エドガーで原本を確認する
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Novartis International AG
CH-4002 Basel
Switzerland
https://www.novartis.com
http://x.com/NovartisNews
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•
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Q2 net sales grew +11% (cc1, +12% USD) with core operating income1 up +21% (cc, +20% USD)
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o
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Sales growth driven by continued strong performance from Kisqali (+64% cc), Entresto
(+22% cc), Kesimpta (+33% cc), Scemblix (+79% cc), Leqvio (+61% cc) and Pluvicto (+30% cc)
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o
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Core operating income margin1 reached 42.2%, +340 basis points (cc), mainly driven by higher net sales
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•
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Q2 operating income grew +25% (cc, +21% USD); net income up +26% (cc, +24% USD)
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•
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Q2 core EPS1 grew +24% (cc, +23% USD) to USD 2.42
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•
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Q2 free cash flow1 of USD 6.3 billion (+37%
USD) driven by higher net cash flows from operating activities
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•
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H1 net sales up +13% (cc, +12% USD) and core operating income up +24% (cc, +21% USD)
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•
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Q2 selected innovation milestones:
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o
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Pluvicto Phase III PSMAddition study positive readout in PSMA+
mHSPC
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o
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Vanrafia (atrasentan) FDA
accelerated approval for IgAN
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o
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OAV101 IT US and EU submissions for SMA
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o
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Votoplam Phase II PIVOT-HD study positive readout in
Huntington’s disease
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o
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Remibrutinib Phase II study positive readout in food allergy
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•
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Initiating up-to USD 10 billion share buyback to be completed by year-end 2027
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•
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Full-year 2025 guidance2 raised for core operating income
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o
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Sales expected to grow high single digit (unchanged)
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o
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Core operating income expected to grow low teens (from low double-digit)
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Key figures
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Q2 2025
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Q2 2024
|
% change
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H1 2025
|
H1 2024
|
% change
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||||
|
|
USD m
|
USD m
|
USD
|
cc
|
|
USD m
|
USD m
|
USD
|
cc
|
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Net sales
|
14 054
|
12 512
|
12
|
11
|
|
27 287
|
24 341
|
12
|
13
|
|
Operating income
|
4 864
|
4 014
|
21
|
25
|
|
9 527
|
7 387
|
29
|
33
|
|
Net income
|
4 024
|
3 246
|
24
|
26
|
|
7 633
|
5 934
|
29
|
31
|
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EPS (USD)
|
2.07
|
1.60
|
29
|
32
|
|
3.91
|
2.91
|
34
|
37
|
|
Free cash flow
|
6 333
|
4 615
|
37
|
|
9 724
|
6 653
|
46
|
|
|
|
Core operating income
|
5 925
|
4 953
|
20
|
21
|
|
11 500
|
9 490
|
21
|
24
|
|
Core net income
|
4 710
|
4 008
|
18
|
19
|
|
9 192
|
7 689
|
20
|
22
|
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Core EPS (USD)
|
2.42
|
1.97
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23
|
24
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|
4.69
|
3.77
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24
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27
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1.
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Accelerate growth: Renewed attention to deliver high-value medicines (NMEs) and focus on launch excellence, with a
rich pipeline across our core therapeutic areas.
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2.
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Deliver returns: Continuing to embed operational excellence and deliver improved financials. Novartis remains
disciplined and shareholder-focused in our approach to capital allocation, with substantial cash generation and a strong capital structure supporting continued flexibility.
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3.
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Strengthen foundations: Unleashing the power of our people, scaling data science and technology and continuing to
build trust with society.
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2
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Kisqali
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(USD 1 177 million, +64% cc) sales grew strongly across all regions, including +100% growth in the US with strong momentum from the recently launched early breast cancer indication
as well as continued share gains in metastatic breast cancer
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Entresto
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(USD 2 357 million, +22% cc) sustained robust, demand-led growth globally
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Kesimpta
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(USD 1 077 million, +33% cc) sales grew across all regions driven by increased demand and strong access
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Scemblix
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(USD 298 million, +79% cc) sales grew across all regions, demonstrating the continued high unmet need in CML and continued strong momentum from the recently launched early-line
indication in the US
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Leqvio
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(USD 298 million, +61% cc) continued steady growth, with a focus on increasing account and patient adoption, and continuing medical education
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Pluvicto
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(USD 454 million, +30% cc) showed encouraging demand uptake in the US following the pre-taxane metastatic castration-resistant prostate cancer (mCRPC) approval, as well as continued
access expansion ex-US in the post-taxane mCRPC setting
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Cosentyx
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(USD 1 629 million, +6% cc) sales grew mainly in the US and Europe, driven by recent launches as well as volume growth in core indications
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Fabhalta
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(USD 120 million) sales grew driven by continued launch execution across all markets in PNH as well as recent launches in IgAN and C3G in the US
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Lutathera
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(USD 207 million, +17% cc) sales grew mainly in the US, Europe and Japan due to increased demand and earlier-line adoption, particularly in the US and Japan
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Zolgensma
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(USD 297 million, -17% cc) sales declined reflecting a lower incidence of SMA compared to prior year, while demand remained robust
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3
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Q2 2025
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% change
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H1 2025
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% change
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|||
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USD m
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USD
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cc
|
USD m
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USD
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cc
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Entresto
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2 357
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24
|
22
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4 618
|
22
|
22
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Cosentyx
|
1 629
|
7
|
6
|
3 163
|
11
|
11
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Kisqali
|
1 177
|
64
|
64
|
2 133
|
59
|
60
|
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Kesimpta
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1 077
|
35
|
33
|
1 976
|
38
|
38
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Tafinlar + Mekinist
|
573
|
10
|
7
|
1 125
|
13
|
13
|
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Promacta/Revolade
|
502
|
-8
|
-9
|
1 048
|
-2
|
-1
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Jakavi
|
524
|
11
|
8
|
1 016
|
7
|
8
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Xolair
|
443
|
4
|
2
|
899
|
9
|
10
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Ilaris
|
477
|
30
|
27
|
896
|
24
|
24
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Pluvicto
|
454
|
32
|
30
|
825
|
26
|
26
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Tasigna
|
327
|
-27
|
-27
|
704
|
-16
|
-15
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Zolgensma
|
297
|
-15
|
-17
|
624
|
-3
|
-3
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Sandostatin Group
|
303
|
-3
|
-3
|
620
|
-7
|
-6
|
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Leqvio
|
298
|
64
|
61
|
555
|
67
|
66
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|
Scemblix
|
298
|
82
|
79
|
536
|
79
|
78
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Lutathera
|
207
|
18
|
17
|
400
|
16
|
16
|
|
Exforge Group
|
191
|
7
|
7
|
370
|
0
|
3
|
|
Lucentis
|
173
|
-37
|
-39
|
362
|
-39
|
-38
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|
Diovan Group
|
154
|
-4
|
-4
|
304
|
1
|
3
|
|
Galvus Group
|
123
|
-18
|
-17
|
247
|
-17
|
-14
|
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Top 20 brands total
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11 584
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16
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14
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22 421
|
16
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17
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Vanrafia
(atrasentan)
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FDA granted accelerated approval for Vanrafia for the reduction of proteinuria in adults with primary IgA nephropathy
(IgAN) at risk of rapid disease progression. Vanrafia can be seamlessly added to supportive care in IgAN and used as a foundational therapy.
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Coartem
(artemether and lumefantrine)
|
In July, Swissmedic approved Coartem Baby, the first clinically proven malaria treatment specifically designed for newborns
and infants between 2-5 kg. This milestone paves the way for registration in eight African countries through the Marketing Authorization for Global Health Products (MAGHP) procedure.
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OAV101 IT (onasemnogene abeparvovec)
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Regulatory submissions for OAV101 IT in patients with spinal muscular atrophy (SMA) were completed in the US and EU.
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|
4
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|
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Pluvicto
(lutetium Lu177 vipivotide tetraxetan)
|
At a prespecified interim analysis, the Phase III PSMAddition trial in PSMA+ metastatic hormone-sensitive prostate cancer (mHSPC) met its primary endpoint with a
statistically significant and clinically meaningful benefit in radiographic progression-free survival (rPFS) in patients treated with Pluvicto plus standard of care (SoC) versus SoC
alone. The study also showed a positive trend in overall survival in favor of the Pluvicto arm. Data will be presented at an upcoming medical meeting and, based on FDA feedback,
submitted for regulatory review in H2 2025.
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Cosentyx
(secukinumab)
|
In the Phase III GCAptAIN study, Cosentyx did not demonstrate a statistically significant improvement in sustained
remission compared to placebo in adults with newly diagnosed or relapsing giant cell arteritis (GCA). Safety in GCA was consistent with the known safety profile of Cosentyx.
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Kisqali
(ribociclib)
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A new subgroup analysis of the Phase III NATALEE trial in HR+/HER2- early breast cancer (eBC) showed that patients receiving Kisqali
plus endocrine therapy continued to see consistent reductions in risk of recurrence across all efficacy measures, regardless of age and menopausal status, at median follow-up of 44.2 months. Data presented at ASCO.
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Fabhalta
(iptacopan)
|
In the Phase IIIb APPULSE-PNH study, adult PNH patients with hemoglobin (Hb) levels ≥10g/dL who switched to Fabhalta from
anti-C5 therapies experienced clinically meaningful improvements in Hb levels. The vast majority (92.7%) achieved Hb ≥12g/dL, reaching normal or near-normal levels. No patients treated with Fabhalta
required transfusions, experienced breakthrough hemolysis or had any major adverse vascular events during the treatment period. Data presented at EHA.
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Scemblix (asciminib)
|
In the Phase IIIb ASC4START trial evaluating the tolerability and efficacy of Scemblix versus nilotinib in adult patients
with newly diagnosed Ph+ CML-CP, patients treated with Scemblix had a 55% lower risk of discontinuation due to AEs vs nilotinib, and 12.7% more patients treated with Scemblix achieved major molecular responses by week 12 vs those treated with nilotinib. Data presented at ASCO and EHA.
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|
Votoplam
|
The Phase II PIVOT-HD study of votoplam in patients with Stage 2 and Stage 3 Huntington's disease met its primary endpoint of reduction in blood Huntingtin (HTT)
protein levels at Week 12 (p<0.0001), with durable, dose-dependent lowering observed through Month 12. Across all dose levels and disease stages, votoplam showed a favorable safety and tolerability profile, with no
treatment-related serious adverse events or neurofilament light chain protein (NfL) spikes. Together with our partner, PTC Therapeutics, we are evaluating the results and plan to engage with the HD community and regulatory
authorities to inform next steps.
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Remibrutinib
|
A Phase II study with remibrutinib in food allergy met its primary endpoint with a statistically significant and clinically meaningful benefit. These data support
remibrutinib's potential as a first-in-class oral BTK inhibitor that reduces the risk of severe allergic reactions, including anaphylaxis. Phase III study planning is underway.
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|
Ianalumab
|
Novartis will not advance investigation of ianalumab in hidradenitis suppurativa following a Phase II proof-of-concept study which did not meet our target criteria
despite demonstrating efficacy vs placebo. No new safety signals were observed and all other studies for ianalumab in B-cell driven diseases continue as planned.
|
|
Rapcabtagene autoleucel (YTB323)
|
A Phase I/II study of rapcabtagene autoleucel, a rapidly manufactured CD19 CAR-T therapy using the T-Charge platform, demonstrated the expansion of CAR-T cells, deep
B cell depletion, early and sustained improvement in overall disease activity, and a favorable benefit/risk profile in 21 patients with severe refractory SLE up to 12 months after treatment. Data presented at EULAR.
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|
|
5
|
|
|
Zigakibart
|
Updated results from the Phase I/II study for zigakibart in IgAN showed a robust and clinically meaningful reduction in proteinuria of 60.4% from baseline and eGFR
stabilization over 100 weeks of treatment. To date, this is the longest duration of treatment reported for an anti-APRIL agent, demonstrating long-term safety and efficacy. Data presented at ERA. The Phase III BEYOND trial is
ongoing with anticipated readout in 2026.
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Selected transactions
|
Novartis has completed the acquisition of Regulus Therapeutics, a clinical-stage biopharmaceutical company focused on developing microRNA therapeutics. Regulus’
lead asset, farabursen, is a potential first-in-class oligonucleotide targeting miR-17 for the treatment of autosomal dominant polycystic kidney disease (ADPKD) that recently completed Phase Ib. The acquisition is aligned with
the therapeutic area focus of Novartis and leverages its strength and expertise in renal disease.
In July, Novartis entered into an agreement with Sironax, granting Novartis an exclusive option to acquire its Brain Delivery Module (BDM) platform, a
differentiated blood-brain-barrier crossing technology designed to enhance the brain delivery of therapeutics of various modalities.
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6
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|
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Barring unforeseen events; growth vs. prior year in cc
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|
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Net sales
|
Expected to grow high single-digit
|
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Core operating income
|
Expected to grow low-teens
|
|
•
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We continue to assume Entresto US generic entry in mid-2025
for forecasting purposes, though timing of generic entry is subject to ongoing IP and regulatory litigation
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|
7
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|
|
Q2 2025
|
Q2 2024
|
% change
|
H1 2025
|
H1 2024
|
% change
|
||||
|
|
USD m
|
USD m
|
USD
|
cc
|
USD m
|
USD m
|
USD
|
cc
|
|
|
Net sales
|
14 054
|
12 512
|
12
|
11
|
27 287
|
24 341
|
12
|
13
|
|
|
Operating income
|
4 864
|
4 014
|
21
|
25
|
9 527
|
7 387
|
29
|
33
|
|
|
As a % of sales
|
34.6
|
32.1
|
|
|
34.9
|
30.3
|
|
|
|
|
Net income
|
4 024
|
3 246
|
24
|
26
|
7 633
|
5 934
|
29
|
31
|
|
|
EPS (USD)
|
2.07
|
1.60
|
29
|
32
|
3.91
|
2.91
|
34
|
37
|
|
|
Net cash flows from operating activities
|
6 664
|
4 875
|
37
|
|
10 309
|
7 140
|
44
|
|
|
|
Non-IFRS measures
|
|
|
|
|
|
|
|
|
|
|
Free cash flow
|
6 333
|
4 615
|
37
|
|
9 724
|
6 653
|
46
|
|
|
|
Core operating income
|
5 925
|
4 953
|
20
|
21
|
11 500
|
9 490
|
21
|
24
|
|
|
As a % of sales
|
42.2
|
39.6
|
|
|
42.1
|
39.0
|
|
|
|
|
Core net income
|
4 710
|
4 008
|
18
|
19
|
9 192
|
7 689
|
20
|
22
|
|
|
Core EPS (USD)
|
2.42
|
1.97
|
23
|
24
|
4.69
|
3.77
|
24
|
27
|
|
|
|
8
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Important dates
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|
| October 28, 2025 |
Third quarter & nine months 2025 results
|
| November 19-20, 2025 |
Meet Novartis Management 2025 (London, UK)
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December 1, 2025
|
Social Impact & Sustainability annual investor
event (virtual)
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February 4, 2026
|
Fourth quarter & full year 2025 results
|
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Novartis Media Relations
E-mail: media.relations@novartis.com
|
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Novartis Investor Relations
Central investor relations line: +41 61 324 7944
E-mail: investor.relations@novartis.com
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9
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|
Novartis Second Quarter and Half Year 2025 Condensed Interim Financial Report – Supplementary Data
(USD millions unless indicated otherwise) |
Q2 2025 USD m |
Q2 2024 USD m |
% change USD |
% change cc1 |
H1 2025 USD m |
H1 2024 USD m |
% change USD |
% change cc1 |
|||||||||
Net sales to third parties |
14 054 |
12 512 |
12 |
11 |
27 287 |
24 341 |
12 |
13 |
|||||||||
Other revenues |
782 |
360 |
117 |
116 |
1 169 |
651 |
80 |
79 |
|||||||||
Cost of goods sold |
-3 322 |
-3 173 |
-5 |
-2 |
-6 549 |
-6 269 |
-4 |
-4 |
|||||||||
Gross profit |
11 514 |
9 699 |
19 |
18 |
21 907 |
18 723 |
17 |
18 |
|||||||||
Selling, general and administration |
-3 442 |
-3 091 |
-11 |
-9 |
-6 500 |
-5 931 |
-10 |
-10 |
|||||||||
Research and development |
-2 727 |
-2 367 |
-15 |
-11 |
-5 093 |
-4 788 |
-6 |
-5 |
|||||||||
Other income |
548 |
273 |
101 |
86 |
774 |
522 |
48 |
44 |
|||||||||
Other expense |
-1 029 |
-500 |
-106 |
-95 |
-1 561 |
-1 139 |
-37 |
-34 |
|||||||||
Operating income |
4 864 |
4 014 |
21 |
25 |
9 527 |
7 387 |
29 |
33 |
|||||||||
% of net sales |
34.6 |
32.1 |
34.9 |
30.3 |
|||||||||||||
Loss from associated companies |
-3 |
-2 |
-50 |
-34 |
-6 |
-31 |
81 |
81 |
|||||||||
Interest expense |
-289 |
-246 |
-17 |
-24 |
-559 |
-467 |
-20 |
-25 |
|||||||||
Other financial income and expense |
-41 |
75 |
nm |
nm |
-24 |
81 |
nm |
nm |
|||||||||
Income before taxes |
4 531 |
3 841 |
18 |
20 |
8 938 |
6 970 |
28 |
31 |
|||||||||
Income taxes |
-507 |
-595 |
15 |
13 |
-1 305 |
-1 036 |
-26 |
-28 |
|||||||||
Net income |
4 024 |
3 246 |
24 |
26 |
7 633 |
5 934 |
29 |
31 |
|||||||||
Basic earnings per share (USD) |
2.07 |
1.60 |
29 |
32 |
3.91 |
2.91 |
34 |
37 |
|||||||||
Net cash flows from operating activities |
6 664 |
4 875 |
37 |
10 309 |
7 140 |
44 |
|||||||||||
Non-IFRS measures 1 |
|||||||||||||||||
Free cash flow |
6 333 |
4 615 |
37 |
9 724 |
6 653 |
46 |
|||||||||||
Core operating income |
5 925 |
4 953 |
20 |
21 |
11 500 |
9 490 |
21 |
24 |
|||||||||
% of net sales |
42.2 |
39.6 |
42.1 |
39.0 |
|||||||||||||
Core net income |
4 710 |
4 008 |
18 |
19 |
9 192 |
7 689 |
20 |
22 |
|||||||||
Core basic earnings per share (USD) |
2.42 |
1.97 |
23 |
24 |
4.69 |
3.77 |
24 |
27 |
|||||||||
1 Constant currencies (cc), core results and free cash flow are non-IFRS measures. An explanation of non-IFRS measures can be found on page 40. Unless otherwise noted, all growth rates in this release refer to same period in prior-year. | |||||||||||||||||
Q2 2025 |
Q2 2024 |
% change |
% change |
H1 2025 |
H1 2024 |
% change |
% change |
||||||||||
USD m |
USD m |
USD |
cc |
USD m |
USD m |
USD |
cc |
||||||||||
Cardiovascular, renal and metabolic |
|||||||||||||||||
Entresto |
2 357 |
1 898 |
24 |
22 |
4 618 |
3 777 |
22 |
22 |
|||||||||
Leqvio |
298 |
182 |
64 |
61 |
555 |
333 |
67 |
66 |
|||||||||
Total cardiovascular, renal and metabolic |
2 655 |
2 080 |
28 |
26 |
5 173 |
4 110 |
26 |
26 |
|||||||||
Q2 2025 |
Q2 2024 |
% change |
% change |
H1 2025 |
H1 2024 |
% change |
% change |
||||||||||
USD m |
USD m |
USD |
cc |
USD m |
USD m |
USD |
cc |
||||||||||
Immunology |
|||||||||||||||||
Cosentyx |
1 629 |
1 526 |
7 |
6 |
3 163 |
2 852 |
11 |
11 |
|||||||||
Xolair 1 |
443 |
427 |
4 |
2 |
899 |
826 |
9 |
10 |
|||||||||
Ilaris |
477 |
368 |
30 |
27 |
896 |
724 |
24 |
24 |
|||||||||
Total immunology |
2 549 |
2 321 |
10 |
9 |
4 958 |
4 402 |
13 |
13 |
|||||||||
1 Net sales to third parties reflect Xolair sales for all indications. | |||||||||||||||||
Q2 2025 |
Q2 2024 |
% change |
% change |
H1 2025 |
H1 2024 |
% change |
% change |
||||||||||
USD m |
USD m |
USD |
cc |
USD m |
USD m |
USD |
cc |
||||||||||
Neuroscience |
|||||||||||||||||
Kesimpta |
1 077 |
799 |
35 |
33 |
1 976 |
1 436 |
38 |
38 |
|||||||||
Zolgensma |
297 |
349 |
-15 |
-17 |
624 |
644 |
-3 |
-3 |
|||||||||
Aimovig |
83 |
77 |
8 |
3 |
159 |
153 |
4 |
3 |
|||||||||
Total neuroscience |
1 457 |
1 225 |
19 |
17 |
2 759 |
2 233 |
24 |
23 |
|||||||||
Q2 2025 |
Q2 2024 |
% change |
% change |
H1 2025 |
H1 2024 |
% change |
% change |
||||||||||
USD m |
USD m |
USD |
cc |
USD m |
USD m |
USD |
cc |
||||||||||
Oncology |
|||||||||||||||||
Kisqali |
1177 |
717 |
64 |
64 |
2 133 |
1 344 |
59 |
60 |
|||||||||
Tafinlar + Mekinist 1 |
573 |
523 |
10 |
7 |
1 125 |
997 |
13 |
13 |
|||||||||
Promacta/Revolade |
502 |
544 |
-8 |
-9 |
1 048 |
1 064 |
-2 |
-1 |
|||||||||
Jakavi |
524 |
471 |
11 |
8 |
1 016 |
949 |
7 |
8 |
|||||||||
Pluvicto |
454 |
345 |
32 |
30 |
825 |
655 |
26 |
26 |
|||||||||
Tasigna |
327 |
446 |
-27 |
-27 |
704 |
841 |
-16 |
-15 |
|||||||||
Scemblix |
298 |
164 |
82 |
79 |
536 |
300 |
79 |
78 |
|||||||||
Lutathera |
207 |
175 |
18 |
17 |
400 |
344 |
16 |
16 |
|||||||||
Piqray/Vijoice |
111 |
120 |
-8 |
-8 |
211 |
229 |
-8 |
-8 |
|||||||||
Fabhalta 2 |
120 |
22 |
nm |
nm |
201 |
28 |
nm |
nm |
|||||||||
Total oncology |
4 293 |
3 527 |
22 |
20 |
8 199 |
6 751 |
21 |
22 |
|||||||||
1 Majority of sales for Mekinist and Tafinlar are combination, but both can be used as monotherapy. | |||||||||||||||||
2 Net sales to third parties reflect Fabhalta sales for all indications. | |||||||||||||||||
nm = not meaningful | |||||||||||||||||
Q2 2025 |
Q2 2024 |
% change |
% change |
H1 2025 |
H1 2024 |
% change |
% change |
||||||||||
USD m |
USD m |
USD |
cc |
USD m |
USD m |
USD |
cc |
||||||||||
Established brands |
|||||||||||||||||
Sandostatin Group |
303 |
313 |
-3 |
-3 |
620 |
668 |
-7 |
-6 |
|||||||||
Exforge Group |
191 |
178 |
7 |
7 |
370 |
370 |
0 |
3 |
|||||||||
Lucentis |
173 |
275 |
-37 |
-39 |
362 |
589 |
-39 |
-38 |
|||||||||
Diovan Group |
154 |
160 |
-4 |
-4 |
304 |
300 |
1 |
3 |
|||||||||
Galvus Group |
123 |
150 |
-18 |
-17 |
247 |
299 |
-17 |
-14 |
|||||||||
Kymriah |
99 |
113 |
-12 |
-14 |
199 |
233 |
-15 |
-15 |
|||||||||
Contract manufacturing |
276 |
271 |
2 |
-3 |
619 |
550 |
13 |
12 |
|||||||||
Other |
1 781 |
1 899 |
-6 |
-5 |
3 477 |
3 836 |
-9 |
-7 |
|||||||||
Total established brands |
3 100 |
3 359 |
-8 |
-8 |
6 198 |
6 845 |
-9 |
-8 |
|||||||||
Product |
Active ingredient/ Descriptor |
Indication |
Region |
|||||
Vanrafia |
atrasentan |
IgA nephropathy |
US |
|||||
Kisqali |
ribociclib |
Hormone receptor-positive / human epidermal growth factor receptor 2-negative early breast cancer (adjuvant) |
China |
|||||
Scemblix |
asciminib |
1L chronic myeloid leukemia |
Japan and China |
|||||
Fabhalta |
iptacopan |
C3 glomerulopathy |
Japan |
|||||
Coartem Baby |
artemether and lumefantrine |
Malaria (<5kg patients) |
Switzerland |
|||||
Completed submissions |
|||||||||||
Product |
Indication |
US |
EU |
Japan |
News update |
||||||
LOU064 (remibrutinib) |
Chronic spontaneous urticaria |
Q1 2025 |
Q1 2025 |
||||||||
Scemblix |
1L chronic myeloid leukemia |
Approved |
Q1 2025 |
Approved |
– Japan and China approvals |
||||||
OAV101 |
Spinal muscular atrophy (IT formulation) |
Q2 2025 |
Q2 2025 |
– EU and US submissions |
|||||||
Lutathera |
Gastroenteropancreatic neuroendocrine tumors, 1L in G2/3 tumors |
Q2 2024 |
– EU submission withdrawn (unrelated to quality, efficacy or safety of Lutathera) |
||||||||
Beovu |
Diabetic retinopathy |
Q4 2024 |
|||||||||
Compound/ product |
Potential indication/ Disease area |
First planned submissions |
Current Phase |
News update |
|||||
225Ac-PSMA-617 |
Metastatic castration-resistant prostate cancer |
≥2028 |
3 |
– PhIII started |
|||||
Aimovig |
Migraine, pediatrics |
≥2028 |
3 |
||||||
Cosentyx |
Giant cell arteritis |
3 |
– PhIII GCAptAIN study did not meet primary endpoint |
||||||
Polymyalgia rheumatica |
2026 |
3 |
|||||||
DAK539 (pelabresib) |
Myelofibrosis |
3 |
– MorphoSys aquisition – Based on Novartis review of 48-week data from the PhIII MANIFEST-2 study, longer follow-up time is needed to determine, in consultation with Health Authorities, the regulatory path for pelabresib in myelofibrosis |
||||||
FUB523 (zigakibart) |
IgA nephropathy |
2027 |
3 |
– Updated results from the PhI/II presented at ERA |
|||||
GHZ339 |
Atopic dermatitis |
≥2028 |
2 |
– PhII started |
|||||
JSB462 |
Prostate cancer |
≥2028 |
2 |
– PhIIs started |
|||||
KAE609 |
Malaria, uncomplicated |
≥2028 |
2 |
||||||
(cipargamin) |
Malaria, severe |
≥2028 |
2 |
||||||
Kesimpta |
Multiple sclerosis new dosing regimen |
≥2028 |
3 |
||||||
KLU156 (ganaplacide + lumefantrine) |
Malaria, uncomplicated |
2026 |
3 |
– FDA Orphan Drug designation – FDA Fast Track designation |
|||||
Leqvio |
Secondary prevention of cardiovascular events in patients with elevated LDL-C |
2027 |
3 |
||||||
Primary prevention CVRR |
≥2028 |
3 |
|||||||
Compound/ product |
Potential indication/ Disease area |
First planned submissions |
Current Phase |
News update |
|||||
LNP023 |
Myasthenia gravis |
2027 |
3 |
||||||
(iptacopan) |
IC-MPGN |
≥2028 |
3 |
||||||
Atypical haemolytic uraemic syndrome |
≥2028 |
3 |
|||||||
LOU064 |
CINDU |
2026 |
3 |
||||||
(remibrutinib) |
Food allergy |
≥2028 |
2 |
– PhII study met primary endpoint |
|||||
Hidradenitis suppurativa |
≥2028 |
3 |
|||||||
Multiple sclerosis |
2027 |
3 |
|||||||
Myasthenia gravis |
≥2028 |
3 |
|||||||
Lutathera |
GEP-NETs |
≥2028 |
3 |
||||||
177Lu-NeoB |
Multiple solid tumors |
≥2028 |
1 |
||||||
LXE408 |
Visceral leishmaniasis |
≥2028 |
2 |
– FDA Orphan Drug designation |
|||||
MAA868 (abelacimab) |
Atrial fibrillation |
2027 |
3 |
||||||
Pluvicto |
Metastatic hormone sensitive prostate cancer |
2025 |
3 |
– PSMAddition met primary endpoint with a statistically significant and clinically meaningful benefit in rPFS in patients treated with Pluvicto plus SoC versus SoC alone |
|||||
Oligometastatic prostate cancer |
≥2028 |
3 |
|||||||
QCZ484 |
Hypertension |
≥2028 |
2 |
||||||
TQJ230 (pelacarsen) |
Secondary prevention of cardiovascular events in patients with elevated levels of lipoprotein(a) |
2026 |
3 |
– FDA Fast Track designation – China Breakthrough Therapy designation |
|||||
VAY736 |
Sjögren’s disease |
2026 |
3 |
– FDA Fast Track designation |
|||||
(ianalumab) |
Lupus nephritis |
≥2028 |
3 |
||||||
Systemic lupus erythematosus |
≥2028 |
3 |
|||||||
Systemic sclerosis |
≥2028 |
2 |
|||||||
1L immune thrombocytopenia |
2027 |
3 |
|||||||
2L immune thrombocytopenia |
2027 |
3 |
|||||||
Warm autoimmune hemolytic anemia |
2027 |
3 |
|||||||
Vijoice |
Lymphatic malformations |
≥2028 |
3 |
– US, EU Orphan Drug designation |
|||||
YTB323 |
Severe refractory lupus nephritis / Systemic lupus erythematosus |
≥2028 |
2 |
– srSLE PhI/II data in 21 patients presented at EULAR |
|||||
1L high-risk large B-cell lymphoma |
≥2028 |
2 |
|||||||
Systemic sclerosis |
≥2028 |
2 |
|||||||
Myositis |
≥2028 |
2 |
|||||||
ANCA associated vasculitis |
≥2028 |
2 |
|||||||
Condensed Interim Consolidated Financial Statements
(USD millions unless indicated otherwise) |
Note |
Q2 2025 |
Q2 2024 |
||||
Net sales to third parties |
9 |
14 054 |
12 512 |
||||
Other revenues |
9 |
782 |
360 |
||||
Cost of goods sold |
-3 322 |
-3 173 |
|||||
Gross profit |
11 514 |
9 699 |
|||||
Selling, general and administration |
-3 442 |
-3 091 |
|||||
Research and development |
-2 727 |
-2 367 |
|||||
Other income |
548 |
273 |
|||||
Other expense |
-1 029 |
-500 |
|||||
Operating income |
4 864 |
4 014 |
|||||
Loss from associated companies |
-3 |
-2 |
|||||
Interest expense |
-289 |
-246 |
|||||
Other financial income and expense |
-41 |
75 |
|||||
Income before taxes |
4 531 |
3 841 |
|||||
Income taxes |
-507 |
-595 |
|||||
Net income |
4 024 |
3 246 |
|||||
Attributable to: |
|||||||
Shareholders of Novartis AG |
4 041 |
3 246 |
|||||
Non-controlling interests |
-17 |
0 |
|||||
Weighted average number of shares outstanding – Basic (million) |
1 948 |
2 033 |
|||||
Basic earnings per share (USD) 1 |
2.07 |
1.60 |
|||||
Weighted average number of shares outstanding – Diluted (million) |
1 960 |
2 046 |
|||||
Diluted earnings per share (USD) 1 |
2.06 |
1.59 |
|||||
1 Earnings per share (EPS) is calculated on the amount of net income attributable to shareholders of Novartis AG. | |||||||
The accompanying Notes form an integral part of the condensed interim consolidated financial statements | |||||||
(USD millions unless indicated otherwise) |
Note |
H1 2025 |
H1 2024 |
||||
Net sales to third parties |
9 |
27 287 |
24 341 |
||||
Other revenues |
9 |
1 169 |
651 |
||||
Cost of goods sold |
-6 549 |
-6 269 |
|||||
Gross profit |
21 907 |
18 723 |
|||||
Selling, general and administration |
-6 500 |
-5 931 |
|||||
Research and development |
-5 093 |
-4 788 |
|||||
Other income |
774 |
522 |
|||||
Other expense |
-1 561 |
-1 139 |
|||||
Operating income |
9 527 |
7 387 |
|||||
Loss from associated companies |
-6 |
-31 |
|||||
Interest expense |
-559 |
-467 |
|||||
Other financial income and expense |
-24 |
81 |
|||||
Income before taxes |
8 938 |
6 970 |
|||||
Income taxes |
-1 305 |
-1 036 |
|||||
Net income |
7 633 |
5 934 |
|||||
Attributable to: |
|||||||
Shareholders of Novartis AG |
7 647 |
5 934 |
|||||
Non-controlling interests |
-14 |
0 |
|||||
Weighted average number of shares outstanding – Basic (million) |
1 958 |
2 038 |
|||||
Basic earnings per share (USD) 1 |
3.91 |
2.91 |
|||||
Weighted average number of shares outstanding – Diluted (million) |
1 970 |
2 052 |
|||||
Diluted earnings per share (USD) 1 |
3.88 |
2.89 |
|||||
1 Earnings per share (EPS) is calculated on the amount of net income attributable to shareholders of Novartis AG. | |||||||
The accompanying Notes form an integral part of the condensed interim consolidated financial statements | |||||||
(USD millions) |
Note |
Q2 2025 |
Q2 2024 |
||||
Net income |
4 024 |
3 246 |
|||||
Other comprehensive income |
|||||||
Items that are or may be recycled into the consolidated income statement |
|||||||
Net investment hedge, net of taxes |
5 |
-173 |
14 |
||||
Currency translation effects, net of taxes |
2 114 |
40 |
|||||
Total of items that are or may be recycled |
1 941 |
54 |
|||||
Items that will never be recycled into the consolidated income statement |
|||||||
Actuarial gains from defined benefit plans, net of taxes |
44 |
57 |
|||||
Fair value adjustments on equity securities, net of taxes |
3 |
94 |
|||||
Total of items that will never be recycled |
47 |
151 |
|||||
Total other comprehensive income |
1 988 |
205 |
|||||
Total comprehensive income |
6 012 |
3 451 |
|||||
Total comprehensive income for the period attributable to: |
|||||||
Shareholders of Novartis AG |
6 028 |
3 453 |
|||||
Non-controlling interests |
-16 |
-2 |
|||||
The accompanying Notes form an integral part of the condensed interim consolidated financial statements | |||||||
(USD millions) |
Note |
H1 2025 |
H1 2024 |
||||
Net income |
7 633 |
5 934 |
|||||
Other comprehensive income |
|||||||
Items that are or may be recycled into the consolidated income statement |
|||||||
Cash flow hedge, net of taxes |
1 |
||||||
Net investment hedge, net of taxes |
5 |
-233 |
51 |
||||
Currency translation effects, net of taxes |
2 834 |
-1 364 |
|||||
Total of items that are or may be recycled |
2 602 |
-1 313 |
|||||
Items that will never be recycled into the consolidated income statement |
|||||||
Actuarial gains from defined benefit plans, net of taxes |
480 |
136 |
|||||
Fair value adjustments on equity securities, net of taxes |
-53 |
119 |
|||||
Total of items that will never be recycled |
427 |
255 |
|||||
Total other comprehensive income |
3 029 |
-1 058 |
|||||
Total comprehensive income |
10 662 |
4 876 |
|||||
Total comprehensive income for the period attributable to: |
|||||||
Shareholders of Novartis AG |
10 674 |
4 880 |
|||||
Non-controlling interests |
-12 |
-4 |
|||||
The accompanying Notes form an integral part of the condensed interim consolidated financial statements | |||||||
(USD millions) |
Jun 30, 2025 (unaudited) |
Dec 31, 2024 (audited) |
|||
Assets |
|||||
Non-current assets |
|||||
Property, plant and equipment |
10 380 |
9 458 |
|||
Right-of-use assets |
1 446 |
1 415 |
|||
Goodwill |
25 553 |
24 756 |
|||
Intangible assets other than goodwill |
29 240 |
26 915 |
|||
Investments in associated companies |
92 |
119 |
|||
Deferred tax assets |
5 202 |
4 359 |
|||
Financial assets |
2 069 |
2 015 |
|||
Other non-current assets |
4 474 |
3 505 |
|||
Total non-current assets |
78 456 |
72 542 |
|||
Current assets |
|||||
Inventories |
6 307 |
5 723 |
|||
Trade receivables |
9 056 |
7 423 |
|||
Income tax receivables |
120 |
133 |
|||
Marketable securities, commodities, time deposits and derivative financial instruments |
344 |
1 998 |
|||
Cash and cash equivalents |
6 656 |
11 459 |
|||
Other current assets |
3 456 |
2 968 |
|||
Total current assets |
25 939 |
29 704 |
|||
Total assets |
104 395 |
102 246 |
|||
Equity and liabilities |
|||||
Equity |
|||||
Share capital |
766 |
793 |
|||
Treasury shares |
-33 |
-53 |
|||
Reserves |
41 252 |
43 306 |
|||
Equity attributable to Novartis AG shareholders |
41 985 |
44 046 |
|||
Non-controlling interests |
69 |
80 |
|||
Total equity |
42 054 |
44 126 |
|||
Liabilities |
|||||
Non-current liabilities |
|||||
Financial debts |
22 470 |
21 366 |
|||
Lease liabilities |
1 594 |
1 568 |
|||
Deferred tax liabilities |
2 321 |
2 419 |
|||
Provisions and other non-current liabilities |
4 242 |
4 075 |
|||
Total non-current liabilities |
30 627 |
29 428 |
|||
Current liabilities |
|||||
Trade payables |
4 506 |
4 572 |
|||
Financial debts and derivative financial instruments |
8 314 |
8 232 |
|||
Lease liabilities |
259 |
235 |
|||
Current income tax liabilities |
2 826 |
1 599 |
|||
Provisions and other current liabilities |
15 809 |
14 054 |
|||
Total current liabilities |
31 714 |
28 692 |
|||
Total liabilities |
62 341 |
58 120 |
|||
Total equity and liabilities |
104 395 |
102 246 |
|||
The accompanying Notes form an integral part of the condensed interim consolidated financial statements | |||||
Reserves |
|||||||||||||||||
(USD millions) |
Note |
Share capital |
Treasury shares |
Retained earnings |
Total value adjustments |
Equity attributable to Novartis AG shareholders |
Non- controlling interests |
Total equity |
|||||||||
Total equity at April 1, 2025 |
766 |
-19 |
39 839 |
-2 217 |
38 369 |
83 |
38 452 |
||||||||||
Net income |
4 041 |
4 041 |
-17 |
4 024 |
|||||||||||||
Other comprehensive income |
1 987 |
1 987 |
1 |
1 988 |
|||||||||||||
Total comprehensive income |
4 041 |
1 987 |
6 028 |
-16 |
6 012 |
||||||||||||
Purchase of treasury shares |
-15 |
-2 702 |
-2 717 |
-2 717 |
|||||||||||||
Equity-based compensation plans |
1 |
283 |
284 |
284 |
|||||||||||||
Taxes on treasury share transactions |
-2 |
-2 |
-2 |
||||||||||||||
Changes in non-controlling interests |
2 |
2 |
|||||||||||||||
Value adjustments related to financial assets sold and divestments |
45 |
-45 |
|||||||||||||||
Other movements |
4.3 |
23 |
23 |
23 |
|||||||||||||
Total of other equity movements |
-14 |
-2 353 |
-45 |
-2 412 |
2 |
-2 410 |
|||||||||||
Total equity at June 30, 2025 |
766 |
-33 |
41 527 |
-275 |
41 985 |
69 |
42 054 |
||||||||||
The accompanying Notes form an integral part of the condensed interim consolidated financial statements | |||||||||||||||||
Reserves |
|||||||||||||||||
(USD millions) |
Note |
Share capital |
Treasury shares |
Retained earnings |
Total value adjustments |
Equity attributable to Novartis AG shareholders |
Non- controlling interests |
Total equity |
|||||||||
Total equity at April 1, 2024 |
793 |
-17 |
43 834 |
-4 935 |
39 675 |
81 |
39 756 |
||||||||||
Net income |
3 246 |
3 246 |
0 |
3 246 |
|||||||||||||
Other comprehensive income |
207 |
207 |
-2 |
205 |
|||||||||||||
Total comprehensive income |
3 246 |
207 |
3 453 |
-2 |
3 451 |
||||||||||||
Purchase of treasury shares |
-9 |
-1 663 |
-1 672 |
-1 672 |
|||||||||||||
Exercise of options and employee transactions |
-1 |
-1 |
-1 |
||||||||||||||
Equity-based compensation |
1 |
267 |
268 |
268 |
|||||||||||||
Shares delivered to Sandoz employees as a result of the Sandoz spin-off |
2 |
2 |
2 |
||||||||||||||
Taxes on treasury share transactions |
-12 |
-12 |
-12 |
||||||||||||||
Fair value adjustments on financial assets sold |
143 |
-143 |
|||||||||||||||
Impact of change in ownership of consolidated entities |
-28 |
-28 |
90 |
62 |
|||||||||||||
Other movements |
4.3 |
48 |
48 |
48 |
|||||||||||||
Total of other equity movements |
-8 |
-1 244 |
-143 |
-1 395 |
90 |
-1 305 |
|||||||||||
Total equity at June 30, 2024 |
793 |
-25 |
45 836 |
-4 871 |
41 733 |
169 |
41 902 |
||||||||||
The accompanying Notes form an integral part of the condensed interim consolidated financial statements | |||||||||||||||||
Reserves |
|||||||||||||||||
(USD millions) |
Note |
Share capital |
Treasury shares |
Retained earnings |
Total value adjustments |
Equity attributable to Novartis AG shareholders |
Non- controlling interests |
Total equity |
|||||||||
Total equity at January 1, 2025 |
793 |
-53 |
46 561 |
-3 255 |
44 046 |
80 |
44 126 |
||||||||||
Net income |
7 647 |
7 647 |
-14 |
7 633 |
|||||||||||||
Other comprehensive income |
3 027 |
3 027 |
2 |
3 029 |
|||||||||||||
Total comprehensive income |
7 647 |
3 027 |
10 674 |
-12 |
10 662 |
||||||||||||
Dividends |
4.1 |
-7 818 |
-7 818 |
-7 818 |
|||||||||||||
Purchase of treasury shares |
-29 |
-5 480 |
-5 509 |
-5 509 |
|||||||||||||
Reduction of share capital |
-27 |
42 |
-15 |
||||||||||||||
Equity-based compensation plans |
7 |
550 |
557 |
557 |
|||||||||||||
Taxes on treasury share transactions |
-33 |
-33 |
-33 |
||||||||||||||
Changes in non-controlling interests |
1 |
1 |
1 |
2 |
|||||||||||||
Value adjustments related to financial assets sold and divestments |
47 |
-47 |
|||||||||||||||
Other movements |
4.3 |
67 |
67 |
67 |
|||||||||||||
Total of other equity movements |
-27 |
20 |
-12 681 |
-47 |
-12 735 |
1 |
-12 734 |
||||||||||
Total equity at June 30, 2025 |
766 |
-33 |
41 527 |
-275 |
41 985 |
69 |
42 054 |
||||||||||
The accompanying Notes form an integral part of the condensed interim consolidated financial statements | |||||||||||||||||
Reserves |
|||||||||||||||||
(USD millions) |
Note |
Share capital |
Treasury shares |
Retained earnings |
Total value adjustments |
Equity attributable to Novartis AG shareholders |
Non- controlling interests |
Total equity |
|||||||||
Total equity at January 1, 2024 |
825 |
-41 |
49 649 |
-3 766 |
46 667 |
83 |
46 750 |
||||||||||
Net income |
5 934 |
5 934 |
0 |
5 934 |
|||||||||||||
Other comprehensive income |
-1 054 |
-1 054 |
-4 |
-1 058 |
|||||||||||||
Total comprehensive income |
5 934 |
-1 054 |
4 880 |
-4 |
4 876 |
||||||||||||
Dividends |
4.1 |
-7 624 |
-7 624 |
-7 624 |
|||||||||||||
Purchase of treasury shares |
-15 |
-2 798 |
-2 813 |
-2 813 |
|||||||||||||
Reduction of share capital |
-32 |
26 |
6 |
||||||||||||||
Exercise of options and employee transactions |
-35 |
-35 |
-35 |
||||||||||||||
Equity-based compensation |
5 |
547 |
552 |
552 |
|||||||||||||
Shares delivered to Sandoz employees as a result of the Sandoz spin-off |
12 |
12 |
12 |
||||||||||||||
Taxes on treasury share transactions |
8 |
8 |
8 |
||||||||||||||
Fair value adjustments on financial assets sold |
51 |
-51 |
|||||||||||||||
Impact of change in ownership of consolidated entities |
-28 |
-28 |
90 |
62 |
|||||||||||||
Other movements |
4.3 |
114 |
114 |
114 |
|||||||||||||
Total of other equity movements |
-32 |
16 |
-9 747 |
-51 |
-9 814 |
90 |
-9 724 |
||||||||||
Total equity at June 30, 2024 |
793 |
-25 |
45 836 |
-4 871 |
41 733 |
169 |
41 902 |
||||||||||
The accompanying Notes form an integral part of the condensed interim consolidated financial statements | |||||||||||||||||
(USD millions) |
Note |
Q2 2025 |
Q2 2024 |
||||
Net income |
4 024 |
3 246 |
|||||
Adjustments to reconcile net income to net cash flows from operating activities |
|||||||
Reversal of non-cash items and other adjustments |
6.1 |
2 954 |
2 400 |
||||
Dividends received from associated companies and others |
1 |
1 |
|||||
Interest received |
39 |
71 |
|||||
Interest paid |
-248 |
-255 |
|||||
Change in other financial receipts |
398 |
||||||
Change in other financial payments |
8 |
-65 |
|||||
Income taxes paid |
-675 |
-473 |
|||||
Net cash flows from operating activities before working capital and provision changes |
6 501 |
4 925 |
|||||
Payments out of provisions and other net cash movements in non-current liabilities |
-279 |
-288 |
|||||
Change in net current assets and other operating cash flow items |
6.2 |
442 |
238 |
||||
Net cash flows from operating activities |
6 664 |
4 875 |
|||||
Purchases of property, plant and equipment |
-331 |
-260 |
|||||
Proceeds from sale of property, plant and equipment |
1 |
37 |
|||||
Purchases of intangible assets |
-227 |
-468 |
|||||
Proceeds from sale of intangible assets |
20 |
||||||
Purchases of financial assets |
-22 |
-45 |
|||||
Proceeds from sale of financial assets |
20 |
647 |
|||||
Acquisitions and divestments of interests in associated companies, net |
-3 |
-12 |
|||||
Acquisitions and divestments of businesses, net |
6.3 |
-138 |
-3 319 |
||||
Acquisitions applying optional concentration test |
6.4 |
-1 537 |
|||||
Purchases of marketable securities, commodities and time deposits |
-36 |
-237 |
|||||
Proceeds from sale of marketable securities, commodities and time deposits |
30 |
430 |
|||||
Net cash flows used in investing activities |
-2 243 |
-3 207 |
|||||
Dividends paid to shareholders of Novartis AG |
4.1 |
-2 485 |
-2 417 |
||||
Purchases of treasury shares |
-2 714 |
-1 616 |
|||||
Proceeds from exercised options and other treasury share transactions, net |
20 |
25 |
|||||
Proceeds from non-current financial debts |
2 473 |
||||||
Repayments of the current portion of non-current financial debts |
-603 |
-2 150 |
|||||
Change in current financial debts |
850 |
569 |
|||||
Payments of lease liabilities |
-66 |
-59 |
|||||
Payments from changes in ownership interests in consolidated subsidiaries |
-47 |
||||||
Other financing cash flows, net |
-215 |
22 |
|||||
Net cash flows used in financing activities |
-5 213 |
-3 200 |
|||||
Net change in cash and cash equivalents before effect of exchange rate changes |
-792 |
-1 532 |
|||||
Effect of exchange rate changes on cash and cash equivalents |
382 |
-34 |
|||||
Net change in cash and cash equivalents |
-410 |
-1 566 |
|||||
Cash and cash equivalents at April 1 |
7 066 |
9 469 |
|||||
Cash and cash equivalents at June 30 |
6 656 |
7 903 |
|||||
The accompanying Notes form an integral part of the condensed interim consolidated financial statements | |||||||
(USD millions) |
Note |
H1 2025 |
H1 2024 |
||||
Net income |
7 633 |
5 934 |
|||||
Adjustments to reconcile net income to net cash flows from operating activities |
|||||||
Reversal of non-cash items and other adjustments |
6.1 |
5 666 |
4 897 |
||||
Dividends received from associated companies and others |
1 |
1 |
|||||
Interest received |
161 |
235 |
|||||
Interest paid |
-480 |
-402 |
|||||
Other financial receipts |
398 |
||||||
Other financial payments |
-13 |
-94 |
|||||
Income taxes paid |
-1 215 |
-1 049 |
|||||
Net cash flows from operating activities before working capital and provision changes |
12 151 |
9 522 |
|||||
Payments out of provisions and other net cash movements in non-current liabilities |
-516 |
-631 |
|||||
Change in net current assets and other operating cash flow items |
6.2 |
-1 326 |
-1 751 |
||||
Net cash flows from operating activities |
10 309 |
7 140 |
|||||
Purchases of property, plant and equipment |
-585 |
-487 |
|||||
Proceeds from sale of property, plant and equipment |
11 |
38 |
|||||
Purchases of intangible assets |
-1 467 |
-1 397 |
|||||
Proceeds from sale of intangible assets |
20 |
||||||
Purchases of financial assets |
-40 |
-92 |
|||||
Proceeds from sale of financial assets |
45 |
710 |
|||||
Acquisitions and divestments of interests in associated companies, net |
-6 |
4 |
|||||
Acquisitions and divestments of businesses, net |
6.3 |
-142 |
-3 598 |
||||
Acquisitions applying optional concentration test |
6.4 |
-1 537 |
|||||
Purchases of marketable securities, commodities and time deposits |
-73 |
-240 |
|||||
Proceeds from sale of marketable securities, commodities and time deposits |
1 881 |
936 |
|||||
Net cash flows used in investing activities |
-1 913 |
-4 106 |
|||||
Dividends paid to shareholders of Novartis AG |
4.1 |
-7 818 |
-7 624 |
||||
Purchases of treasury shares |
-5 430 |
-2 715 |
|||||
Proceeds from exercised options and other treasury share transactions, net |
21 |
25 |
|||||
Proceeds from non-current financial debts |
2 473 |
||||||
Repayments of the current portion of non-current financial debts |
-1 613 |
-2 150 |
|||||
Change in current financial debts |
1 406 |
1 789 |
|||||
Payments of lease liabilities |
-135 |
-126 |
|||||
Payments from changes in ownership interests in consolidated subsidiaries |
-47 |
||||||
Other financing cash flows, net |
-192 |
11 |
|||||
Net cash flows used in financing activities |
-13 761 |
-8 364 |
|||||
Net change in cash and cash equivalents before effect of exchange rate changes |
-5 365 |
-5 330 |
|||||
Effect of exchange rate changes on cash and cash equivalents |
562 |
-160 |
|||||
Net change in cash and cash equivalents |
-4 803 |
-5 490 |
|||||
Cash and cash equivalents at January 1 |
11 459 |
13 393 |
|||||
Cash and cash equivalents at June 30 |
6 656 |
7 903 |
|||||
The accompanying Notes form an integral part of the condensed interim consolidated financial statements | |||||||
Notes to the Condensed Interim Consolidated Financial Statements for the three month and six month period ended June 30, 2025 (unaudited)
(USD millions) |
Dec 31, 2024 |
||
Property, plant and equipment |
20 |
||
Right-of-use assets |
47 |
||
In-process research and development |
1 424 |
||
Other intangible assets |
1 156 |
||
Deferred tax assets |
465 |
||
Non-current financial and other assets |
31 |
||
Financial and other current assets |
613 |
||
Cash and cash equivalents |
242 |
||
Deferred tax liabilities |
-799 |
||
Current and non-current financial debts |
-852 |
||
Current and non-current lease liabilities |
-47 |
||
Trade payables and other liabilities |
-297 |
||
Net identifiable assets acquired |
2 003 |
||
Non-controlling interests |
-75 |
||
Goodwill |
2 701 |
||
Total purchase consideration for business combinations |
4 629 |
||
(USD millions) |
Jun 30, 2025 |
||
Property, plant and equipment |
4 |
||
Right-of-use assets |
8 |
||
In-process research and development |
1 664 |
||
Deferred tax assets 1 |
125 |
||
Non-current financial and other assets |
14 |
||
Other current assets |
10 |
||
Cash and cash equivalents |
70 |
||
Current and non-current lease liabilities |
-8 |
||
Trade payables and other liabilities |
-95 |
||
Identifiable net assets acquired |
1 792 |
||
1 Deferred tax assets are attributable to tax loss and tax credit carryforwards. | |||
Number of outstanding shares (in millions) |
Equity attributable to Novartis AG shareholders |
||||||||||
Note |
2025 |
2024 |
H1 2025 USD millions |
H1 2024 USD millions |
|||||||
Balance at beginning of year |
1 975.1 |
2 044.0 |
44 046 |
46 667 |
|||||||
Shares acquired to be canceled |
-48.8 |
-26.7 |
-5 350 |
-2 698 |
|||||||
Other share purchases |
-1.6 |
-1.1 |
-159 |
-115 |
|||||||
Equity-based compensation plans and employee transactions |
11.1 |
8.3 |
557 |
517 |
|||||||
Taxes on treasury share transactions |
-33 |
8 |
|||||||||
Dividends |
4.1 |
-7 818 |
-7 624 |
||||||||
Net income of the period attributable to shareholders of Novartis AG |
7 647 |
5 934 |
|||||||||
Other comprehensive income attributable to shareholders of Novartis AG |
3 027 |
-1 054 |
|||||||||
Changes in non-controlling interests |
1 |
-28 |
|||||||||
Other movements |
4.3 |
0.1 |
0.1 |
67 |
126 |
||||||
Balance at June 30 |
1 935.9 |
2 024.6 |
41 985 |
41 733 |
|||||||
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||||
(USD millions) |
Jun 30, 2025 |
Dec 31, 2024 |
Jun 30, 2025 |
Dec 31, 2024 |
Jun 30, 2025 |
Dec 31, 2024 |
Jun 30, 2025 |
Dec 31, 2024 |
|||||||||
Financial assets |
|||||||||||||||||
Cash and cash equivalents |
|||||||||||||||||
Debt securities |
50 |
50 |
50 |
50 |
|||||||||||||
Total cash and cash equivalents at fair value |
50 |
50 |
50 |
50 |
|||||||||||||
Marketable securities |
|||||||||||||||||
Derivative financial instruments |
268 |
106 |
268 |
106 |
|||||||||||||
Total marketable securities and derivative financial instruments at fair value |
268 |
106 |
268 |
106 |
|||||||||||||
Current contingent consideration receivables |
125 |
120 |
125 |
120 |
|||||||||||||
Current equity securities |
21 |
24 |
18 |
18 |
39 |
42 |
|||||||||||
Long-term financial investments |
|||||||||||||||||
Debt and equity securities |
158 |
193 |
8 |
7 |
571 |
599 |
737 |
799 |
|||||||||
Fund investments |
11 |
15 |
161 |
195 |
172 |
210 |
|||||||||||
Non-current contingent consideration receivables |
761 |
671 |
761 |
671 |
|||||||||||||
Total long-term financial investments at fair value |
169 |
208 |
8 |
7 |
1 493 |
1 465 |
1 670 |
1 680 |
|||||||||
Associated companies at fair value through profit or loss |
83 |
109 |
83 |
109 |
|||||||||||||
Financial liabilities |
|||||||||||||||||
Current contingent consideration liabilities |
-197 |
-281 |
-197 |
-281 |
|||||||||||||
Derivative financial instruments |
-278 |
-143 |
-278 |
-143 |
|||||||||||||
Total current financial liabilities at fair value |
-278 |
-143 |
-197 |
-281 |
-475 |
-424 |
|||||||||||
Non-current contingent consideration liabilities |
-478 |
-527 |
-478 |
-527 |
|||||||||||||
(USD millions) |
Q2 2025 |
Q2 2024 |
|||
Depreciation, amortization and impairments on: |
|||||
Property, plant and equipment |
245 |
228 |
|||
Right-of-use assets |
68 |
61 |
|||
Intangible assets |
943 |
873 |
|||
Financial assets 1 |
-4 |
-22 |
|||
Change in provisions and other non-current liabilities |
665 |
204 |
|||
(Gains)/losses on disposal on property, plant and equipment; intangible assets; other non-current assets; and other adjustments on financial assets and other non-current assets, net |
-67 |
72 |
|||
Equity-settled compensation expense |
267 |
257 |
|||
Loss from associated companies |
3 |
2 |
|||
Income taxes |
507 |
595 |
|||
Net financial expense |
330 |
171 |
|||
Other |
-3 |
-41 |
|||
Total |
2 954 |
2 400 |
|||
1 Includes fair value changes | |||||
(USD millions) |
H1 2025 |
H1 2024 |
|||
Depreciation, amortization and impairments on: |
|||||
Property, plant and equipment |
462 |
447 |
|||
Right-of-use assets |
133 |
124 |
|||
Intangible assets |
1 815 |
1 905 |
|||
Financial assets 1 |
37 |
6 |
|||
Change in provisions and other non-current liabilities |
847 |
367 |
|||
(Gains)/losses on disposal on property, plant and equipment; intangible assets; other non-current assets; and other adjustments on financial assets and other non-current assets, net |
-45 |
142 |
|||
Equity-settled compensation expense |
529 |
517 |
|||
Loss from associated companies |
6 |
31 |
|||
Income taxes |
1 305 |
1 036 |
|||
Net financial expense |
583 |
386 |
|||
Other |
-6 |
-64 |
|||
Total |
5 666 |
4 897 |
|||
1 Includes fair value changes | |||||
(USD millions) |
Q2 2025 |
Q2 2024 |
H1 2025 |
H1 2024 |
|||||
(Increase)/decrease in inventories |
-44 |
-18 |
11 |
-146 |
|||||
Increase in trade receivables |
-167 |
-501 |
-1 210 |
-1 421 |
|||||
Decrease in trade payables |
-143 |
-142 |
-315 |
-551 |
|||||
Change in other current and non-current assets |
172 |
-105 |
-252 |
-377 |
|||||
Change in other current liabilities |
624 |
1 004 |
440 |
744 |
|||||
Total |
442 |
238 |
-1 326 |
-1 751 |
|||||
(USD millions) |
Q2 2025 |
Q2 2024 |
H1 2025 |
H1 2024 |
|||||
Total purchase consideration for acquisitions of businesses |
0 |
-3 807 |
0 |
-4 105 |
|||||
Acquired cash and cash equivalents |
234 |
236 |
|||||||
Contingent consideration payable, net |
-127 |
233 |
-127 |
280 |
|||||
Deferred considerations and other adjustments, net |
47 |
55 |
|||||||
Cash flows used for acquisitions of businesses 1 |
-127 |
-3 293 |
-127 |
-3 534 |
|||||
Cash flows used for divestments of businesses, net 2 |
-11 |
-26 |
-15 |
-64 |
|||||
Cash flows used for acquisitions and divestments of businesses, net |
-138 |
-3 319 |
-142 |
-3 598 |
|||||
1 The second quarter and first half of 2024 included the payments for purchases of MorphoSys shares by Novartis during the Offer period totaling EUR 0.3 billion (USD 0.3 billion), see Note 3 for further information. | |||||||||
2 In the first half of 2025, USD 15 million represented the net cash outflows from divestments in previous years, including an advance receipt of a portion of sale proceeds in the second quarter. In that quarter, net cash outflows amounted to USD 11 million from divestments in previous years, which included this advance receipt. | |||||||||
In the first half of 2024, USD 64 million (Q2 2024: USD 26 million) represented the net cash outflows from divestments in previous years. | |||||||||
Q2 2025 USD m |
Q2 2024 USD m |
% change USD |
% change cc2 |
Q2 2025 % of total |
Q2 2024 % of total |
||||||||
US |
6 249 |
5 146 |
21 |
21 |
44 |
41 |
|||||||
Europe |
4 170 |
3 867 |
8 |
3 |
30 |
31 |
|||||||
Asia/Africa/Australasia |
2 713 |
2 594 |
5 |
3 |
19 |
21 |
|||||||
Canada and Latin America |
922 |
905 |
2 |
15 |
7 |
7 |
|||||||
Total |
14 054 |
12 512 |
12 |
11 |
100 |
100 |
|||||||
Of which in established markets |
10 537 |
9 162 |
15 |
13 |
75 |
73 |
|||||||
Of which in emerging growth markets |
3 517 |
3 350 |
5 |
7 |
25 |
27 |
|||||||
1 Net sales to third parties by location of customer. Emerging growth markets comprise all markets other than the established markets of the US, Canada, Western Europe, Japan, Australia and New Zealand. Novartis definition of Western Europe includes Austria, Belgium, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Malta, The Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. | |||||||||||||
2 Constant currencies (cc) is a non-IFRS measure. A definition of non-IFRS measures used by Novartis can be found starting on page 40. | |||||||||||||
H1 2025 USD m |
H1 2024 USD m |
% change USD |
% change cc2 |
H1 2025 % of total |
H1 2024 % of total |
||||||||
US |
11 961 |
9 734 |
23 |
23 |
44 |
40 |
|||||||
Europe |
8 075 |
7 631 |
6 |
5 |
30 |
31 |
|||||||
Asia/Africa/Australasia |
5 485 |
5 174 |
6 |
6 |
20 |
21 |
|||||||
Canada and Latin America |
1 766 |
1 802 |
-2 |
12 |
6 |
8 |
|||||||
Total |
27 287 |
24 341 |
12 |
13 |
100 |
100 |
|||||||
Of which in established markets |
20 206 |
17 650 |
14 |
14 |
74 |
73 |
|||||||
Of which in emerging growth markets |
7 081 |
6 691 |
6 |
10 |
26 |
27 |
|||||||
1 Net sales to third parties by location of customer. Emerging growth markets comprise all markets other than the established markets of the US, Canada, Western Europe, Japan, Australia and New Zealand. Novartis definition of Western Europe includes Austria, Belgium, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Malta, The Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. | |||||||||||||
2 Constant currencies (cc) is a non-IFRS measure. A definition of non-IFRS measures used by Novartis can be found starting on page 40. | |||||||||||||
Q2 2025 |
Q2 2024 |
% change |
% change |
||||||
USD m |
USD m |
USD |
cc1 |
||||||
Cardiovascular, renal and metabolic |
|||||||||
Entresto |
2 357 |
1 898 |
24 |
22 |
|||||
Leqvio |
298 |
182 |
64 |
61 |
|||||
Total cardiovascular, renal and metabolic |
2 655 |
2 080 |
28 |
26 |
|||||
Immunology |
|||||||||
Cosentyx |
1 629 |
1 526 |
7 |
6 |
|||||
Xolair 2 |
443 |
427 |
4 |
2 |
|||||
Ilaris |
477 |
368 |
30 |
27 |
|||||
Total immunology 3 |
2 549 |
2 321 |
10 |
9 |
|||||
Neuroscience |
|||||||||
Kesimpta |
1 077 |
799 |
35 |
33 |
|||||
Zolgensma |
297 |
349 |
-15 |
-17 |
|||||
Aimovig |
83 |
77 |
8 |
3 |
|||||
Total neuroscience |
1 457 |
1 225 |
19 |
17 |
|||||
Oncology |
|||||||||
Kisqali |
1 177 |
717 |
64 |
64 |
|||||
Tafinlar + Mekinist |
573 |
523 |
10 |
7 |
|||||
Promacta/Revolade |
502 |
544 |
-8 |
-9 |
|||||
Jakavi |
524 |
471 |
11 |
8 |
|||||
Pluvicto |
454 |
345 |
32 |
30 |
|||||
Tasigna |
327 |
446 |
-27 |
-27 |
|||||
Scemblix |
298 |
164 |
82 |
79 |
|||||
Lutathera |
207 |
175 |
18 |
17 |
|||||
Piqray/Vijoice |
111 |
120 |
-8 |
-8 |
|||||
Fabhalta 4 |
120 |
22 |
nm |
nm |
|||||
Total oncology 3 |
4 293 |
3 527 |
22 |
20 |
|||||
Established brands |
|||||||||
Sandostatin Group |
303 |
313 |
-3 |
-3 |
|||||
Exforge Group |
191 |
178 |
7 |
7 |
|||||
Lucentis |
173 |
275 |
-37 |
-39 |
|||||
Diovan Group |
154 |
160 |
-4 |
-4 |
|||||
Galvus Group |
123 |
150 |
-18 |
-17 |
|||||
Kymriah 3 |
99 |
113 |
-12 |
-14 |
|||||
Contract manufacturing |
276 |
271 |
2 |
-3 |
|||||
Other 3 |
1 781 |
1 899 |
-6 |
-5 |
|||||
Total established brands 3 |
3 100 |
3 359 |
-8 |
-8 |
|||||
Total net sales to third parties |
14 054 |
12 512 |
12 |
11 |
|||||
1 Constant currencies (cc) is a non-IFRS measure. A definition of non-IFRS measures used by Novartis can be found starting on page 40. | |||||||||
2 Net sales to third parties reflect Xolair sales for all indications. | |||||||||
3 Reclassified to conform with 2025 presentation of brands by therapeutic area and established brands. | |||||||||
4 Net sales to third parties reflect Fabhalta sales for all indications. | |||||||||
nm = not meaningful | |||||||||
H1 2025 |
H1 2024 |
% change |
% change |
||||||
USD m |
USD m |
USD |
cc1 |
||||||
Cardiovascular, renal and metabolic |
|||||||||
Entresto |
4 618 |
3 777 |
22 |
22 |
|||||
Leqvio |
555 |
333 |
67 |
66 |
|||||
Total cardiovascular, renal and metabolic |
5 173 |
4 110 |
26 |
26 |
|||||
Immunology |
|||||||||
Cosentyx |
3 163 |
2 852 |
11 |
11 |
|||||
Xolair 2 |
899 |
826 |
9 |
10 |
|||||
Ilaris |
896 |
724 |
24 |
24 |
|||||
Total immunology 3 |
4 958 |
4 402 |
13 |
13 |
|||||
Neuroscience |
|||||||||
Kesimpta |
1 976 |
1 436 |
38 |
38 |
|||||
Zolgensma |
624 |
644 |
-3 |
-3 |
|||||
Aimovig |
159 |
153 |
4 |
3 |
|||||
Total neuroscience 3 |
2 759 |
2 233 |
24 |
23 |
|||||
Oncology |
|||||||||
Kisqali |
2 133 |
1 344 |
59 |
60 |
|||||
Tafinlar + Mekinist |
1 125 |
997 |
13 |
13 |
|||||
Promacta/Revolade |
1 048 |
1 064 |
-2 |
-1 |
|||||
Jakavi |
1 016 |
949 |
7 |
8 |
|||||
Pluvicto |
825 |
655 |
26 |
26 |
|||||
Tasigna |
704 |
841 |
-16 |
-15 |
|||||
Scemblix |
536 |
300 |
79 |
78 |
|||||
Lutathera |
400 |
344 |
16 |
16 |
|||||
Piqray/Vijoice |
211 |
229 |
-8 |
-8 |
|||||
Fabhalta 4 |
201 |
28 |
nm |
nm |
|||||
Total oncology 3 |
8 199 |
6 751 |
21 |
22 |
|||||
Established brands |
|||||||||
Sandostatin Group |
620 |
668 |
-7 |
-6 |
|||||
Exforge Group |
370 |
370 |
0 |
3 |
|||||
Lucentis |
362 |
589 |
-39 |
-38 |
|||||
Diovan Group |
304 |
300 |
1 |
3 |
|||||
Galvus Group |
247 |
299 |
-17 |
-14 |
|||||
Kymriah 3 |
199 |
233 |
-15 |
-15 |
|||||
Contract manufacturing |
619 |
550 |
13 |
12 |
|||||
Other 3 |
3 477 |
3 836 |
-9 |
-7 |
|||||
Total established brands 3 |
6 198 |
6 845 |
-9 |
-8 |
|||||
Total net sales to third parties |
27 287 |
24 341 |
12 |
13 |
|||||
1 Constant currencies (cc) is a non-IFRS measure. A definition of non-IFRS measures used by Novartis can be found starting on page 40. | |||||||||
2 Net sales to third parties reflect Xolair sales for all indications. | |||||||||
3 Reclassified to conform with 2025 presentation of brands by therapeutic area and established brands. | |||||||||
4 Net sales to third parties reflect Fabhalta sales for all indications. | |||||||||
nm = not meaningful | |||||||||
US |
Rest of world |
Total |
|||||||||||||||||||
Brands |
Brand classification by therapeutic area or established brands |
Key indications |
USD m |
% change USD/cc2 |
USD m |
% change USD |
% change cc2 |
USD m |
% change USD |
% change cc2 |
|||||||||||
Entresto |
Cardiovascular, renal and metabolic |
Chronic heart failure, hypertension |
1 223 |
29 |
1 134 |
19 |
15 |
2 357 |
24 |
22 |
|||||||||||
Cosentyx |
Immunology |
Psoriasis (PsO), ankylosing spondylitis (AS), psoriatic arthritis (PsA), non-radiographic axial spondyloarthritis (nr-axSPA), hidradenitis suppurativa (HS) |
921 |
6 |
708 |
8 |
6 |
1 629 |
7 |
6 |
|||||||||||
Kisqali |
Oncology |
HR+/HER2- metastatic breast cancer and early breast cancer |
750 |
100 |
427 |
25 |
25 |
1 177 |
64 |
64 |
|||||||||||
Kesimpta |
Neuroscience |
Relapsing forms of multiple sclerosis (MS) |
713 |
28 |
364 |
49 |
45 |
1 077 |
35 |
33 |
|||||||||||
Tafinlar + Mekinist |
Oncology |
BRAF V600+ metastatic and adjuvant melanoma, advanced non-small cell lung cancer (NSCLC), tumor agnostic with BRAF mutation indication, pediatric low grade glioma (pLGG) |
246 |
22 |
327 |
2 |
-2 |
573 |
10 |
7 |
|||||||||||
Promacta/Revolade |
Oncology |
Immune thrombocytopenia (ITP), severe aplastic anemia (SAA) |
227 |
-20 |
275 |
5 |
3 |
502 |
-8 |
-9 |
|||||||||||
Jakavi |
Oncology |
Myelofibrosis (MF), polycythemia vera (PV), graft-versus-host disease (GvHD) |
524 |
11 |
8 |
524 |
11 |
8 |
|||||||||||||
Xolair 3 |
Immunology |
Severe allergic asthma (SAA), chronic spontaneous urticaria (CSU), nasal polyps, food allergy (FA) |
443 |
4 |
2 |
443 |
4 |
2 |
|||||||||||||
Ilaris |
Immunology |
Auto-inflammatory (CAPS, TRAPS, HIDS/MKD, FMF, SJIA, AOSD, gout) |
260 |
34 |
217 |
25 |
20 |
477 |
30 |
27 |
|||||||||||
Pluvicto |
Oncology |
PSMA-positive mCRPC patients post-ARPI, pre- and post-Taxane |
358 |
21 |
96 |
92 |
80 |
454 |
32 |
30 |
|||||||||||
Tasigna |
Oncology |
Chronic myeloid leukemia (CML) |
162 |
-30 |
165 |
-24 |
-25 |
327 |
-27 |
-27 |
|||||||||||
Zolgensma |
Neuroscience |
Spinal muscular atrophy (SMA) |
96 |
-28 |
201 |
-7 |
-10 |
297 |
-15 |
-17 |
|||||||||||
Sandostatin Group |
Established brands |
Carcinoid tumors, acromegaly |
187 |
0 |
116 |
-8 |
-8 |
303 |
-3 |
-3 |
|||||||||||
Leqvio |
Cardiovascular, renal and metabolic |
Atherosclerotic cardiovascular disease (ASCVD) |
138 |
47 |
160 |
82 |
74 |
298 |
64 |
61 |
|||||||||||
Scemblix |
Oncology |
Philadelphia chromosome-positive chronic myeloid leukemia (Ph+ CML) in chronic phase (CP); Ph+ CML in CP with the T315I mutation |
191 |
82 |
107 |
81 |
76 |
298 |
82 |
79 |
|||||||||||
Lutathera |
Oncology |
GEP-NETs gastroenteropancreatic neuroendocrine tumors |
150 |
21 |
57 |
12 |
6 |
207 |
18 |
17 |
|||||||||||
Exforge Group |
Established brands |
Hypertension |
1 |
0 |
190 |
7 |
8 |
191 |
7 |
7 |
|||||||||||
Lucentis |
Established brands |
Age-related macular degeneration (AMD), diabetic macular edema (DME), retinal vein occlusion (RVO) |
173 |
-37 |
-39 |
173 |
-37 |
-39 |
|||||||||||||
Diovan Group |
Established brands |
Hypertension |
7 |
17 |
147 |
-5 |
-6 |
154 |
-4 |
-4 |
|||||||||||
Galvus Group |
Established brands |
Type 2 diabetes (RMS) |
123 |
-18 |
-17 |
123 |
-18 |
-17 |
|||||||||||||
Top 20 brands total |
5 630 |
22 |
5 954 |
10 |
7 |
11 584 |
16 |
14 |
|||||||||||||
Rest of portfolio |
619 |
13 |
1 851 |
-5 |
-5 |
2 470 |
-1 |
-1 |
|||||||||||||
Total net sales to third parties |
6 249 |
21 |
7 805 |
6 |
4 |
14 054 |
12 |
11 |
|||||||||||||
1 Net sales to third parties by location of customer. | |||||||||||||||||||||
2 Constant currencies (cc) is a non-IFRS measure. A definition of non-IFRS measures used by Novartis can be found starting on page 40. | |||||||||||||||||||||
3 Net sales to third parties reflect Xolair sales for all indications. | |||||||||||||||||||||
US |
Rest of world |
Total |
|||||||||||||||||||
Brands |
Brand classification by therapeutic area or established brands |
Key indications |
USD m |
% change USD/cc2 |
USD m |
% change USD |
% change cc2 |
USD m |
% change USD |
% change cc2 |
|||||||||||
Entresto |
Cardiovascular, renal and metabolic |
Chronic heart failure, hypertension |
2 392 |
26 |
2 226 |
18 |
18 |
4 618 |
22 |
22 |
|||||||||||
Cosentyx |
Immunology |
Psoriasis (PsO), ankylosing spondylitis (AS), psoriatic arthritis (PsA), non-radiographic axial spondyloarthritis (nr-axSPA), hidradenitis suppurativa (HS) |
1 736 |
14 |
1 427 |
8 |
9 |
3 163 |
11 |
11 |
|||||||||||
Kisqali |
Oncology |
HR+/HER2- metastatic breast cancer and early breast cancer |
1 336 |
94 |
797 |
21 |
24 |
2 133 |
59 |
60 |
|||||||||||
Kesimpta |
Neuroscience |
Relapsing forms of multiple sclerosis (MS) |
1 300 |
34 |
676 |
45 |
45 |
1 976 |
38 |
38 |
|||||||||||
Tafinlar + Mekinist |
Oncology |
BRAF V600+ metastatic and adjuvant melanoma, advanced non-small cell lung cancer (NSCLC), tumor agnostic with BRAF mutation indication, pediatric low grade glioma (pLGG) |
454 |
18 |
671 |
10 |
10 |
1 125 |
13 |
13 |
|||||||||||
Promacta/Revolade |
Oncology |
Immune thrombocytopenia (ITP), severe aplastic anemia (SAA) |
515 |
-6 |
533 |
3 |
5 |
1 048 |
-2 |
-1 |
|||||||||||
Jakavi |
Oncology |
Myelofibrosis (MF), polycythemia vera (PV), graft-versus-host disease (GvHD) |
1 016 |
7 |
8 |
1 016 |
7 |
8 |
|||||||||||||
Xolair 3 |
Immunology |
Severe allergic asthma (SAA), chronic spontaneous urticaria (CSU), nasal polyps, food allergy (FA) |
899 |
9 |
10 |
899 |
9 |
10 |
|||||||||||||
Ilaris |
Immunology |
Auto-inflammatory (CAPS, TRAPS, HIDS/MKD, FMF, SJIA, AOSD, gout) |
478 |
33 |
418 |
15 |
15 |
896 |
24 |
24 |
|||||||||||
Pluvicto |
Oncology |
PSMA-positive mCRPC patients post-ARPI, pre- and post-Taxane |
645 |
12 |
180 |
128 |
125 |
825 |
26 |
26 |
|||||||||||
Tasigna |
Oncology |
Chronic myeloid leukemia (CML) |
359 |
-11 |
345 |
-21 |
-19 |
704 |
-16 |
-15 |
|||||||||||
Zolgensma |
Neuroscience |
Spinal muscular atrophy (SMA) |
225 |
-5 |
399 |
-2 |
-2 |
624 |
-3 |
-3 |
|||||||||||
Sandostatin Group |
Established brands |
Carcinoid tumors, acromegaly |
384 |
-10 |
236 |
-2 |
0 |
620 |
-7 |
-6 |
|||||||||||
Leqvio |
Cardiovascular, renal and metabolic |
Atherosclerotic cardiovascular disease (ASCVD) |
265 |
58 |
290 |
76 |
74 |
555 |
67 |
66 |
|||||||||||
Scemblix |
Oncology |
Philadelphia chromosome-positive chronic myeloid leukemia (Ph+ CML) in chronic phase (CP); Ph+ CML in CP with the T315I mutation |
345 |
79 |
191 |
79 |
77 |
536 |
79 |
78 |
|||||||||||
Lutathera |
Oncology |
GEP-NETs gastroenteropancreatic neuroendocrine tumors |
289 |
20 |
111 |
8 |
6 |
400 |
16 |
16 |
|||||||||||
Exforge Group |
Established brands |
Hypertension |
3 |
-40 |
367 |
1 |
4 |
370 |
0 |
3 |
|||||||||||
Lucentis |
Established brands |
Age-related macular degeneration (AMD), diabetic macular edema (DME), retinal vein occlusion (RVO) |
362 |
-39 |
-38 |
362 |
-39 |
-38 |
|||||||||||||
Diovan Group |
Established brands |
Hypertension |
20 |
33 |
284 |
0 |
1 |
304 |
1 |
3 |
|||||||||||
Galvus Group |
Established brands |
Type 2 diabetes (RMS) |
247 |
-17 |
-14 |
247 |
-17 |
-14 |
|||||||||||||
Top 20 brands total |
10 746 |
24 |
11 675 |
9 |
10 |
22 421 |
16 |
17 |
|||||||||||||
Rest of portfolio |
1 215 |
11 |
3 651 |
-7 |
-5 |
4 866 |
-3 |
-1 |
|||||||||||||
Total net sales to third parties |
11 961 |
23 |
15 326 |
5 |
6 |
27 287 |
12 |
13 |
|||||||||||||
1 Net sales to third parties by location of customer. | |||||||||||||||||||||
2 Constant currencies (cc) is a non-IFRS measure. A definition of non-IFRS measures used by Novartis can be found starting on page 40. | |||||||||||||||||||||
3 Net sales to third parties reflect Xolair sales for all indications. | |||||||||||||||||||||
(USD millions) |
Q2 2025 |
Q2 2024 |
H1 2025 |
H1 2024 |
|||||
Profit sharing income |
356 |
268 |
613 |
482 |
|||||
Royalty income 1 |
318 |
5 |
326 |
24 |
|||||
Milestone income |
35 |
14 |
89 |
20 |
|||||
Other 2 |
73 |
73 |
141 |
125 |
|||||
Total other revenues |
782 |
360 |
1 169 |
651 |
|||||
1 In the second quarter and first half of 2025, royalty income includes a royalty settlement of USD 0.3 billion. | |||||||||
2 Other includes revenue from activities such as manufacturing or other services rendered, to the extent such revenue is not recorded under net sales to third parties. | |||||||||
(USD millions) |
Q2 2025 |
Q2 2024 |
H1 2025 |
H1 2024 |
|||||
Property, plant and equipment impairment charges |
-4 |
-9 |
-6 |
-10 |
|||||
Property, plant and equipment depreciation charge |
-241 |
-219 |
-456 |
-437 |
|||||
Right-of-use assets depreciation charge |
-68 |
-61 |
-133 |
-124 |
|||||
Intangible assets impairment charges |
-92 |
-37 |
-94 |
-194 |
|||||
Intangible assets amortization charge |
-851 |
-836 |
-1 721 |
-1 711 |
|||||
(USD millions) |
Q2 2025 |
Q2 2024 |
H1 2025 |
H1 2024 |
|||||
Additions to property, plant and equipment |
353 |
283 |
563 |
506 |
|||||
Additions to right-of-use assets |
89 |
69 |
145 |
97 |
|||||
Additions to intangible assets other than goodwill |
1 862 |
512 |
3 041 |
1 175 |
|||||
(USD millions) |
Jun 30, 2025 |
||
2025 |
136 |
||
2026 |
469 |
||
2027 |
761 |
||
2028 |
1 027 |
||
2029 |
759 |
||
2030 |
961 |
||
Thereafter |
10 123 |
||
Total |
14 236 |
||
Supplementary information (unaudited)
(USD millions unless indicated otherwise) |
Q2 2025 |
Q2 2024 |
H1 2025 |
H1 2024 |
|||||
IFRS Accounting Standards operating income |
4 864 |
4 014 |
9 527 |
7 387 |
|||||
Amortization of intangible assets |
770 |
768 |
1 559 |
1 575 |
|||||
Impairments |
|||||||||
Intangible assets |
92 |
37 |
93 |
194 |
|||||
Property, plant and equipment related to the company-wide rationalization of manufacturing sites |
1 |
1 |
|||||||
Other property, plant and equipment |
6 |
6 |
|||||||
Total impairment charges |
93 |
43 |
94 |
200 |
|||||
Acquisition or divestment of businesses and related items |
|||||||||
- Income |
-106 |
-103 |
-217 |
-215 |
|||||
- Expense |
143 |
110 |
246 |
230 |
|||||
Total acquisition or divestment of businesses and related items, net |
37 |
7 |
29 |
15 |
|||||
Other items |
|||||||||
Divestment gains |
-50 |
-7 |
-50 |
-19 |
|||||
Financial assets - fair value adjustments |
-3 |
-22 |
38 |
6 |
|||||
Restructuring and related items |
|||||||||
- Income |
-44 |
-23 |
-60 |
-81 |
|||||
- Expense |
147 |
167 |
292 |
258 |
|||||
Legal-related items |
|||||||||
- Income |
-280 |
-280 |
|||||||
- Expense |
443 |
443 |
50 |
||||||
Additional income |
-109 |
-3 |
-170 |
-15 |
|||||
Additional expense |
57 |
9 |
78 |
114 |
|||||
Total other items |
161 |
121 |
291 |
313 |
|||||
Total adjustments |
1 061 |
939 |
1 973 |
2 103 |
|||||
Core operating income |
5 925 |
4 953 |
11 500 |
9 490 |
|||||
as % of net sales |
42.2% |
39.6% |
42.1% |
39.0% |
|||||
Loss from associated companies |
-3 |
-2 |
-6 |
-31 |
|||||
Core adjustments to loss from associated companies, net of tax |
26 |
||||||||
Interest expense |
-289 |
-246 |
-559 |
-467 |
|||||
Other financial income and expense |
-41 |
75 |
-24 |
81 |
|||||
Core adjustments to other financial income and expense |
28 |
-15 |
57 |
75 |
|||||
Income taxes, adjusted for above items (core income taxes) |
-910 |
-757 |
-1 776 |
-1 485 |
|||||
Core net income |
4 710 |
4 008 |
9 192 |
7 689 |
|||||
Core net income attributable to shareholders of Novartis AG |
4 709 |
4 008 |
9 188 |
7 689 |
|||||
Core net income attributable to non-controlling interests 1 |
1 |
4 |
|||||||
Core basic EPS (USD) 2 |
2.42 |
1.97 |
4.69 |
3.77 |
|||||
1 Core net income attributable to non-controlling interests includes impairment charges related to an intangible asset. | |||||||||
2 Core earnings per share (EPS) is calculated by dividing core net income attributable to shareholders of Novartis AG by the weighted average number of shares used in the basic EPS calculation outstanding in a reporting period. | |||||||||
(USD millions unless indicated otherwise) |
Q2 2025 IFRS Accounting Standards results |
Amortization of intangible assets1 |
Impairments2 |
Acquisition or divestment of businesses and related items3 |
Other items4 |
Q2 2025 Core results |
Q2 2024 Core results |
||||||||
Gross profit |
11 514 |
707 |
-306 |
11 915 |
10 427 |
||||||||||
Operating income |
4 864 |
770 |
93 |
37 |
161 |
5 925 |
4 953 |
||||||||
Income before taxes |
4 531 |
770 |
93 |
37 |
189 |
5 620 |
4 765 |
||||||||
Income taxes 5 |
-507 |
-162 |
-15 |
-11 |
-215 |
-910 |
-757 |
||||||||
Net income |
4 024 |
4 710 |
4 008 |
||||||||||||
Net income attributable to shareholders of Novartis AG |
4 041 |
4 709 |
4 008 |
||||||||||||
Basic EPS (USD) 6 |
2.07 |
2.42 |
1.97 |
||||||||||||
The following are adjustments to arrive at core gross profit |
|||||||||||||||
Other revenues |
782 |
-309 |
473 |
360 |
|||||||||||
Cost of goods sold |
-3 322 |
707 |
3 |
-2 612 |
-2 445 |
||||||||||
The following are adjustments to arrive at core operating income |
|||||||||||||||
Selling, general and administration |
-3 442 |
1 |
-3 441 |
-3 090 |
|||||||||||
Research and development |
-2 727 |
63 |
92 |
1 |
18 |
-2 553 |
-2 276 |
||||||||
Other income |
548 |
-106 |
-248 |
194 |
101 |
||||||||||
Other expense |
-1 029 |
1 |
142 |
696 |
-190 |
-209 |
|||||||||
The following are adjustments to arrive at core income before taxes |
|||||||||||||||
Other financial income and expense |
-41 |
28 |
-13 |
60 |
|||||||||||
1 Amortization of intangible assets: cost of goods sold includes the amortization of currently marketed products intangible assets; research and development includes the amortization of scientific infrastructure and technologies intangible assets | |||||||||||||||
2 Impairments: research and development includes net impairment charges related to intangible assets; other expense includes net impairment charges related to property, plant and equipment | |||||||||||||||
3 Acquisition or divestment of businesses and related items, including integration charges: research and development and other expense include integration cost charges; other income and other expense include transitional service-fee income and expenses related to the Sandoz distribution | |||||||||||||||
4 Other items: other revenues includes milestones income from an outlicensing agreement and a royalty settlement income; cost of goods sold, selling, general and administration, other income and other expense include restructuring income and charges related to the company-wide rationalization of manufacturing sites and other net restructuring charges and related items; research and development includes contingent consideration adjustments; other income and other expense include fair value adjustments on financial assets; other income also includes divestment gains and fair value adjustments on contingent consideration receivable; other expense includes legal related items, loss due to legal entities reorganization and other costs and items; other financial income and expense includes the impact of IAS Standards 29 “Financial Reporting in Hyperinflationary Economies” for subsidiaries operating in hyperinflationary economies | |||||||||||||||
5 Taxes on the adjustments between IFRS Accounting Standards and core results, for each item included in the adjustment, take into account the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact. Generally, this results in amortization and impairment of intangible assets and acquisition-related restructuring and integration items having a full tax impact. There is usually a tax impact on other items, although this is not always the case for items arising from legal settlements in certain jurisdictions. Due to these factors and the differing effective tax rates in the various jurisdictions, the tax on the total adjustments of USD 1.1 billion to arrive at the core results before tax amounts to USD 403 million and the average tax rate on the total adjustments was 37.0%. | |||||||||||||||
6 Core earnings per share (EPS) is calculated by dividing core net income attributable to shareholders of Novartis AG by the weighted average number of shares used in the basic EPS calculation outstanding in a reporting period. | |||||||||||||||
(USD millions unless indicated otherwise) |
H1 2025 IFRS Accounting Standards results |
Amortization of intangible assets1 |
Impairments2 |
Acquisition or divestment of businesses and related items3 |
Other items4 |
H1 2025 Core results |
H1 2024 Core results |
||||||||
Gross profit |
21 907 |
1 428 |
-338 |
22 997 |
20 229 |
||||||||||
Operating income |
9 527 |
1 559 |
94 |
29 |
291 |
11 500 |
9 490 |
||||||||
Income before taxes |
8 938 |
1 559 |
94 |
29 |
348 |
10 968 |
9 174 |
||||||||
Income taxes 5 |
-1 305 |
-314 |
-15 |
-10 |
-132 |
-1 776 |
-1 485 |
||||||||
Net income |
7 633 |
9 192 |
7 689 |
||||||||||||
Net income attributable to shareholders of Novartis AG |
7 647 |
9 188 |
7 689 |
||||||||||||
Basic EPS (USD) 6 |
3.91 |
4.69 |
3.77 |
||||||||||||
The following are adjustments to arrive at core gross profit |
|||||||||||||||
Other revenues |
1 169 |
-344 |
825 |
651 |
|||||||||||
Cost of goods sold |
-6 549 |
1 428 |
6 |
-5 115 |
-4 763 |
||||||||||
The following are adjustments to arrive at core operating income |
|||||||||||||||
Selling, general and administration |
-6 500 |
2 |
-6 498 |
-5 930 |
|||||||||||
Research and development |
-5 093 |
131 |
93 |
1 |
13 |
-4 855 |
-4 479 |
||||||||
Other income |
774 |
-217 |
-284 |
273 |
156 |
||||||||||
Other expense |
-1 561 |
1 |
245 |
898 |
-417 |
-486 |
|||||||||
The following are adjustments to arrive at core income before taxes |
|||||||||||||||
Other financial income and expense |
-24 |
57 |
33 |
156 |
|||||||||||
1 Amortization of intangible assets: cost of goods sold includes the amortization of currently marketed products intangible assets; research and development includes the amortization of scientific infrastructure and technologies intangible assets | |||||||||||||||
2 Impairments: research and development includes net impairment charges related to intangible assets; other expense includes net impairment charges related to property, plant and equipment | |||||||||||||||
3 Acquisition or divestment of businesses and related items, including integration charges: research and development and other expense include integration cost charges; other income and other expense include transitional service-fee income and expenses related to the Sandoz distribution | |||||||||||||||
4 Other items: other revenues includes milestones income from an outlicensing agreement and a royalty settlement income; cost of goods sold, selling, general and administration, other income and other expense include restructuring income and charges related to the company-wide rationalization of manufacturing sites and other net restructuring charges and related items; research and development includes contingent consideration adjustments; other income and other expense include fair value adjustments on financial assets; other income also includes divestment gains and fair value adjustments on contingent consideration receivable; other expense includes legal related items, loss due to legal entities reorganization and other costs and items; other financial income and expense includes the impact of IAS Standards 29 “Financial Reporting in Hyperinflationary Economies” for subsidiaries operating in hyperinflationary economies | |||||||||||||||
5 Taxes on the adjustments between IFRS Accounting Standards and core results, for each item included in the adjustment, take into account the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact. Generally, this results in amortization and impairment of intangible assets and acquisition-related restructuring and integration items having a full tax impact. There is usually a tax impact on other items, although this is not always the case for items arising from legal settlements in certain jurisdictions. Due to these factors and the differing effective tax rates in the various jurisdictions, the tax on the total adjustments of USD 2.0 billion to arrive at the core results before tax amounts to USD 471 million. The average tax rate on the total adjustments was 23.2% since the estimated full year core tax charge of 16.2% has been applied to the pre-tax income of the period. | |||||||||||||||
6 Core earnings per share (EPS) is calculated by dividing core net income attributable to shareholders of Novartis AG by the weighted average number of shares used in the basic EPS calculation outstanding in a reporting period. | |||||||||||||||
Q2 2025 |
Q2 2024 |
||||||||||||
(USD millions) |
IFRS Accounting Standards cash flow |
Adjustments |
Free cash flow |
IFRS Accounting Standards cash flow |
Adjustments |
Free cash flow |
|||||||
Net cash flows from operating activities |
6 664 |
6 664 |
4 875 |
4 875 |
|||||||||
Net cash flows used in investing activities 1 |
-2 243 |
1 912 |
-331 |
-3 207 |
2 947 |
-260 |
|||||||
Net cash flows used in financing activities 2 |
-5 213 |
5 213 |
0 |
-3 200 |
3 200 |
0 |
|||||||
Non-IFRS measure free cash flow |
6 333 |
4 615 |
|||||||||||
1 With the exception of purchases of property, plant and equipment, all net cash flows used in in investing activities are excluded from the free cash flow. | |||||||||||||
2 Net cash flows used in financing activities are excluded from the free cash flow. | |||||||||||||
H1 2025 |
H1 2024 |
||||||||||||
(USD millions) |
IFRS Accounting Standards cash flow |
Adjustments |
Free cash flow |
IFRS Accounting Standards cash flow |
Adjustments |
Free cash flow |
|||||||
Net cash flows from operating activities |
10 309 |
10 309 |
7 140 |
7 140 |
|||||||||
Net cash flows used in investing activities 1 |
-1 913 |
1 328 |
-585 |
-4 106 |
3 619 |
-487 |
|||||||
Net cash flows used in financing activities 2 |
-13 761 |
13 761 |
0 |
-8 364 |
8 364 |
0 |
|||||||
Non-IFRS measure free cash flow |
9 724 |
6 653 |
|||||||||||
1 With the exception of purchases of property, plant and equipment, all net cash flows used in investing activities are excluded from the free cash flow. | |||||||||||||
2 Net cash flows used in financing activities are excluded from the free cash flow. | |||||||||||||
(USD millions) |
Q2 2025 |
Q2 2024 |
|||
Operating income |
4 864 |
4 014 |
|||
Reversal of non-cash items and other adjustments |
|||||
Depreciation, amortization and impairments |
1 252 |
1 140 |
|||
Change in provisions and other non-current liabilities |
665 |
204 |
|||
Other |
197 |
288 |
|||
Operating income adjusted for non-cash items |
6 978 |
5 646 |
|||
Dividends received from associated companies and others |
1 |
1 |
|||
Interest received and change in other financial receipts |
437 |
71 |
|||
Interest paid and change in other financial payments |
-240 |
-320 |
|||
Income taxes paid |
-675 |
-473 |
|||
Payments out of provisions and other net cash movements in non-current liabilities |
-279 |
-288 |
|||
Change in inventories and trade receivables less trade payables |
-354 |
-661 |
|||
Change in other net current assets and other operating cash flow items |
796 |
899 |
|||
Net cash flows from operating activities |
6 664 |
4 875 |
|||
Purchases of property, plant and equipment |
-331 |
-260 |
|||
Non-IFRS measure free cash flow |
6 333 |
4 615 |
|||
(USD millions) |
H1 2025 |
H1 2024 |
|||
Operating income |
9 527 |
7 387 |
|||
Reversal of non-cash items and other adjustments |
|||||
Depreciation, amortization and impairments |
2 447 |
2 482 |
|||
Change in provisions and other non-current liabilities |
847 |
367 |
|||
Other |
478 |
595 |
|||
Operating income adjusted for non-cash items |
13 299 |
10 831 |
|||
Dividends received from associated companies and others |
1 |
1 |
|||
Interest received and other financial receipts |
559 |
235 |
|||
Interest paid and other financial payments |
-493 |
-496 |
|||
Income taxes paid |
-1 215 |
-1 049 |
|||
Payments out of provisions and other net cash movements in non-current liabilities |
-516 |
-631 |
|||
Change in inventories and trade receivables less trade payables |
-1 514 |
-2 118 |
|||
Change in other net current assets and other operating cash flow items |
188 |
367 |
|||
Net cash flows from operating activities |
10 309 |
7 140 |
|||
Purchases of property, plant and equipment |
-585 |
-487 |
|||
Non-IFRS measure free cash flow |
9 724 |
6 653 |
|||
(USD millions) |
Q2 2025 |
Q2 2024 |
|||
Net change in cash and cash equivalents |
-410 |
-1 566 |
|||
Change in marketable securities, commodities, time deposits, financial debts and derivatives financial instruments |
-1 103 |
-1 358 |
|||
Change in net debt |
-1 513 |
-2 924 |
|||
Net debt at April 1 |
-22 271 |
-15 836 |
|||
Net debt at June 30 |
-23 784 |
-18 760 |
|||
(USD millions) |
H1 2025 |
H1 2024 |
|||
Net change in cash and cash equivalents |
-4 803 |
-5 490 |
|||
Change in marketable securities, commodities, time deposits, financial debts and derivatives financial instruments |
-2 840 |
-3 087 |
|||
Change in net debt |
-7 643 |
-8 577 |
|||
Net debt at January 1 |
-16 141 |
-10 183 |
|||
Net debt at June 30 |
-23 784 |
-18 760 |
|||
(USD millions) |
Jun 30, 2025 |
Dec 31, 2024 |
Jun 30, 2024 |
||||
Non-current financial debts |
-22 470 |
-21 366 |
-19 663 |
||||
Current financial debts and derivative financial instruments |
-8 314 |
-8 232 |
-7 532 |
||||
Total financial debts |
-30 784 |
-29 598 |
-27 195 |
||||
Less liquidity |
|||||||
Cash and cash equivalents |
6 656 |
11 459 |
7 903 |
||||
Marketable securities, commodities, time deposits and derivative financial instruments |
344 |
1 998 |
532 |
||||
Total liquidity |
7 000 |
13 457 |
8 435 |
||||
Net debt at end of period |
-23 784 |
-16 141 |
-18 760 |
||||
Jun 30, 2025 |
Jun 30, 2024 |
||||
Number of shares outstanding |
1 935 853 188 |
2 024 579 175 |
|||
Registered share price (CHF) |
96.17 |
96.17 |
|||
ADR price (USD) |
121.01 |
106.46 |
|||
Market capitalization (USD billions) 1 |
233.5 |
216.5 |
|||
Market capitalization (CHF billions) 1 |
186.2 |
194.7 |
|||
1 Market capitalization is calculated based on the number of shares outstanding (excluding treasury shares). Market capitalization in USD is based on the market capitalization in CHF converted at the quarter end CHF/USD exchange rate. | |||||
(USD per unit) |
Average rates Q2 2025 |
Average rates Q2 2024 |
Average rates H1 2025 |
Average rates H1 2024 |
Period-end rates Jun 30, 2025 |
Period-end rates Jun 30, 2024 |
|||||||
1 CHF |
1.209 |
1.106 |
1.161 |
1.125 |
1.254 |
1.112 |
|||||||
1 CNY |
0.138 |
0.138 |
0.138 |
0.138 |
0.140 |
0.137 |
|||||||
1 EUR |
1.133 |
1.077 |
1.093 |
1.081 |
1.174 |
1.070 |
|||||||
1 GBP |
1.335 |
1.262 |
1.297 |
1.265 |
1.373 |
1.264 |
|||||||
100 JPY |
0.692 |
0.642 |
0.674 |
0.658 |
0.695 |
0.621 |
|||||||
100 RUB |
1.235 |
1.102 |
1.154 |
1.101 |
1.272 |
1.156 |
|||||||
Change in USD % Q2 2025 |
Change in constant currencies % Q2 2025 |
Percentage point currency impact Q2 2025 |
|||||
Net sales to third parties |
12 |
11 |
1 |
||||
Operating income |
21 |
25 |
-4 |
||||
Net income |
24 |
26 |
-2 |
||||
Basic earnings per share (USD) |
29 |
32 |
-3 |
||||
Core operating income |
20 |
21 |
-1 |
||||
Core net income |
18 |
19 |
-1 |
||||
Core basic earnings per share (USD) |
23 |
24 |
-1 |
||||
Change in USD % H1 2025 |
Change in constant currencies % H1 2025 |
Percentage point currency impact H1 2025 |
|||||
Net sales to third parties |
12 |
13 |
-1 |
||||
Operating income |
29 |
33 |
-4 |
||||
Net income |
29 |
31 |
-2 |
||||
Basic earnings per share (USD) |
34 |
37 |
-3 |
||||
Core operating income |
21 |
24 |
-3 |
||||
Core net income |
20 |
22 |
-2 |
||||
Core basic earnings per share (USD) |
24 |
27 |
-3 |
||||