Novartis AG (NVS) Q2 FY2026 6-K Filings and Company Events

Filings that contain financial statements

• Form 6-K filed July 21, 2026, accession 0001114448-26-000012: second quarter and first half 2026 (periods ended June 30, 2026). Exhibit 99.1 is the Q2 2026 financial report (key figures, results discussion, net debt); Exhibit 99.2 is the condensed interim financial report with the income statement, balance sheet, cash flow statement, statement of changes in equity and notes, including quarterly and half-year comparatives for 2025. This is the primary source for the current period.
• Form 6-K filed April 28, 2026, accession 0001114448-26-000010: first quarter 2026 (period ended March 31, 2026); Exhibit 99.1 financial report and Exhibit 99.2 condensed interim financial statements.
• Form 6-K filed February 4, 2026, accession 0001114448-26-000007: fourth quarter and full year 2025 (year ended December 31, 2025); Exhibit 99.1 financial report and Exhibit 99.2 condensed financial report with statements.
• Form 6-K filed February 4, 2026, accession 0001114448-26-000008: furnishes the Annual Report 2025 (Exhibit 99.1) and the Report on Nonfinancial Matters 2025 (Exhibit 99.2).
• Form 6-K filed October 28, 2025, accession 0001114448-25-000003: third quarter and nine months 2025 (period ended September 30, 2025); Exhibit 99.1 financial report and Exhibit 99.2 condensed financial report with statements.

Second quarter 2026 results (Form 6-K, July 21, 2026, accession 0001114448-26-000012)

• Q2 net sales were $14,408 million, up 3% in US dollars and 1% in constant currencies (Q2 2025: $14,054 million). Operating income was $4,750 million (down 2%), net income $3,257 million (down 19%) and EPS $1.71 (down 17%). Core operating income was $5,940 million (flat) at a 41.2% margin, against 42.2% a year earlier; core EPS was $2.41.
• Free cash flow in Q2 was $5,561 million, down 12%. Net cash from operating activities was $5,882 million.
• First half: net sales $27,521 million (up 1%, down 2% in constant currencies), operating income $8,985 million, net income $6,413 million, core operating income $10,837 million (margin 39.4%), free cash flow $8,891 million.
• Growth came from Kisqali ($1,695 million, up 43% in constant currencies), Kesimpta ($1,424 million, up 32%), Scemblix ($562 million, up 89%), Pluvicto ($651 million, up 43%) and Leqvio ($480 million, up 59%). Entresto fell 51% in constant currencies to $1,181 million. The company cited volume growth of 18 percentage points offset by 14 points from generic competition and 3 points of price erosion.
• Guidance reaffirmed: full-year 2026 net sales expected to grow low single digit and core operating income to decline low single digit, in constant currencies. If mid-July exchange rates hold, currency is expected to add 1 percentage point to both.
• Net debt rose to $39.4 billion at June 30, 2026 from $21.9 billion at December 31, 2025, as free cash flow of $8.9 billion was more than offset by $15.3 billion of net acquisition and intangible asset outflows, the $9.1 billion dividend and $3.1 billion of treasury share transactions. Ratings: Aa3 (Moody's) and AA- (S&P).
• Buyback: in the first half the company repurchased 18.2 million shares for $2.8 billion, including 13.8 million shares ($2.1 billion) under the up-to $10 billion program announced in July 2025, with up to $5.6 billion still to be executed.
• Intangible asset impairment charges were $199 million in Q2 2026 (Q2 2025: $92 million).

M&A

• Avidity Biosciences - closed. Merger agreement signed October 25, 2025 and announced in a Form 6-K dated October 27, 2025 (accession 0001171843-25-006660): $72.00 per share in cash, about $12 billion in total, with Avidity separating its early-stage cardiology programs into a new company before closing. The condensed interim report states the acquisition was completed on February 27, 2026, with Avidity delisted from NASDAQ. Preliminary allocation: identifiable intangibles including IPR&D of $11.3 billion (about $7.5 billion attributable to the DM1 asset), net deferred tax liabilities of $1.9 billion, and goodwill of approximately $1.4 billion (accession 0001114448-26-000012). The Q1 2026 release (accession 0001114448-26-000010) records the completion.
• Financing of Avidity. A $11.0 billion bridge loan entered into in February 2026 was fully repaid on March 18, 2026 from bond proceeds (see capital actions).
• Tourmaline Bio - closed. Tender offer at $48.00 per share in cash expired October 27, 2025; Novartis paid $1.4 billion on October 28, 2025, when a Novartis subsidiary merged into Tourmaline, making it an indirect wholly owned subsidiary; its shares were delisted from NASDAQ. Accounted for as an asset acquisition, with $1.2 billion allocated to an IPR&D asset (pacibekitug, atherosclerotic cardiovascular disease) (accession 0001114448-26-000012, Note 3).
• Pikavation Therapeutics (SNV4818) - closed. Stock purchase agreement March 18, 2026; closed May 28, 2026. Cash consideration $1.8 billion plus up to $1.2 billion in milestones, all allocated to an IPR&D asset (accession 0001114448-26-000012).
• Excellergy (Exl-111) - closed. Agreement March 26, 2026; closed June 24, 2026, earlier than the H2 2026 closing the Q1 release anticipated. Cash consideration $0.9 billion plus up to $1.1 billion in milestones (accessions 0001114448-26-000012; 0001114448-26-000010).
• Myricx Bio - signed, not closed. Stock purchase agreement dated July 5, 2026 for a UK antibody-drug conjugate developer: $1.1 billion payable at closing plus up to $0.4 billion contingent on milestones; closing expected in the second half of 2026 subject to customary conditions (accession 0001114448-26-000012, described as a pending commitment in the subsequent-events note).

Capital actions

• Bond issuance, March 2026. Novartis Capital Corporation issued $11.0 billion of notes under a terms agreement dated March 16, 2026: $500 million floating rate due 2029, $1,250 million 4.100% due 2029, $1,750 million 4.400% due 2031, $2,000 million 4.600% due 2033, $2,250 million 4.900% due 2036, $1,000 million 5.600% due 2046 and $2,250 million 5.700% due 2056 (Form 6-K, accession 0001104659-26-031037). The condensed report also lists euro bonds issued by Novartis Finance S.A. in the first half (EUR 600 million due 2032, EUR 600 million due 2035, EUR 500 million due 2041), bringing first-half bond issuance to $12,849 million; total bonds were $40,542 million at June 30, 2026 (accession 0001114448-26-000012).
• Bond issuance, November 2025. $6.0 billion of notes under a terms agreement dated November 3, 2025: $800 million floating rate due 2028, $700 million 3.900% due 2028, $1,750 million 4.100% due 2030, $925 million 4.300% due 2032, $925 million 4.600% due 2035, $350 million 5.200% due 2045 and $550 million 5.300% due 2055 (Form 6-K, accession 0001104659-25-107058).
• Dividend. The board proposed a dividend of CHF 3.70 per share for 2025, up 5.7% from CHF 3.50 and the 29th consecutive increase, for a vote at the March 6, 2026 annual general meeting; the Q1 2026 release reports the $9.1 billion gross dividend paid in March (Form 6-K, February 4, 2026, accession 0001114448-26-000007; accession 0001114448-26-000010). The same release proposed cancelling 77,602,358 repurchased shares.
• Buyback. Up-to $10 billion program announced July 2025; in 2025 the company repurchased 77.6 million shares for $8.9 billion in total (accession 0001114448-26-000007).

Guidance and outlook

• February 4, 2026 (accession 0001114448-26-000007): FY2025 net sales $54,532 million (up 8%), operating income $17,644 million, net income $13,967 million, core EPS $8.98 and free cash flow $17,596 million. First 2026 guidance: low single-digit net sales growth and low single-digit core operating income decline. The release notes a December 19, 2025 agreement with the US government on lower US drug prices, reflected in the 2026 guidance and the 2025-2030 outlook.
• April 28, 2026 (accession 0001114448-26-000010): Q1 net sales $13,113 million (down 1%, down 5% in constant currencies), core operating income $4,897 million (down 12%), core EPS $1.99, free cash flow $3,330 million; guidance reaffirmed.
• November 20, 2025 (accession 0001171843-25-007445): mid-term outlook rolled forward to a 5-6% constant-currency sales CAGR for 2025-2030 (after raising the 2024-2029 outlook to 6%); peak sales guidance raised for Kisqali and Scemblix.
• September 8, 2026 (accession 0001171843-26-005908): the company stated it maintains the 5-6% five-year sales CAGR guidance.

Clinical and regulatory events

• September 8, 2026: Phase III HARBOR study of del-desiran in myotonic dystrophy type 1 did not meet its primary endpoint (video hand opening time); the company will analyze the full data set and determine a development path. Del-desiran came with the Avidity acquisition (accession 0001171843-26-005908).
• September 4, 2026: Phase III Lp(a)HORIZON outcomes trial of pelacarsen in 8,323 patients did not meet its primary cardiovascular events endpoint despite lowering Lp(a) (accession 0001171843-26-005896).
• September 1, 2026: Phase III REMODEL-1/-2 trials of remibrutinib in relapsing multiple sclerosis met the primary endpoint against teriflunomide; the company plans global regulatory submissions (accession 0001171843-26-005824).
• June 11, 2026: biomarker cohort of the Phase I/II FORTITUDE study of del-brax in FSHD met its primary and key secondary endpoints (accession 0001171843-26-004052).
• Q2 2026 milestones (accession 0001114448-26-000012): European and Japanese approval of Rhapsido in chronic spontaneous urticaria; European approval of Itvisma; FDA pediatric exclusivity for Kisqali adding six months to Orange Book-listed patents; del-zota BLA submitted to the FDA for accelerated approval in Duchenne muscular dystrophy; FDA traditional approval of Fabhalta in IgA nephropathy in July.
• November 24, 2025: FDA approved Itvisma for children two years and older, teens and adults with SMA (accession 0001171843-25-007547).
• September 30, 2025: FDA approved Rhapsido (remibrutinib) for chronic spontaneous urticaria (accession 0001171843-25-006196).

Legal

• June 2026: the US District Court for the District of Delaware issued a negative decision on the validity of Novartis patents covering Lutathera, which expire in 2039 with pediatric exclusivity. Novartis has appealed; no manufacturer has final US approval, and any launch before the appeal is decided may be at risk. Lutathera Q2 2026 net sales were $225 million (accession 0001114448-26-000012).
• May 2026: the US Supreme Court declined to hear Novartis's constitutional challenge to the IRA drug-price negotiation program, ending that litigation (accession 0001114448-26-000012, Note 7).

Upcoming dates stated by the company

Third quarter and nine-month 2026 results on October 27, 2026; Meet Novartis Management on November 18-19, 2026; fourth quarter and full-year 2026 results on February 3, 2027 (accession 0001114448-26-000012).