Q1 26 EPS
$1.99
MISS 3.68%
Est. $2.07
Q1 26 Revenue
$13.11B
MISS 2.72%
Est. $13.48B
Did NVS Beat Earnings? Q1 2026 Results
Novartis delivered a mixed first quarter for 2026, posting earnings per share of $1.99 on revenue of $13.11 billion as robust growth from newer therapies failed to fully offset steep declines across legacy franchises hit by generic competition. Net s… Read more Novartis delivered a mixed first quarter for 2026, posting earnings per share of $1.99 on revenue of $13.11 billion as robust growth from newer therapies failed to fully offset steep declines across legacy franchises hit by generic competition. Net sales slipped 1% in USD and 5% in constant currencies year-over-year, with the quarter's defining tension laid bare in the stark contrast between old and new: Entresto tumbled 42% to $1.30 billion following US generic entry, while Kisqali surged 59% to $1.52 billion and Pluvicto climbed 73% to $642 million on strong demand in pre-taxane mCRPC. Core operating margin contracted 4.8 percentage points to 37.3%, reflecting both the revenue headwinds and elevated R&D costs tied to the $12 billion Avidity Biosciences acquisition that closed in February, a deal that pushed net debt sharply higher to $38.09 billion. Free cash flow held broadly stable at $3.33 billion, offering some reassurance that the business retains meaningful underlying financial resilience despite the earnings pressure.
Key Takeaways
- • Kisqali strong growth driven by early breast cancer indication and continued mBC leadership
- • Pluvicto continued strong demand in pre-taxane mCRPC setting in the US
- • Kesimpta growth across all regions driven by increased demand and strong access as high-efficacy B-cell therapy for RMS
- • Scemblix momentum in early-line CML setting with 64 markets having secured approvals
- • Leqvio acceleration ex-US driven by China NRDL inclusion in January 2026
- • Generic competition negatively impacting Entresto, Promacta/Revolade, and Tasigna
- • Volume contributed 13 percentage points to growth, offset by 14 percentage points of generic competition
- • Currency had positive 4 percentage point impact on net sales
NVS YoY Financials
Q1 2026 vs Q1 2025, 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 | — |