Economic Indicators - Private sector employment in the U.S. increased by 22,000 jobs in January, significantly below the expected growth of 45,000 jobs, following a downwardly revised increase of 37,000 jobs in December [25][26] - The modest increase was primarily driven by a jump in employment in the education and services sector, which added 74,000 jobs [26] Stock Market Performance - Major U.S. index futures indicate a flat open, with stocks lacking direction after a weak previous session [1] - The tech-heavy Nasdaq experienced a notable decline, dropping 336.92 points or 1.4 percent to 23,255.19, while the S&P 500 fell 58.63 points or 0.8 percent to 6,917.81, and the Dow decreased by 166.67 points or 0.3 percent to 49,240.99 [5] - Advanced Micro Devices (AMD) saw a significant drop of 10.1 percent in pre-market trading after disappointing first-quarter guidance, despite reporting better-than-expected fourth-quarter results [2][3] - Conversely, Super Micro Computer (SMCI) shares surged by 9.5 percent in pre-market trading after exceeding fiscal second-quarter estimates and raising its full-year revenue forecast [3] Sector Performance - Software stocks performed poorly, with the Dow Jones U.S. Software Index declining by 3.5 percent, marking its lowest closing level in over nine months [6] - Semiconductor stocks also faced substantial weakness, with the Philadelphia Semiconductor Index tumbling by 2.1 percent, and NXP Semiconductors (NXPI) shares dropping by 4.5 percent despite exceeding analyst estimates [7] - Retail giant Walmart (WMT) benefited from the rotation out of tech, surging by 2.9 percent and surpassing a $1 trillion market capitalization [7][8] - Gold stocks experienced a rebound, with the NYSE Arca Gold Bugs Index spiking by 4.4 percent amid rising gold prices [9] International Markets - Asian stocks ended mixed, with software stocks declining due to fears over AI impacting future growth [12] - The Eurozone's inflation rate dropped to 1.7 percent in January, below the 2 percent target, influenced by falling energy prices and a stronger euro [18] - The Eurozone private sector recorded its slowest growth in January, with a composite output index of 51.3, indicating expansion for the thirteenth consecutive month [20]

Market Overview - US stock futures are slightly up, with the S&P futures rising 0.2% and Nasdaq futures also up 0.2%, despite concerns over a rotation in tech stocks [1][3] - The AI narrative has shifted, with a focus on perceived losers in the Software sector, leading to significant declines in stocks like AMD, which fell 9% after disappointing sales forecasts [1][3] - Economically sensitive shares, particularly in the Russell 2000 index, gained 0.4%, while tech stocks faced pressure due to fears of AI disruption [4] Company Performance - Alphabet's stock is up 1% ahead of its earnings report, while other major tech stocks like Microsoft, Amazon, and Apple also saw slight increases [3] - Eli Lilly's shares rose 7% after a positive sales forecast driven by strong demand for its weight loss drug [3] - Johnson Controls increased by 8% after raising its adjusted earnings per share forecast for the year [3] - Silicon Laboratories surged 53% after agreeing to be acquired by Texas Instruments for $231 per share [3] - Uber Technologies fell 6% due to a weak profit outlook and a leadership change signaling a focus on driverless vehicles [3] Sector Analysis - The Software sector is experiencing indiscriminate selling, with analysts noting a lack of confidence among investors, leading to reduced software holdings [5][6] - The mood among investors regarding software stocks is grim, with many companies facing punishment for not meeting elevated expectations [5] - European stocks are also facing losses in sectors like software, IT, and data services due to ongoing concerns about AI disruption [10] Economic Indicators - Today's macro data focus is on the ISM Services index, with expectations for a reading that could influence stock market sentiment [1][15] - The dollar is stronger, and bond yields have increased by 1-2 basis points, reflecting a cautious market environment [1][15] Commodities - Gold prices have rebounded above $5,000 per ounce, and silver has risen above $90 per ounce, indicating a recovery in precious metals [1][15]

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 ...

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]

Novartis sees profit declining this year as some of the drugmaker’s top sellers like the heart medicine Entresto get further hit by generic competition https://t.co/3E6ERRAFxH ...

Core Insights - Swiss drugmaker Novartis forecasts a decline in 2026 operating profit in the low single-digit percentage range due to competition from cheaper copies of established products [1] Company Summary - Novartis is facing challenges from generic competition which is expected to impact its operating profit negatively in the coming years [1]

Core Insights - Novartis reported strong performance in 2025 with high single-digit sales growth and core margin expansion despite facing significant US generic competition [3] - Key growth drivers included Kisqali, Kesimpta, Pluvicto, Scemblix, and Cosentyx, which continued their strong trajectory [3] - The company advanced several potential multi-blockbusters in its pipeline with FDA approvals and positive Phase III readouts [3] - Novartis expects to grow through the largest patent expiry in its history in 2026, indicating the strength of its business [3] Financial Performance - Q4 2025 net sales reached USD 13.3 billion, a 1% increase year-over-year, while full-year net sales were USD 54.5 billion, reflecting an 8% increase [4][13] - Operating income for Q4 was USD 3.6 billion, up 2%, and for the full year, it was USD 17.6 billion, a 21% increase [10][13] - Net income for Q4 was USD 2.4 billion, down 15%, while full-year net income was USD 14.0 billion, up 17% [10][14] - Core operating income for Q4 was USD 4.9 billion, a 1% increase, and for the full year, it was USD 21.9 billion, a 12% increase [11][16] - Free cash flow for Q4 was USD 1.7 billion, down 54%, while for the full year, it was USD 17.6 billion, an 8% increase [12][17] Key Growth Drivers - Priority brands showed strong performance in Q4, with Kisqali sales growing 44%, Kesimpta 27%, Pluvicto 70%, Scemblix 87%, and Cosentyx 11% [18] - The top 20 brands contributed to a total of USD 10.8 billion in Q4 sales, with a slight increase of 2% year-over-year [19] R&D and Innovation - Novartis received FDA approval for Itvisma, the first gene replacement therapy for a broad SMA population, and expanded indications for Scemblix [21] - Pluvicto's FDA submission for metastatic hormone-sensitive prostate cancer was completed based on Phase III data [22] - Ongoing trials for ianalumab showed significant benefits in Sjögren's disease and primary immune thrombocytopenia [23][24] Strategic Initiatives - Novartis announced a proposed acquisition of Avidity Biosciences, expected to close in the first half of 2026, enhancing its pipeline in neuroscience [25] - The company reached an agreement with the US government to lower drug prices, which will impact its 2026 guidance [32] Capital Structure - Novartis repurchased 77.6 million shares for USD 8.9 billion in 2025, reducing the total number of shares outstanding by 66.9 million [27] - Net debt increased to USD 21.9 billion by the end of 2025, primarily due to cash outflows for share repurchases and dividends [28] 2026 Guidance - For 2026, Novartis expects low single-digit growth in net sales and a decline in core operating income [30]

Core Thesis - Cytokinetics, Incorporated is positioned favorably in the biopharma sector with a focus on developing drugs targeting cardiac myosin for muscle diseases, particularly hypertrophic cardiomyopathy (HCM) and chronic heart failure (CHF) [2][3] Drug Pipeline - The company’s lead drug, Aficamten, is a selective cardiac myosin inhibitor aimed at treating obstructive HCM (oHCM) by improving heart muscle relaxation and reducing outflow obstruction [3] - Clinical trials (SEQUOIA-HCM and MAPLE-HCM) indicate that Aficamten significantly enhances exercise capacity and quality of life while demonstrating a strong safety profile compared to metoprolol [3] Competitive Advantage - Aficamten is expected to be a next-in-class therapy with advantages over Bristol Myers Squibb's Camzyos, including fewer side effects and faster dose titration [4] - The drug is priced at approximately $75,000–$90,000 per year, with peak sales projections of $3–4 billion globally due to underpenetrated HCM markets and rising diagnosis rates [4] Financial Position and Growth Potential - Following a funding deal with Royalty Pharma, Cytokinetics is well-capitalized to independently launch Aficamten and aims for profitability by 2026 [4] - The company has additional upside potential through ongoing developments in non-obstructive HCM and HFrEF, with key catalysts including a PDUFA decision in December 2025 and an ACACIA-HCM readout in early 2026 [5] Market Context - The investment thesis draws parallels with previous bullish perspectives on other biotech firms, emphasizing the unique positioning of Cytokinetics in the cardiac drug market [6]