Overview
- Net sales rose 8% year over year to $13.91 billion, missing the $14.11 billion consensus, with core operating income at $5.46 billion, a 39.3% margin, core net income of $4.3 billion, and adjusted EPS of $2.25.
- Management reiterated 2025 guidance for high‑single‑digit net sales growth and low‑teens core operating income growth.
- Novartis cited roughly a 7‑percentage‑point drag from generic erosion, mainly impacting Promacta, Tasigna, and Entresto; Entresto sales declined 1% in constant currency to $1.88 billion.
- Key growth brands offset pressure as Kisqali climbed 68% (cc) to $1.33 billion, Kesimpta rose 44% (cc) to $1.22 billion, Scemblix advanced 95% (cc) to $358 million, and Pluvicto increased 45% (cc) to $564 million.
- The company moved to broaden its pipeline and access channels by agreeing to buy Avidity Biosciences for $12 billion and scheduling a Nov. 1 U.S. direct‑to‑patient Cosentyx launch at a 55% list‑price discount, while shares fell about 2%–3% premarket.