Novartis AG (NVS) Q2 FY2026 Financial Statements: Net sales $14.41B, Net income $3.26B
More for Novartis: Company index · 20-F and 6-K summary · 6-K filings and events
PeriodQ2 FY2026
Published
Novartis reported net sales of $14.41 billion for Q2 FY2026, the quarter ended June 30, 2026, up 2.5% from a year earlier, though most of that increase came from favorable currency movements; volume growth from medicines such as Kisqali, Kesimpta and Cosentyx outweighed generic competition, chiefly for Entresto and Promacta. Net income attributable to shareholders was $3.26 billion, down 19.2%, and diluted earnings per share were $1.71, against $2.06, while operating income was $4.75 billion, down 2.3%; higher interest expense and a higher tax rate account for most of the wider fall in net income. Net debt was $39.39 billion at June 30, 2026, up 65.6% from a year earlier, after Novartis funded its acquisition of Avidity Biosciences and other deals with cash and new debt.
| Metric | Amount | vs. year ago |
|---|---|---|
| Net sales | $14,408,000,000 | up 2.5% |
| Net income | $3,264,000,000 | down 19.2% |
| Diluted EPS | $1.71 | down 17.0% |
| Operating income | $4,750,000,000 | down 2.3% |
| Net debt | $39,387,000,000 | up 65.6% |
Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.
About this file
| Ticker | NVS |
|---|---|
| CIK | 0001114448 |
| Company | Novartis AG |
| Business type | pharmaceutical |
| Schema template | standard industrial template adapted to an IFRS pharmaceutical income statement (net sales to third parties plus other revenues; operating expense lines as Novartis presents them; net debt and the company-defined free cash flow) |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual US dollars (not millions); share counts in actual shares; per-share amounts in US dollars per share, which equals per ADS (1 ADS = 1 ordinary share) |
NVS annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Period start | 2025-01-01 | 2024-01-01 | 2023-01-01 |
| Period end | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 20-F | 20-F | 20-F |
| Source form | 20-F | 20-F | 20-F |
| Income statement | |||
| Net sales to third parties | 54,532,000,000 | 50,317,000,000 | 45,440,000,000 |
| Other revenues | 2,142,000,000 | 1,405,000,000 | 1,220,000,000 |
| Cost of goods sold | 13,699,000,000 | 12,827,000,000 | 12,472,000,000 |
| Gross profit | 42,975,000,000 | 38,895,000,000 | 34,188,000,000 |
| Selling general and administration | 13,248,000,000 | 12,566,000,000 | 12,517,000,000 |
| Research and development | 11,200,000,000 | 10,022,000,000 | 11,371,000,000 |
| Other income | 1,460,000,000 | 1,175,000,000 | 1,772,000,000 |
| Other expense | 2,343,000,000 | 2,938,000,000 | 2,303,000,000 |
| Operating income | 17,644,000,000 | 14,544,000,000 | 9,769,000,000 |
| Interest expense | 1,144,000,000 | 1,006,000,000 | 855,000,000 |
| Other financial income and expense | -136,000,000 | 140,000,000 | 222,000,000 |
| Income before taxes | 16,352,000,000 | 13,640,000,000 | 9,123,000,000 |
| Income taxes | 2,385,000,000 | 1,701,000,000 | 551,000,000 |
| Net income from continuing operations | 13,967,000,000 | 11,939,000,000 | 8,572,000,000 |
| Net income | 13,967,000,000 | 11,939,000,000 | 14,854,000,000 |
| Net income attributable to shareholders | 13,984,000,000 | 11,941,000,000 | 14,850,000,000 |
| Net income non controlling interests | -17,000,000 | -2,000,000 | 4,000,000 |
| Basic EPS | 7.21 | 5.92 | 7.15 |
| Diluted EPS continuing operations | 7.15 | 5.87 | 4.10 |
| Diluted EPS | 7.15 | 5.87 | 7.10 |
| Basic shares | 1,939,000,000 | 2,018,000,000 | 2,077,000,000 |
| Diluted shares | 1,955,000,000 | 2,035,000,000 | 2,092,000,000 |
| Total revenues derived | 56,674,000,000 | 51,722,000,000 | 46,660,000,000 |
| Net income from discontinued operations | 6,282,000,000 | ||
| Balance sheet | |||
| Cash and cash equivalents | 11,435,000,000 | 11,459,000,000 | |
| Marketable securities time deposits and derivatives | 155,000,000 | 1,998,000,000 | |
| Trade receivables | 8,937,000,000 | 7,423,000,000 | |
| Inventories | 6,269,000,000 | 5,723,000,000 | |
| Total current assets | 30,460,000,000 | 29,704,000,000 | |
| Property plant and equipment | 10,782,000,000 | 9,458,000,000 | |
| Goodwill | 25,567,000,000 | 24,756,000,000 | |
| Intangible assets other than goodwill | 29,411,000,000 | 26,915,000,000 | |
| Total assets | 110,949,000,000 | 102,246,000,000 | |
| Trade payables | 4,456,000,000 | 4,572,000,000 | |
| Current financial debts and derivatives | 5,602,000,000 | 8,232,000,000 | |
| Total current liabilities | 27,278,000,000 | 28,692,000,000 | |
| Non current financial debts | 27,935,000,000 | 21,366,000,000 | |
| Total liabilities | 64,400,000,000 | 58,120,000,000 | |
| Equity attributable to shareholders | 46,130,000,000 | 44,046,000,000 | |
| Non controlling interests | 419,000,000 | 80,000,000 | |
| Total equity | 46,549,000,000 | 44,126,000,000 | |
| Total financial debts | 33,537,000,000 | 29,598,000,000 | |
| Net debt | 21,947,000,000 | 16,141,000,000 | |
| Cash flow | |||
| Operating cash flow | 19,144,000,000 | 17,619,000,000 | 14,220,000,000 |
| Operating cash flow including discontinued operations | 19,144,000,000 | 17,619,000,000 | 14,458,000,000 |
| Capex | 1,548,000,000 | 1,366,000,000 | 1,060,000,000 |
| Purchases of intangible assets | 2,352,000,000 | 2,448,000,000 | 1,693,000,000 |
| Acquisitions of businesses | 147,000,000 | 4,018,000,000 | 3,561,000,000 |
| Investing cash flow | -4,877,000,000 | -7,513,000,000 | 6,719,000,000 |
| Investing cash flow including discontinued operations | -4,877,000,000 | -7,513,000,000 | 5,596,000,000 |
| Dividends paid | 7,818,000,000 | 7,624,000,000 | 7,255,000,000 |
| Purchases of treasury shares | 9,212,000,000 | 8,331,000,000 | 8,719,000,000 |
| Financing cash flow | -14,867,000,000 | -11,742,000,000 | -17,564,000,000 |
| Financing cash flow including discontinued operations | -14,867,000,000 | -11,742,000,000 | -14,278,000,000 |
| Acquisitions applying optional concentration test | 2,769,000,000 | 0 | 0 |
| Free cash flow | 17,596,000,000 | 16,253,000,000 | 13,160,000,000 |
NVS quarterly income statement, balance sheet and cash flow
| Q2 2026 | Q2 2025 | |
|---|---|---|
| Fiscal quarter | 2 | 2 |
| Period start | 2026-04-01 | 2025-04-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | three months | three months |
| Source accession | 6-K | 6-K |
| Income statement | ||
| Net sales to third parties | 14,408,000,000 | 14,054,000,000 |
| Other revenues | 543,000,000 | 782,000,000 |
| Cost of goods sold | 3,710,000,000 | 3,322,000,000 |
| Gross profit | 11,241,000,000 | 11,514,000,000 |
| Selling general and administration | 3,241,000,000 | 3,442,000,000 |
| Research and development | 2,847,000,000 | 2,727,000,000 |
| Other income | 410,000,000 | 548,000,000 |
| Other expense | 813,000,000 | 1,029,000,000 |
| Operating income | 4,750,000,000 | 4,864,000,000 |
| Interest expense | 462,000,000 | 289,000,000 |
| Other financial income and expense | -17,000,000 | -41,000,000 |
| Income before taxes | 4,269,000,000 | 4,531,000,000 |
| Income taxes | 1,012,000,000 | 507,000,000 |
| Net income | 3,257,000,000 | 4,024,000,000 |
| Net income attributable to shareholders | 3,264,000,000 | 4,041,000,000 |
| Net income non controlling interests | -7,000,000 | -17,000,000 |
| Basic shares | 1,905,000,000 | 1,948,000,000 |
| Basic EPS | 1.71 | 2.07 |
| Diluted shares | 1,914,000,000 | 1,960,000,000 |
| Diluted EPS | 1.71 | 2.06 |
| Total revenues derived | 14,951,000,000 | 14,836,000,000 |
| Balance sheet | ||
| Cash and cash equivalents | 7,616,000,000 | 6,656,000,000 |
| Marketable securities time deposits and derivatives | 74,000,000 | 344,000,000 |
| Trade receivables | 9,636,000,000 | |
| Inventories | 6,220,000,000 | |
| Total current assets | 27,351,000,000 | |
| Property plant and equipment | 10,685,000,000 | |
| Goodwill | 26,767,000,000 | |
| Intangible assets other than goodwill | 42,074,000,000 | |
| Total assets | 122,033,000,000 | |
| Trade payables | 4,258,000,000 | |
| Current financial debts and derivatives | 9,588,000,000 | 8,314,000,000 |
| Total current liabilities | 31,748,000,000 | |
| Non current financial debts | 37,489,000,000 | 22,470,000,000 |
| Total liabilities | 80,087,000,000 | |
| Equity attributable to shareholders | 41,542,000,000 | |
| Non controlling interests | 404,000,000 | |
| Total equity | 41,946,000,000 | |
| Total financial debts | 47,077,000,000 | 30,784,000,000 |
| Net debt | 39,387,000,000 | 23,784,000,000 |
| Shares outstanding | 1,900,714,840 | 1,935,853,188 |
| Cash flow | ||
| Operating cash flow | 5,882,000,000 | 6,664,000,000 |
| Capex | 321,000,000 | 331,000,000 |
| Purchases of intangible assets | 437,000,000 | 227,000,000 |
| Acquisitions of businesses | 23,000,000 | 127,000,000 |
| Acquisitions applying optional concentration test | 2,720,000,000 | 1,537,000,000 |
| Investing cash flow | -3,105,000,000 | -2,243,000,000 |
| Dividends paid | 2,871,000,000 | 2,485,000,000 |
| Purchases of treasury shares | 1,199,000,000 | 2,714,000,000 |
| Financing cash flow | -2,020,000,000 | -5,213,000,000 |
| Free cash flow | 5,561,000,000 | 6,333,000,000 |
| Net sales by region | ||
| US | 5,954,000,000 | 6,249,000,000 |
| Europe | 4,441,000,000 | 4,170,000,000 |
| Asia africa australasia | 3,018,000,000 | 2,713,000,000 |
| Canada and latin america | 995,000,000 | 922,000,000 |
| Total | 14,408,000,000 | 14,054,000,000 |
| Of which established markets | 10,536,000,000 | 10,537,000,000 |
| Of which emerging growth markets | 3,872,000,000 | 3,517,000,000 |
- Source form, Q2 2026. 6-K (interim financial report, Exhibit 99.2)
- Source form, Q2 2025. 6-K (interim financial report, Exhibit 99.2), prior-year comparative column
NVS year-to-date income statement and cash flow
| H1 2026 | H1 2025 | |
|---|---|---|
| Period start | 2026-01-01 | 2025-01-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | six months | six months |
| Source accession | 6-K | 6-K |
| Income statement | ||
| Net sales to third parties | 27,521,000,000 | 27,287,000,000 |
| Other revenues | 954,000,000 | 1,169,000,000 |
| Cost of goods sold | 7,169,000,000 | 6,549,000,000 |
| Gross profit | 21,306,000,000 | 21,907,000,000 |
| Selling general and administration | 6,381,000,000 | 6,500,000,000 |
| Research and development | 5,587,000,000 | 5,093,000,000 |
| Other income | 888,000,000 | 774,000,000 |
| Other expense | 1,241,000,000 | 1,561,000,000 |
| Operating income | 8,985,000,000 | 9,527,000,000 |
| Interest expense | 805,000,000 | 559,000,000 |
| Other financial income and expense | -67,000,000 | -24,000,000 |
| Income before taxes | 8,108,000,000 | 8,938,000,000 |
| Income taxes | 1,695,000,000 | 1,305,000,000 |
| Net income | 6,413,000,000 | 7,633,000,000 |
| Net income attributable to shareholders | 6,420,000,000 | 7,647,000,000 |
| Net income non controlling interests | -7,000,000 | -14,000,000 |
| Basic shares | 1,906,000,000 | 1,958,000,000 |
| Basic EPS | 3.37 | 3.91 |
| Diluted shares | 1,915,000,000 | 1,970,000,000 |
| Diluted EPS | 3.35 | 3.88 |
| Total revenues derived | 28,475,000,000 | 28,456,000,000 |
| Cash flow | ||
| Operating cash flow | 9,558,000,000 | 10,309,000,000 |
| Capex | 667,000,000 | 585,000,000 |
| Purchases of intangible assets | 898,000,000 | 1,467,000,000 |
| Acquisitions of businesses | 11,704,000,000 | 127,000,000 |
| Acquisitions applying optional concentration test | 2,720,000,000 | 1,537,000,000 |
| Investing cash flow | -14,841,000,000 | -1,913,000,000 |
| Dividends paid | 9,068,000,000 | 7,818,000,000 |
| Purchases of treasury shares | 3,074,000,000 | 5,430,000,000 |
| Financing cash flow | 1,559,000,000 | -13,761,000,000 |
| Free cash flow | 8,891,000,000 | 9,724,000,000 |
| Net sales by region | ||
| US | 10,913,000,000 | 11,961,000,000 |
| Europe | 8,627,000,000 | 8,075,000,000 |
| Asia africa australasia | 6,038,000,000 | 5,485,000,000 |
| Canada and latin america | 1,943,000,000 | 1,766,000,000 |
| Total | 27,521,000,000 | 27,287,000,000 |
| Of which established markets | 19,798,000,000 | 20,206,000,000 |
| Of which emerging growth markets | 7,723,000,000 | 7,081,000,000 |
- Source form, H1 2026. 6-K (interim financial report, Exhibit 99.2)
- Source form, H1 2025. 6-K (interim financial report, Exhibit 99.2), prior-year comparative column
NVS trailing twelve month income statement and cash flow
| TTM ended June 30, 2026 | |
|---|---|
| Period start | 2025-07-01 |
| Period end | 2026-06-30 |
| Period type | trailing twelve months |
| Source accession | 6-K, 20-F |
| Income statement | |
| Net sales to third parties | 54,766,000,000 |
| Other revenues | 1,927,000,000 |
| Cost of goods sold | 14,319,000,000 |
| Gross profit | 42,374,000,000 |
| Research and development | 11,694,000,000 |
| Operating income | 17,102,000,000 |
| Net income | 12,747,000,000 |
| Net income attributable to shareholders | 12,757,000,000 |
| Total revenues derived | 56,693,000,000 |
| Cash flow | |
| Operating cash flow | 18,393,000,000 |
| Capex | 1,630,000,000 |
| Free cash flow | 16,763,000,000 |
- Derivation. H1 2026 plus FY2025 less H1 2025, each as printed in the interim financial report (accession 0001114448-26-000012) and the FY2025 20-F (accession 0001114448-26-000004)
Adjustments
| Splits applied | none |
|---|---|
| ADR ratio | 1 |
| FX | none: Novartis presents its consolidated financial statements in US dollars |
Notes
- Novartis AG files as a foreign private issuer: its annual report is a Form 20-F and its quarterly results are furnished on Form 6-K. Annual figures come from the FY2025 20-F (accession 0001114448-26-000004); quarterly, first-half and June 30 balance sheet figures come from the condensed interim consolidated financial statements for the period ended June 30, 2026, Exhibit 99.2 to the 6-K filed July 21, 2026 (accession 0001114448-26-000012). The interim statements are unaudited.
- Novartis reports under IFRS Accounting Standards in US dollars, so no currency conversion was applied. Each American Depositary Share represents one ordinary share (20-F cover page), so every per-share figure here is also the per-ADS figure.
- Novartis operates as a single global innovative medicines segment. Its income statement shows net sales to third parties and other revenues separately and does not print a total revenue line; total_revenues_derived is the sum of the two, which is the base from which the statement's gross profit is struck.
- Expense and cash outflow lines (cost of goods sold, operating expenses, interest expense, income taxes, capital expenditure, purchases of intangible assets, acquisitions, dividends and treasury share purchases) are shown as positive amounts. Net subtotals that can take either sign (other financial income and expense, net income attributable to non-controlling interests, investing and financing cash flows) keep the sign the filing prints.
- capex is purchases of property, plant and equipment only. Free cash flow follows Novartis's own definition (net cash flows from operating activities less purchases of property, plant and equipment); it is a non-IFRS measure. The company prints it for Q2 2026, Q2 2025, H1 2026, H1 2025, FY2025 and FY2024; the FY2023 figure is computed here on the same definition from continuing operations (14,220 less 1,060, in USD millions). Purchases of intangible assets and acquisitions are not deducted.
- FY2023 includes the Sandoz business, distributed to Novartis shareholders on October 3, 2023, as discontinued operations. For FY2023, net_income and diluted_eps are the totals including the USD 5.86 billion gain on the Sandoz distribution; the continuing-operations figures are given separately. operating_cash_flow, investing_cash_flow and financing_cash_flow are continuing-operations figures in every year (in FY2024 and FY2025 there were no discontinued operations, so they equal the totals); the FY2023 totals including discontinued operations are given separately.
- total_financial_debts and net_debt are taken from Novartis's own net debt tables: financial debts include current derivative financial instruments, and net debt is total financial debts less cash and cash equivalents and marketable securities, time deposits and derivative financial instruments. Lease liabilities are not included. Net debt is shown as a positive amount.
- The June 30, 2025 balance sheet is not presented in the interim report. Only the items the report prints for that date are given for Q2 2025: the components of net debt and the number of shares outstanding.
- Q1 2026 is not presented as a separate column in the interim report and is not included here. The first-half figures are in year_to_date. The trailing-twelve-month figures are computed as H1 2026 plus FY2025 less H1 2025.
- In the first half of 2026 Novartis completed the acquisition of Avidity Biosciences for approximately USD 12.0 billion in cash (closed February 27, 2026), shown in acquisitions_of_businesses (USD 11,704 million in H1 2026). It also acquired Pikavation Therapeutics (closed May 28, 2026) and Excellergy (closed June 24, 2026); these were accounted for as asset acquisitions, shown in acquisitions_applying_optional_concentration_test (USD 2,720 million in Q2 2026). The acquisitions were funded with cash and new debt: non-current financial debts rose to USD 37.5 billion and net debt to USD 39.4 billion at June 30, 2026, from USD 21.9 billion at December 31, 2025.
- Q2 2025 dividends_paid (USD 2,485 million) and Q2 2026 dividends_paid (USD 2,871 million) are Swiss withholding tax payments made in April on the annual dividend paid in the first quarter, as the interim report explains.
- Blank cells on the FY2025 20-F cash flow statement (acquisitions applying the optional concentration test in FY2024 and FY2023) are recorded as zero.
- Net sales by region are by location of customer, as Novartis discloses them. 'Established markets' are the US, Canada, Western Europe, Japan, Australia and New Zealand; 'emerging growth markets' are all other markets.
Uncertainties
- The interim financial statements for the period ended June 30, 2026 are unaudited, and the Avidity purchase price allocation is preliminary. Goodwill, intangible assets and deferred taxes at June 30, 2026 may change when it is finalized.
- The FY2023 free cash flow is computed here from continuing operations on Novartis's current definition. It is not printed in the FY2025 20-F.
Company details
| Name | Novartis Ag |
|---|---|
| Ticker | NVS |
| CIK | 0001114448 |
| Exchange | NYSE |
| State | Switzerland |
| Incorporation | Switzerland |
| SIC | 2834 |
| Office | Life Sciences |
| Industry | Pharmaceutical Preparations |
Fiscal period
| Fiscal year | 2026 |
|---|---|
| Fiscal period | Q2 |
| Tag | FY26Q2 |
| Period end | 2026-06-30 |
| Form | 6-K |
| Accession | 0001114448-26-000012 |
| Fiscal year end | 1231 |
| Source | derived |
Source filings
| Role | Current | Form | Fiscal year | Fiscal period | Tag | Period end | Filed | Accession | Source |
|---|---|---|---|---|---|---|---|---|---|
| annual | no | 20-F | 2025 | FY | FY25 | 2025-12-31 | 2026-02-04 | 0001114448-26-000004 | reported |
| quarterly | yes | 6-K | 2026 | Q2 | FY26Q2 | 2026-06-30 | 2026-07-21 | 0001114448-26-000012 | derived |
FAQ · Novartis financial statements
How much revenue did Novartis report in Q2 FY2026?
Novartis reported net sales of $14.41 billion for Q2 FY2026, the quarter ended June 30, 2026, up 2.5% from $14.05 billion in the same quarter a year earlier. Novartis also records smaller other revenues, such as royalties and profit-sharing income, separately from net sales.
What was Novartis net income in Q2 FY2026?
Novartis net income attributable to shareholders was $3.26 billion in Q2 FY2026, down 19.2% from $4.04 billion a year earlier, while operating income was $4.75 billion, down 2.3%. Higher interest expense on increased borrowing and a higher tax rate account for most of the difference.
What were Novartis earnings per share in Q2 FY2026?
Novartis reported diluted earnings per share of $1.71 for Q2 FY2026, the quarter ended June 30, 2026, down 17.0% from $2.06 a year earlier.
How much debt does Novartis have after the Avidity acquisition?
Novartis had net debt of $39.39 billion at June 30, 2026, compared with $23.78 billion a year earlier, after it funded the acquisition of Avidity Biosciences and other deals in the first half with cash and new debt.
Where can I get Novartis AG (NVS) financial data in machine-readable form?
Ticker Scout publishes Novartis AG's financial statements as JSON at https://tickerscout.ai/nvs/financials.json, free, with no API key and no signup. The 20-F and 6-K narrative and the 6-K events digest are published as Markdown at https://tickerscout.ai/nvs/narrative.md and https://tickerscout.ai/nvs/events.md. Novartis AG's SEC CIK is 0001114448. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does Novartis AG (NVS) next file with the SEC?
Novartis AG (NVS) is expected to file its next Form 6-K with the SEC on or around October 27, 2026. That date is a projection rather than a company-announced date: it is derived from Novartis AG's own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 6-K for Q2 FY2026, the period ended 2026-06-30, SEC accession 0001114448-26-000012.
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