Q3 25 EPS
$2.25
MISS 2.63%
Est. $2.31
Q3 25 Revenue
$13.91B
BEAT +0.45%
Est. $13.85B
vs S&P Since Q3 25
+23.3%
BEATING MARKET
NVS +29.4% vs S&P +6.1%
Market Reaction
Did NVS Beat Earnings? Q3 2025 Results
Novartis posted a mixed third quarter for fiscal 2025, clearing the revenue bar while falling slightly short on earnings, as robust volume-driven growth across its oncology and immunology franchises ran into the weight of generic erosion and a sizabl… Read more Novartis posted a mixed third quarter for fiscal 2025, clearing the revenue bar while falling slightly short on earnings, as robust volume-driven growth across its oncology and immunology franchises ran into the weight of generic erosion and a sizable legal charge. Revenue came in at $13.91 billion, edging past the $13.85 billion consensus by 0.45% and marking a 5.6% year-over-year gain, yet core EPS of $2.25 missed the $2.31 analyst estimate by 2.63%, weighed in part by a $443 million expense tied to a French court reversal in the Lucentis/Avastin antitrust case. The headline growth story remained the company's newer blockbusters, with Kisqali surging 69% to $1.33 billion and Kesimpta climbing 46% to $1.22 billion, while Pluvicto added further momentum after new data showed the radioligand therapy reduced the risk of disease progression or death by 28% in hormone-sensitive prostate cancer, potentially doubling its eligible patient pool. Net debt climbed to $20.40 billion, reflecting aggressive M&A spending including the $12 billion deal to acquire Avidity Biosciences.
Key Takeaways
- • Kisqali strong growth across all regions, +91% in US driven by share gains in metastatic and early breast cancer
- • Kesimpta demand increase and strong access with 155,000+ patients treated across 94 countries
- • Pluvicto sustained US demand following pre-taxane mCRPC approval with 25 countries now approved
- • Scemblix early-line indication momentum in US and Japan with 26 ex-US markets approved
- • Fabhalta market share gains in PNH globally and launch progress in IgAN and C3G in US
- • Volume contributed 16 percentage points to sales growth
- • Lower weighted average number of shares outstanding benefiting EPS
- • Lower impairment charges year-over-year improving operating income
NVS YoY Financials
Q3 2025 vs Q3 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 | — |