Q1 25 EPS
$2.28
BEAT +4.95%
Est. $2.17
Q1 25 Revenue
$13.23B
BEAT +1.40%
Est. $13.05B
vs S&P Since Q1 25
+6.9%
BEATING MARKET
NVS +39.2% vs S&P +32.3%
Market Reaction
Did NVS Beat Earnings? Q1 2025 Results
Novartis opened 2025 with a notably strong first quarter, posting core earnings per share of $2.28 against a consensus estimate of $2.17, a beat of 4.95%, while revenue of $13.23 billion topped expectations by 1.40% and rose 9.2% year over year. The … Read more Novartis opened 2025 with a notably strong first quarter, posting core earnings per share of $2.28 against a consensus estimate of $2.17, a beat of 4.95%, while revenue of $13.23 billion topped expectations by 1.40% and rose 9.2% year over year. The Swiss drugmaker's results were powered by broad-based volume growth across its key brands, with five franchise products collectively driving the quarter's momentum. Kisqali stood out as the sharpest accelerant, with the breast cancer therapy generating $956 million in sales, up 52% year over year, including an 87% surge in the US market following its early breast cancer indication launch. Operating income climbed 38% to $4.66 billion, expanding the operating margin to 35.2% from 28.5% a year earlier, a reflection of operating leverage across cost and spending lines. Free cash flow improved 66% to $3.39 billion, underscoring the company's strong cash conversion even as net debt rose to $22.30 billion amid significant capital returns to shareholders.
Key Takeaways
- • Volume growth contributing 15 percentage points to net sales growth
- • Strong US performance with 24% sales growth to USD 5.7 billion
- • Kisqali momentum from HR+/HER2- early breast cancer launch and metastatic breast cancer share gains, +87% US growth
- • Entresto sustained demand-led growth in heart failure and hypertension
- • Kesimpta strong demand growth with over 135,000 patients treated across 90 countries
- • Scemblix 75% growth driven by high unmet need in CML and early-line US adoption
- • Operating margin expansion of 6.7 percentage points to 35.2% through operational leverage
- • Lower weighted average shares outstanding benefiting EPS growth
- • China sales grew 17% (19% cc) to USD 1.2 billion
NVS YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
NVS Revenue by Segment
With YoY comparisons, source: SEC Filings
NVS Revenue by Geography
With YoY comparisons, source: SEC Filings
NVS Earnings Trends
NVS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NVS EPS Trend
Earnings per share: estimate vs actual
NVS Revenue Trend
Quarterly revenue: estimate vs actual
NVS Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $2.07 | $1.99 | -3.68% | $13.11B | -2.72% |
| Q4 25 BEAT FY | $2.00 | $2.03 | +1.27% | $13.34B | -5.26% |
| FY Full Year | $8.92 | $8.98 | +0.67% | $54.53B | -1.95% |
| Q3 25 MISS | $2.31 | $2.25 | -2.63% | $13.91B | +0.45% |
| Q2 25 BEAT | $2.37 | $2.42 | +1.96% | $14.05B | -0.20% |
| Q1 25 BEAT | $2.17 | $2.28 | +4.95% | $13.23B | +1.40% |
| Q4 24 BEAT FY | $1.78 | $1.98 | +11.44% | $13.15B | +2.57% |
| FY Full Year | — | $7.81 | — | $50.32B | — |