Financial Data and Key Metrics Changes - Novartis achieved high single-digit sales growth of 8% for the full year 2025, with core operating income increasing by 14% to CHF 21.9 billion, achieving a core margin of 40.1% two years ahead of plan [5][34][36] - In Q4, sales declined by 1% due to gross-to-net impacts and the loss of exclusivity for Entresto, while core operating income increased by 1% [6][34] - Core EPS rose by 17% to $8.98, with free cash flow reaching an all-time high of CHF 17.6 billion, an 8% increase [37][39] Business Line Data and Key Metrics Changes - Kisqali sales grew 57% year-over-year to CHF 4.8 billion, with Q4 growth at 44% [7][8] - Kesimpta achieved 36% growth to $4.4 billion, with a 27% increase in Q4 [10][11] - Pluvicto reached $2 billion in sales, showing 42% constant currency growth, primarily driven by a 75% increase in the US [12][13] - Leqvio reached blockbuster status with 57% growth for the year and 46% in Q4 [14] - Scemblix also achieved blockbuster status with 87% growth in Q4 [15][16] Market Data and Key Metrics Changes - Novartis reported strong performance in key markets, with Kisqali leading in early breast cancer settings in Germany with over 80% NBRX share [8] - Kesimpta is leading in 9 out of 10 major markets outside the US [11] - Pluvicto has secured approvals in Japan and China, with expectations for strong growth in these markets [12] Company Strategy and Development Direction - Novartis aims to grow through the largest patent expiry in its history, focusing on key growth brands and pipeline replacement power [7] - The company is committed to maintaining a strong pipeline with 7 pivotal readouts expected in 2026, which could strengthen midterm growth outlook [31][49] - Novartis plans to continue investing in R&D, with over $10 billion allocated in 2025, and is focused on shareholder returns through dividends and share buybacks [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a 5%-6% sales CAGR from 2025 to 2030, despite anticipated generic impacts [42][48] - The company expects to return to a core margin of over 40% by 2029 [43] - Management highlighted the importance of pipeline assets and their potential to drive higher growth [49] Other Important Information - The company is transitioning leadership with Mukul Mehta set to take over as CFO in mid-March [5][41] - Novartis is focused on global health initiatives, including the development of new malaria treatments [30] Q&A Session Questions and Answers Question: Insights on remibrutinib and FDA conversations - Management noted that remibrutinib has an approved label without liver safety discussions, and they plan to advocate for limited liver monitoring based on FDA feedback [54][56] Question: Commercial opportunities for remibrutinib in MS - Management acknowledged that while B-cell monoclonal antibodies will remain dominant, there is a significant market for oral options, especially for patients preferring non-injectable therapies [61] Question: Risks associated with Pelacarsen's study - Management expressed confidence in the study's design and powering assumptions, indicating that lower event rates may not pose significant risks [63]

Financial Data and Key Metrics Changes - Novartis achieved high single-digit growth with an 8% increase in sales and a 14% rise in core operating income for the full year 2025, reaching a core margin of 40.1% [4][35] - For Q4, sales declined by 1%, while core operating income increased by 1%, with core EPS rising 2% to $2.03 [5][38] - Free cash flow reached an all-time high of CHF 17.6 billion, growing 8% year-over-year [35][39] Business Line Data and Key Metrics Changes - Kisqali sales grew 57% year-over-year to CHF 4.8 billion, with Q4 growth at 44% [6][7] - Kesimpta saw a 36% increase to $4.4 billion, with a 27% growth in Q4 [10] - Pluvicto achieved $2 billion in global sales, with a 75% increase in the U.S. [12] - Leqvio reached blockbuster status with 57% growth for the year [14] - Scemblix also reached blockbuster status with 87% growth in Q4 [15] Market Data and Key Metrics Changes - Kisqali's U.S. sales growth was 62%, with over 80% NBRX share in Germany for early breast cancer [7][9] - Kesimpta is leading in NBRX share in 9 out of 10 major markets outside the U.S. [10] - Pluvicto secured approvals in Japan and China, contributing to strong growth outside the U.S. [12] - Scemblix has a 41% NBRX share in the U.S. and 72% in the third-line setting across major markets [17] Company Strategy and Development Direction - Novartis aims to grow through the largest patent expiry in its history, focusing on key growth brands and pipeline replacement [6] - The company plans to continue investing in R&D while managing productivity improvements [43][44] - Novartis is committed to maintaining a 5%-6% sales CAGR from 2025 to 2030 [44][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single-digit sales growth in 2026 despite anticipated challenges from generic entries [43][44] - The company expects to return to a core margin of over 40% by 2029 [44] - Management highlighted the importance of pipeline advancements and upcoming pivotal readouts in 2026 [32][50] Other Important Information - Novartis has completed its CHF 15 billion share buyback program and initiated a new CHF 10 billion program [41] - The proposed dividend for 2025 is CHF 3.70 per share, marking a 6% increase [41][42] Q&A Session Questions and Answers Question: Insights on remibrutinib and FDA conversations - Management noted that remibrutinib has an approved label without liver safety discussions, and they plan to advocate for limited liver monitoring based on FDA feedback [53][54] Question: Commercial opportunities for remibrutinib in MS - Management indicated that the commercial opportunity will depend on data-driven results, with a significant market for oral options in MS [60][61] Question: Thoughts on Pelacarsen's event-based study risks - Management expressed confidence in the study's design and powering assumptions, despite lower than expected event rates [62][63] Question: Launch plans for Rhapsido and Ianalumab in an MFN world - Management acknowledged the importance of adjusting launch strategies for significant assets like Rhapsido and Ianalumab in the ex-U.S. market [73]

证 券 研 究 报 告 [Table增_R持at（ing维] 持） | [行Ta业ble_Industry] : | 医药生物 | | --- | --- | | 日期: | 2026年02月04日 shzqdatemark | | [T分ab析le师_Author] : | 张林晚 | | Tel: | 021-53686155 | | E-mail: | zhanglinwan@shzq.com | | SAC 编号: | S0870523010001 | 行 业 周 报 [T相ab关le报_R告e：portInfo] 领域资源整合加速》 《产业化进程加速，脑机接口发展进入快 车道》 《重庆脑机接口获突破性进展，建立癫痫 治疗新范式》 我们认为，我国血脂异常人数近年显著增加，关注代谢领域PCSK9靶点 及小核酸赛道进展。建议关注：恒瑞医药、信达生物、华东医药等。 风险提示 药品/耗材降价风险；行业政策变动风险等；市场竞争加剧风险等。 诺华 siRNA 降脂药物在华获批新适应症，关 注 PCSK9 及小核酸赛道 ——医药生物行业周报（20260126-0130） [Tab主le_要Su观mm点ary] 诺华 ...

Content Click below to navigate through the document Company overview 2025 financial review 2026 guidance Conclusions Appendix References Q4 2025 Results Investor presentation February 4, 2025 Novartis Q4 Results | February 4, 2026 1 Content Click below to navigate through the document Company overview 2025 financial review 2026 guidance Conclusions This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, that can general ...

As filed with the Securities and Exchange Commission on February 4, 2026 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 Form 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSU ...

此次该药物获批的适应症中轴型脊柱关节炎(axSpA)是一种慢性炎症性疾病。nr-axSpA则属于中轴型脊 柱关节炎的早期阶段。 由于nr-axSpA患者初治多使用非甾体抗炎药(NSAIDs)及物理治疗。然而NSAIDs往往只能起到缓解症状 的作用，难以改变疾病病程，对预防结构损伤的作用不明确，延迟诊断会给患者和社会带来显著的临床 负担和经济负担。因此，早诊早治对改善nr-axSpA患者临床结局并减轻患者负担具有重要意义。 经济观察网2月3日，诺华公司宣布，司库奇尤单抗新适应症获得国家药品监督管理局批准，适用于治疗 对非甾体类抗炎药(NSAID)应答不佳的活动性放射学阴性中轴型脊柱关节炎成人患者。此次新适应症获 批，是该药物继在成人和儿童中重度斑块状银屑病、强直性脊柱炎、银屑病关节炎和化脓性汗腺炎后， 在中国获批的第六个适应症。 PREVENT研究是司库奇尤单抗在nr-axSpA患者中开展的全球III期研究。该研究显示，相较于安慰剂 组，司库奇尤单抗治疗第16周nr-axSpA患者ASAS40应答率高，且改善持续至第52周，安全性良好。研 究次要终点显示出统计学上的显著改善。 ...

Core Viewpoint - Novartis reported its Q4 2025 earnings, showing a revenue of $13.34 billion, a 1.4% year-over-year increase, but $740 million below expectations. The company anticipates a profit decline this year due to generic competition impacting its blockbuster drugs like Entresto [1][2]. Group 1: Financial Performance - Q4 revenue was $13.34 billion, reflecting a 1.4% year-over-year growth, but fell short of expectations by $740 million [1]. - Non-GAAP earnings per share were $2.03, exceeding expectations by $0.03 [1]. - The company expects core operating profit to decline by a low single-digit percentage when adjusted for constant currency [1]. Group 2: Strategic Initiatives - CEO Vas Narasimhan is focusing on innovative drug strategies, which will be tested this year due to competition from generics affecting Entresto and other established drugs [1]. - Novartis is launching a new pill for autoimmune skin diseases and will soon announce key data for experimental therapies targeting heart disease and multiple sclerosis [1]. - To drive growth, Novartis agreed to acquire Tourmaline Bio for a promising therapy to reduce systemic inflammation and made a significant acquisition of Avidity Biosciences for up to $12 billion [2]. Group 3: Market Position and Future Plans - Novartis has addressed some uncertainties regarding its U.S. business by reaching an agreement with the Trump administration to avoid new industry tariffs in exchange for price reductions [2]. - The company has committed to building seven new manufacturing facilities in the U.S. as part of a $23 billion investment to expand its manufacturing capabilities, primarily focusing on radioligand therapy [2].

格隆汇2月4日｜诺华制药(NVS.US)预计今年利润将出现下滑，原因是受心脏病药物诺欣妥等核心畅销 药面临仿制药竞争的进一步冲击。该公司周三表示，按固定汇率计算，核心营业收入可能出现低个位数 的降幅。销售额预计将增长低个位数。首席执行官Vas Narasimhan专注于创新药物的战略将在今年面临 考验，因为诺欣妥及其他老牌畅销药正饱受仿制药竞争对手带来的压力。目前，诺诺华正在推出一款治 疗自身免疫性皮肤病的新药，并将很快发布针对心脏病和多发性硬化症等实验性疗法的关键数据。诺华 已承诺在美国建设七个新设施，这是其扩大在美制造布局的230亿美元投资计划的一部分。其中很大一 部分将专注于放射配体疗法（RLT）——这是一种利用靶向药物将放射性同位素直接输送到肿瘤的癌症 治疗方法。 ...

Core Insights - The pharma major reported strong results for the year 2025 but has guided towards a decline in core operating profit for the current year [1] Financial Performance - The company achieved robust financial results in 2025, indicating a strong performance in that fiscal year [1] - Despite the strong results in 2025, the company anticipates a decrease in core operating profit for the current year, suggesting potential challenges ahead [1]

Core Viewpoint - Novartis proposes a dividend payment of CHF 3.70 per share for 2025, representing a 5.7% increase from CHF 3.50 per share in the previous year [1] Dividend Proposal - The proposed dividend of CHF 3.70 per share is set to be voted on by shareholders at the Annual General Meeting scheduled for March 6, 2026 [1]