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Dec 31, 2025
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Novartis Q4 2025 Earnings Report
Reported slightly lower sales and earnings due to US generic erosion and revenue deduction adjustments.
Key Takeaways
In Q4 2025, Novartis posted marginally lower net sales and a decline in net income year over year, reflecting US generic erosion and pricing pressures, partially offset by strong growth from priority brands.
Q4 net sales declined slightly year over year, impacted by US generic erosion.
Operating income increased modestly, supported by lower SG&A and higher grant income.
Net income and reported EPS declined due to higher income taxes.
Priority brands such as Kisqali, Kesimpta and Pluvicto delivered strong growth.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, Novartis expects low single-digit sales growth and a low single-digit decline in core operating income.
Positive Outlook
- Continued strong momentum from priority brands.
- Broad and advancing late-stage pipeline.
- New product approvals supporting medium-term growth.
- Ongoing operational efficiency initiatives.
- Strong balance sheet and cash generation.
Challenges Ahead
- US generic erosion impacting key brands.
- Ongoing pricing pressure in the US market.
- Revenue deduction adjustments affecting reported sales.
- Higher R&D investment levels.
- Foreign exchange volatility.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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