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Q3 2026 earnings summary27 Oct, 2026
Executive summary
Q3 net sales were $14.522B, up 4% in constant currencies; core operating income rose 10% cc to $6.036B and core margin expanded 2.0 points cc to 41.6%.
FY2026 core operating income guidance rose from a low-single-digit decline to in line to low-single-digit growth; net sales guidance remains low-single-digit growth.
Growth in Kisqali, Kesimpta, Scemblix, Leqvio and other newer medicines faced generic pressure, while the del-desiran impairment sharply reduced reported earnings.
Financial highlights
Q3 reported operating income fell 59% to $1.843B and net income fell 70% to $1.196B; the declines primarily reflected a $1.94B del-desiran impairment.
Q3 core net income rose 8% to $4.7B; core EPS increased 9% to $2.46, including a benefit from fewer weighted-average shares.
9M sales rose 2% to $42.043B in USD and were flat cc; core operating income declined 1% to $16.873B in USD and 2% cc.
9M net income fell 34% to $7.6B and reported operating income fell 23% to $10.8B; core net income declined 4% to $13.0B and core EPS fell 1% to $6.85.
Free cash flow was $5.111B in Q3, down 18%, and $14.002B for 9M, down 12%.
Outlook and guidance
FY2026 net sales are expected to grow low single-digit cc; core operating income is expected in line to grow low single-digit, upgraded from a low-single-digit decline.
FY2026 core net financial expense is expected at ~$1.7B and the core tax rate at ~16.5%; late-October exchange rates imply a +1-point FX impact on both net sales and core operating income.
Mid-term sales CAGR outlook remains 5%-6% for 2025-2030; the 40%+ core margin target by 2029 was reaffirmed.
Q4 core margin is expected below Q3 due to year-end spending, higher royalties and lower other income.
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Novartis International AG is a Swiss multinational pharmaceutical corporation headquartered in Basel, Switzerland. Established in 1996 through the merger of two companies, Novartis has cemented its place as one of the world's largest and most influential pharmaceutical companies with operations in over 150 countries. The company's portfolio includes a range of medicines, generic drugs, eye care devices, and consumer health products.
Roots in Swiss Pharmaceutical Companies
Novartis can trace its roots in two Swiss chemical companies, Ciba-Geigy and Sandoz, which had both been active in the global pharmaceutical industry for over a century before their merger. The fusion in 1996 aimed to leverage their combined strength in research and development, resulting in a global pharmaceutical behemoth. Novartis has since consistently ranked among the largest healthcare companies globally, partly due to its strong commitment to the development of new treatments.
A Diversified Pharmaceutical Powerhouse
Novartis operates under three main divisions: Innovative Medicines, Sandoz (generics), and Alcon (eye care). The Innovative Medicines division also referred to as the pharmaceuticals division, is dedicated to developing, manufacturing, and marketing patented prescription drugs. It includes two business units: Novartis Oncology and Novartis Pharmaceuticals, which target various therapeutic areas, including oncology, cardiology, respiratory, neuroscience, and ophthalmology, to name a few. Sandoz, the generics division of Novartis, provides high-quality, affordable medicines that treat some of the most prevalent healthcare issues. Lastly, the Alcon division focuses on eye care, manufacturing medical devices and products for eye care professionals and patients. They operate in the same field as companies such as Roche, Sanofi, Pfizer, and other large pharmaceutical companies.
Keeping Up With the Times
While remaining at the forefront of pharmaceutical innovation, Novartis continuously aims to refine its product portfolio and adapt to the ever-evolving healthcare landscape. The company has made significant strides in gene and cell therapies, most notably with Kymriah, a CAR-T cell therapy for certain types of blood cancers. Moreover, Novartis is working in digital health, employing data science and digital technologies to aid in drug discovery, patient care, and even the way clinical trials are conducted. The goal is to make treatments more personalized and more efficient, further enhancing patient outcomes.
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