shares, and still has $5.6 billion remaining under the current up-to-$10 billion buyback program, which it targets to complete by end-2027. He also said the Q2 beat included about a 1 percentage point top-line benefit from inventory-related phasing and about a 5 percentage point benefit to core operating income from combined top-line and R&D phasing, which will reverse in H2.
Analysts focused on the timing and regulatory path for several pipeline assets, especially votoplam in Huntington’s, pelacarsen, remibrutinib in MS, and del-brax in FSHD. Vas Narasimhan said the base case for Huntington’s remains a phase III study as designed, with no specific FDA timing, though the company expects more clarity in the second half. On pelacarsen, he said the trial is powered around 20% in certain subgroups, but that a mid-teens benefit would still be clinically meaningful; on remibrutinib in MS, he said Novartis cannot yet comment on disability progression and is watching the blinded data. On del-brax, he said the biomarker results support target engagement, but regulatory discussions are still needed before deciding whether a filing based on that data is possible.
The positive case from the call is that Novartis said its growth drivers are accelerating, with several major brands posting strong double-digit growth and KISQALI, Scemblix, PLUVICTO, and LEQVIO all showing strong momentum. Management sounded confident that H2 will improve as Entresto pressure rolls off, while multiple late-stage or regulatory catalysts could add new growth over the next 12-24 months. The company also reiterated confidence in its capital returns and remained upbeat about its mid-term growth outlook.
The main risks discussed were ongoing generic erosion, especially from Entresto, and the fact that H2 comparisons will be uneven because Q3 still has about $800 million of U.S. Entresto in the prior-year base. Management also flagged lower gross margin from portfolio mix and incremental Avidity-related costs, plus continued investment needs in R&D and SG&A. On the pipeline side, several high-value assets still depend on readouts or FDA discussions, and for some programs, including Huntington’s and FSHD, management made clear that filing or approval is not assured.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 96.3%
- Shares Outstanding
- 1.90B
- Float Shares
- 1.83B
of shares held by institutions
1,640 13F filers
Congressional trading
Senate and House stock disclosures for NVS, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Kevin HernHouse · OK01 | Sell | Aug 27, 26 | Filing → |
| Alan ArmstrongSenate | Buy | Mar 31, 26 | Filing → |
| Alan ArmstrongSenate | Buy | Mar 30, 26 | Filing → |
| Lisa C. McClainHouse · MI09 | Sell | Oct 31, 25 | Filing → |
| Lisa C. McClainHouse · MI09 | Buy | Oct 30, 25 | Filing → |
| Lisa C. McClainHouse · MI09 | Sell | Oct 30, 25 | Filing → |
| Lisa C. McClainHouse · MI09 | Sell | Sep 25, 25 | Filing → |
| Lisa C. McClainHouse · MI09 | Buy | Sep 11, 25 | Filing → |
| Lisa C. McClainHouse · MI09 | Sell | Jun 10, 25 | Filing → |
| Lisa C. McClainHouse · MI09 | Buy | Jun 9, 25 | Filing → |
| Lisa C. McClainHouse · MI09 | Buy | Jun 11, 25 | Filing → |
| Lisa C. McClainHouse · MI09 | Buy | Jun 17, 25 | Filing → |
| Lisa C. McClainHouse · MI09 | Sell | Jul 22, 25 | Filing → |
| George WhitesidesHouse · CA27 | Sell | Mar 24, 25 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Fisher Asset Management, LLC | 15.52M | ▲ 1.64M |
| Morgan Stanley | 8.73M | ▲ 199.79K |
| Dimensional Fund Advisors LP | 8.12M | ▲ 7.47K |
| Primecap Management Co | 6.59M | ▼ 975.23K |
| Loomis Sayles & Co L P | 5.24M | ▼ 186.79K |
| Bank Of America Corp | 4.91M | ▼ 52.86K |
| Franklin Resources Inc | 3.25M | ▼ 158.66K |
| Blackrock, Inc. | 3.05M | ▲ 98.23K |
| Goldman Sachs Group Inc | 2.98M | ▼ 3.55M |
| Northern Trust Corp | 2.79M | ▲ 6.52K |
| Natixis Advisors, L.P. | 2.39M | ▲ 150.37K |
| Envestnet Asset Management Inc | 2.33M | ▲ 19.59K |
Held by 115 ETFs
Biggest fund positions in NVS by dollar value.
Our NVS coverage
Recent articles, reports, and earnings notes.

Novartis (NVS): Growth Drivers Offset Entresto Erosion
Novartis is navigating Entresto generic pressure with strong growth from Kisqali, Pluvicto, Leqvio, and Kesimpta. The stock looks durable, but valuation and near-term earnings pressure keep the stance at Hold.

Gene Therapy Stocks That Turn Science Into Sales: 7 Picks
A countdown of seven gene therapy stocks spans commercial treatments, gene-editing platforms, rare-disease specialists, and diversified pharmaceutical exposure.

Novartis AG (NVS) falls 12.7% after Phase III setbacks
Novartis AG (NVS) falls sharply after two late-stage trial failures hit investor confidence. The selloff reflects lost pipeline value, especially for pelacarsen, even as the company’s core business remains profitable and growing.
Want a deeper read on NVS?
Generate a full analyst-grade report — bull/bear case, price targets, valuation depth, and a complete financial breakdown.
Novartis Strengthens RNA Therapeutics Pipeline With $7.8B Abogen Deal
zacks.com · Oct 5
Big Pharma turns to China for new drugs as patent cliff drives multibillion-dollar deals
cnbc.com · Oct 2
Novartis to License Drug From China's Abogen in Up to $7.8 Billion Deal
wsj.com · Oct 2
Novartis signs mRNA deal for about $7.8 billion with China's Abogen
reuters.com · Oct 2
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Novartis AG - NVS
prnewswire.com · Oct 1
Novartis AG (NVS) Shares Fall 0.8% -- What GF Score of 78 Tells Investors
gurufocus.com · Sep 29
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Novartis AG - NVS
globenewswire.com · Sep 29
Novartis (NYSE:NVS) Stock Sold by Rep. Kevin Hern
defenseworld.net · Sep 29
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed October 1, 2026 · Live quote · Not investment advice