NVS (Novartis AG) Stock Financials & Earnings

Company Info & Key Metrics

Novartis AG researches, develops, manufactures, and markets healthcare products worldwide. The company operates through two segments, Innovative Medicines and Sandoz. The Innovative Medicines segment ...

CEOVasant Narasimhan

Country🇨🇭 Switzerland

ExchangeNYSE

IPONov 7, 1996

www.novartis.com

Revenue$13.3B

YoY Growth-1.6%

QoQ Growth-7.1%

Net Income$2.4B

EPS$1.25

Free Cash Flow$1.6B

Gross Margin73.4%

Op. Margin26.4%

Net Margin18.1%

FCF Margin12.3%

Rev Multiple (TTM)5.6x

P/E Ratio (TTM)22.3x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$11.0B	$8.1B	$2.6B
Q2 23	$11.7B	$8.4B	$2.8B
Q3 23	$12.1B	$9.0B	$1.8B
Q4 23	$11.8B	$8.8B	$2.6B
Q1 24	$12.1B	$9.0B	$3.4B
Q2 24	$12.9B	$9.7B	$4.0B
Q3 24	$13.2B	$9.9B	$3.6B
Q4 24	$13.6B	$10.2B	$3.5B
Q1 25	$13.6B	$10.4B	$4.7B
Q2 25	$14.8B	$11.5B	$4.9B
Q3 25	$14.4B	$10.8B	$4.5B
Q4 25	$13.3B	$9.8B	$3.5B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	6.5x	44.4x
Q2 23	6.7x	40.8x
Q3 23	6.5x	39.8x
Q4 23	6.7x	21.0x
Q1 24	6.5x	20.5x
Q2 24	6.4x	19.3x
Q3 24	6.2x	17.7x
Q4 24	6.0x	26.1x
Q1 25	5.9x	24.3x
Q2 25	5.7x	22.9x
Q3 25	5.5x	21.7x
Q4 25	5.6x	22.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$3.0B	$2.5B
Q2 23	$3.6B	$2.7B
Q3 23	$5.4B	$5.3B
Q4 23	$2.5B	$2.1B
Q1 24	$2.3B	$1.1B
Q2 24	$4.9B	$4.1B
Q3 24	$6.3B	$5.5B
Q4 24	$4.2B	$3.1B
Q1 25	$3.6B	$2.2B
Q2 25	$6.7B	$6.1B
Q3 25	$6.6B	$5.7B
Q4 25	$2.3B	$1.6B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$470M
Q2 23	$898M
Q3 23	$116M
Q4 23	$406M
Q1 24	$1.2B
Q2 24	$728M
Q3 24	$799M
Q4 24	$1.1B
Q1 25	$1.5B
Q2 25	$558M
Q3 25	$831M
Q4 25	$611M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-13.8%	-15.4%
Q2 23	-10.2%	-17.7%
Q3 23	+12.1%	+15.3%
Q4 23	-10.0%	-17.5%
Q1 24	+9.7%	+3.8%
Q2 24	+9.6%	-0.9%
Q3 24	+8.9%	-7.6%
Q4 24	+15.1%	+9.1%
Q1 25	+12.4%	+2.4%
Q2 25	+15.3%	+12.6%
Q3 25	+9.0%	+3.3%
Q4 25	-1.6%	-2.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$190M	1.7%
Q2 23	$222M	1.9%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$260M	2.1%
Q2 24	$257M	2.0%
Q3 24	$255M	1.9%
Q4 24	$272M	2.0%
Q1 25	$262M	1.9%
Q2 25	$267M	1.8%
Q3 25	$268M	1.9%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 23	$2.6B	$2.9B
Q2 23	$2.3B	$3.1B
Q3 23	$3.9B	$3.1B
Q4 23	$2.6B	$3.4B
Q1 24	$2.4B	$2.8B
Q2 24	$2.4B	$3.1B
Q3 24	$2.4B	$3.1B
Q4 24	$2.8B	$3.5B
Q1 25	$2.4B	$3.1B
Q2 25	$2.7B	$3.4B
Q3 25	$2.9B	$3.3B
Q4 25	$2.8B	$3.4B

Revenue Segments

Quarter	Rest of portfolio	Top 20 products
Q2 23	$2.5B	$8.8B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$12.0B	$260M	$12.3B
Q2 23	$10.9B	$289M	$11.2B
Q3 23	$12.4B	$290M	$12.7B
Q4 23	$13.4B	$1.0B	$14.4B
Q1 24	$9.5B	$225M	$9.7B
Q2 24	$7.9B	$532M	$8.4B
Q3 24	$13.6B	$411M	$14.0B
Q4 24	$11.5B	$1.9B	$13.4B
Q1 25	$7.1B	$130M	$7.2B
Q2 25	$6.7B	$344M	$7.0B
Q3 25	$9.6B	$197M	$9.8B
Q4 25	$11.4B	$155M	$11.6B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	2.12B	-1.4%
Q2 23	2.10B	-1.2%
Q3 23	2.08B	-1.0%
Q4 23	2.06B	-0.5%
Q1 24	2.06B	-0.4%
Q2 24	2.05B	-0.5%
Q3 24	2.03B	-0.9%
Q4 24	2.00B	-1.1%
Q1 25	1.98B	-1.2%
Q2 25	1.96B	-1.0%
Q3 25	1.94B	-1.0%
Q4 25	1.93B	-0.6%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$402K	133K
FY 15	$424K	119K
FY 16	$418K	118K
FY 17	$357K	122K
FY 18	$369K	125K
FY 19	$468K	104K
FY 20	$472K	106K
FY 21	$422K	104K
FY 22	$427K	102K
FY 23	$613K	76K
FY 24	$682K	76K
FY 25	$722K	76K