Q4 25 EPS
$2.03
BEAT +1.27%
Est. $2.00
Q4 25 Revenue
$13.34B
MISS 5.26%
Est. $14.08B
vs S&P Since Q4 25
-3.1%
TRAILING MARKET
NVS +3.7% vs S&P +6.9%
Full Year 2025 Results
FY 25 EPS
$8.98
BEAT +0.67%
Est. $8.92
FY 25 Revenue
$54.53B
MISS 1.95%
Est. $55.62B
Market Reaction
Did NVS Beat Earnings? Q4 2025 Results
Novartis closed out 2025 with a fourth-quarter earnings beat that masked a tale of two portfolios, as next-generation growth drivers more than offset deepening erosion in its legacy lineup. The Swiss drugmaker posted Q4 core EPS of $2.03, edging past… Read more Novartis closed out 2025 with a fourth-quarter earnings beat that masked a tale of two portfolios, as next-generation growth drivers more than offset deepening erosion in its legacy lineup. The Swiss drugmaker posted Q4 core EPS of $2.03, edging past the $2.00 consensus by 1.50%, while revenue of $13.34 billion topped estimates by 4.15%, even as reported sales dipped 1.6% year-over-year. The central story was the accelerating generics drag on Entresto, which plunged 43% to $1.25 billion following U.S. Generic entry in Q3, while Promacta and Tasigna fell 61% and 56% respectively. Offsetting those pressures, Kisqali surged 46% to $1.32 billion and Pluvicto delivered 72% growth to $605 million on the strength of its pre-taxane mCRPC approval. Looking ahead, Novartis has initiated a new $10 billion buyback program and proposed a dividend of CHF 3.70 per share, with the pending $12 billion acquisition of Avidity Biosciences, expected to close in H1 2026, set to deepen its RNA therapeutics capabilities. Analysts remain broadly constructive on the name, with several major banks maintaining buy-equivalent ratings following the print.
Key Takeaways
- • Kisqali strong volume growth driven by share gains in metastatic and early breast cancer
- • Kesimpta increased demand as high-efficacy B-cell therapy with at-home self-administration for RMS
- • Pluvicto strong demand growth following pre-taxane mCRPC approval in US
- • Scemblix launch momentum in early-line CML setting with 61 markets having early-line approvals
- • Cosentyx continued demand from recent launches including HS and IV in the US
- • Leqvio growth across all regions achieving blockbuster status for 2025
- • Volume contributed 18 percentage points to Q4 growth
- • Lower weighted average shares outstanding benefiting EPS from buyback program
NVS YoY Financials
Q4 2025 vs Q4 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 | — |