NVS

MKT CAP:$281B

Novartis AG

Market Cap

$281B

Healthcare·Drug Manufacturers - General·🇨🇭 Switzerland·NYSE

Healthcare·Drug Mfg.·🇨🇭·NYSE

Stock Price

$145.47+$6.93 (+5.00%)

Apr 24, 2026

Company Details

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

CEO

Vasant Narasimhan

IPO Date

Nov 7, 1996

Website

www.novartis.com

Key Metrics TTM

Revenue

$56.1B

+8.6% YoY

Net Income

$14.0B

EPS (Diluted)

$7.15

Free Cash Flow

$15.6B

Revenue / Share

$29.11

Gross Margin

75.7%

Operating Margin

31.3%

Net Margin

24.9%

FCF Margin

27.9%

P/S

5.0x

P/E

20.1x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 4, 2026

$54.8B+6.0%EPS $7.19

Q4 2025

Feb 4, 2026

$13.3B-1.6%EPS $1.25

Q3 2025

Oct 28, 2025

$14.4B+9.0%EPS $2.02

Q2 2025

Jul 17, 2025

$14.8B+15.3%EPS $2.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$12.7B	$8.7B	$2.4B
Q2 21	$13.3B	$9.4B	$3.5B
Q3 21	$13.4B	$9.4B	$3.2B
Q4 21	$13.5B	$9.5B	$2.6B
Q1 22	$12.8B	$9.0B	$2.9B
Q2 22	$13.1B	$9.3B	$2.2B
Q4 22	$13.1B	$9.0B	$1.9B
Q1 23	$11.0B	$8.1B	$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

Valuation

Quarter	P/S	P/E
Q1 21	3.7x	23.4x
Q2 21	3.8x	21.8x
Q3 21	3.3x	17.8x
Q4 21	3.5x	7.7x
Q1 22	3.5x	7.6x
Q2 22	3.4x	7.7x
Q4 22	3.4x	8.3x
Q1 23	3.6x	23.8x
Q1 24	4.0x	23.9x
Q2 24	4.4x	22.1x
Q3 24	4.6x	20.0x
Q4 24	3.7x	16.2x
Q1 25	4.2x	17.2x
Q2 25	4.3x	17.4x
Q3 25	4.3x	16.8x
Q4 25	4.8x	19.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	$2.1B	$1.3B
Q2 21	$4.1B	$3.5B
Q3 21	$4.9B	$4.4B
Q4 21	$3.9B	$2.9B
Q1 22	$1.6B	$790M
Q2 22	$3.8B	$3.2B
Q4 22	$4.1B	$3.5B
Q1 23	$3.0B	$2.5B
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

Quarter	CapEx
Q1 21	$858M
Q2 21	$597M
Q3 21	$539M
Q4 21	$977M
Q1 22	$859M
Q2 22	$583M
Q4 22	$647M
Q1 23	$470M
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

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	-0.1%	+3.2%
Q2 21	+14.4%	+5.9%
Q3 21	+6.6%	+0.1%
Q4 21	+3.8%	+5.5%
Q1 22	+0.9%	-3.1%
Q2 22	-1.6%	+10.6%
Q4 22	-2.1%	+9.9%
Q1 23	-18.3%	-23.1%
Q1 24	-5.4%	-12.2%
Q2 24	-1.6%	-18.4%
Q3 24	+0.6%	-14.3%
Q4 24	+22.7%	+19.0%
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 21	$183M	1.4%
Q2 21	$185M	1.4%
Q3 21	$173M	1.3%
Q4 21	$195M	1.4%
Q1 22	$203M	1.6%
Q2 22	$204M	1.6%
Q4 22	$197M	1.5%
Q1 23	$190M	1.7%
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 21	$2.4B	$3.5B
Q2 21	$2.4B	$3.8B
Q3 21	$2.4B	$3.6B
Q4 21	$2.4B	$4.0B
Q1 22	$2.3B	$3.5B
Q2 22	$2.5B	$3.6B
Q4 22	$2.4B	$3.7B
Q1 23	$2.6B	$2.9B
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

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$13.9B	$5.0B	$18.8B
Q2 22	$3.6B	$16.1B	$19.8B
Q3 22	$8.7B	$10.4B	$19.1B
Q4 22	$7.5B	$11.4B	$18.9B
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	YoY Change
Q1 21	2.27B	-0.7%	-1.2%
Q2 21	2.26B	-0.3%	-2.0%
Q3 21	2.25B	-0.2%	-2.1%
Q4 21	2.25B	-0.0%	-1.3%
Q1 22	2.24B	-0.7%	-1.2%
Q2 22	2.21B	-1.2%	-2.1%
Q4 22	2.15B	-2.8%	-4.6%
Q1 23	2.12B	-1.4%	-5.9%
Q1 24	2.06B	-3.0%	-8.1%
Q2 24	2.05B	-0.5%	-7.5%
Q3 24	2.03B	-0.9%	-5.7%
Q4 24	2.00B	-1.1%	-5.5%
Q1 25	1.98B	-1.2%	-3.7%
Q2 25	1.96B	-1.0%	-4.2%
Q3 25	1.94B	-1.0%	-4.3%
Q4 25	1.93B	-0.6%	-3.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$120.0K	106K
Q2 21	$125.7K	106K
Q3 21	$126.3K	106K
Q4 21	$129.7K	104K
Q1 22	$122.9K	104K
Q2 22	$125.5K	104K
Q4 22	$128.7K	102K
Q1 23	$108.6K	102K
Q1 24	$159.4K	76K
Q2 24	$169.2K	76K
Q3 24	$173.2K	76K
Q4 24	$178.7K	76K
Q1 25	$179.5K	76K
Q2 25	$195.5K	76K
Q3 25	$189.2K	76K
Q4 25	$175.7K	76K

Revenue / Employee