Published
{
"ticker": "NVS",
"cik": "0001114448",
"company": "Novartis AG",
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"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)",
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"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)",
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"FY2025 20-F consolidated balance sheets": "(USD millions)",
"FY2025 20-F consolidated statements of cash flows": "(USD millions)",
"FY2025 20-F Note 7 earnings per share": "Net income in USD millions; Number of shares (in millions); per-share amounts in USD",
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"Q2 2026 interim report consolidated balance sheets": "(USD millions)",
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},
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"period_start": "2025-07-01",
"period_end": "2026-06-30",
"period_type": "trailing twelve months",
"source_accession": "0001114448-26-000012; 0001114448-26-000004",
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"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."
],
"headline": {
"period": "Q2 FY2026",
"period_end_words": "June 30, 2026",
"metrics": [
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"prior_source_accession": "0001114448-26-000012",
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}
},
{
"label": "Net income",
"format": "usd",
"value": 3264000000,
"text": "$3.26 billion",
"exact": "$3,264,000,000",
"compact": "$3.26B",
"abs": "$3.26 billion",
"prior_value": 4041000000,
"prior": "$4.04 billion",
"priorabs": "$4.04 billion",
"yoy": "down 19.2%",
"source": {
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"field": "income_statement.net_income_attributable_to_shareholders",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001114448-26-000012",
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"prior_span_days": 90,
"prior_source_accession": "0001114448-26-000012",
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}
},
{
"label": "Diluted EPS",
"format": "eps",
"value": 1.71,
"text": "$1.71",
"exact": "$1.71",
"compact": "$1.71",
"abs": "$1.71",
"prior_value": 2.06,
"prior": "$2.06",
"priorabs": "$2.06",
"yoy": "down 17.0%",
"source": {
"array": "quarterly",
"field": "income_statement.diluted_eps",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001114448-26-000012",
"prior_index": 1,
"prior_period_label": "Q2 2025",
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"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001114448-26-000012",
"gap_days": 365
}
},
{
"label": "Operating income",
"format": "usd",
"value": 4750000000,
"text": "$4.75 billion",
"exact": "$4,750,000,000",
"compact": "$4.75B",
"abs": "$4.75 billion",
"prior_value": 4864000000,
"prior": "$4.86 billion",
"priorabs": "$4.86 billion",
"yoy": "down 2.3%",
"source": {
"array": "quarterly",
"field": "income_statement.operating_income",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001114448-26-000012",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001114448-26-000012",
"gap_days": 365
}
},
{
"label": "Net debt",
"format": "usd",
"value": 39387000000,
"text": "$39.39 billion",
"exact": "$39,387,000,000",
"compact": "$39.39B",
"abs": "$39.39 billion",
"prior_value": 23784000000,
"prior": "$23.78 billion",
"priorabs": "$23.78 billion",
"yoy": "up 65.6%",
"source": {
"array": "quarterly",
"field": "balance_sheet.net_debt",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001114448-26-000012",
"prior_index": 1,
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"prior_span_days": 90,
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"gap_days": 365
}
}
],
"summary": "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.",
"qa": [
{
"q": "How much revenue did Novartis report in Q2 FY2026?",
"a": "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."
},
{
"q": "What was Novartis net income in Q2 FY2026?",
"a": "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."
},
{
"q": "What were Novartis earnings per share in Q2 FY2026?",
"a": "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."
},
{
"q": "How much debt does Novartis have after the Avidity acquisition?",
"a": "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."
}
]
},
"company_details": {
"Name": "Novartis Ag",
"Ticker": "NVS",
"CIK": "0001114448",
"Exchange": "NYSE",
"State": "Switzerland",
"Incorporation": "Switzerland",
"SIC": "2834",
"Office": "Life Sciences",
"Industry": "Pharmaceutical Preparations"
},
"next_filing": {
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"predicted_type": "6-K"
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"fiscal_period": "Q2",
"tag": "FY26Q2",
"period_end": "2026-06-30",
"form": "6-K",
"accession": "0001114448-26-000012",
"fiscal_year_end": "1231",
"source": "derived"
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"filed": "2026-02-04",
"accession": "0001114448-26-000004",
"url": "https://www.sec.gov/Archives/edgar/data/1114448/000111444826000004/nvs-20251231.htm",
"source": "reported"
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