COVERAGE / NVS / Healthcare

NOVARTIS AG

Pharmaceutical Preparations

COVERAGE STATUSACTIVE

DATA THROUGH2025-12-31

RESEARCH REPORTS1

SELECTED FILINGS1

Fundamental matrix

Latest / 2025-12-31 · Prior / 2024-12-31 · USD · Annual periods

Revenue

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

Operating income

$17.64bn

Prior / $14.54bn

Change / +21.31%

SOURCE / 2026-02-04

Net income

$13.97bn

Prior / $11.94bn

Change / +16.99%

SOURCE / 2026-02-04

Diluted EPS

$7.15

Prior / $5.87

Change / +21.81%

SOURCE / 2026-02-04

Free cash flow

Not available

Prior / Not available

Change / Unavailable

SOURCE / 2026-02-04

Gross margin

Not available

Prior / Not available

Change / Unavailable

SOURCE / 2026-02-04

Operating margin

Not available

Prior / Not available

Change / Unavailable

SOURCE / 2026-02-04

Return on avg. equity

30.98%

Prior / 26.32%

Change / +4.65 pp

SOURCE / 2026-02-04

Debt / equity

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

ROE uses net income divided by average opening/closing equity. FCF = operating cash flow − selected capital expenditure. Debt/equity is unavailable because a verified interest-bearing-debt series is absent; total liabilities are not substituted for debt.

Inspect source tags, dates and accession numbers

{
  "netIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 13967000000,
    "accn": "0001114448-26-000004",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-02-04",
    "frame": "CY2025",
    "tag": "ifrs-full:ProfitLoss",
    "unit": "USD"
  },
  "grossProfit": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 42975000000,
    "accn": "0001114448-26-000004",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-02-04",
    "frame": "CY2025",
    "tag": "ifrs-full:GrossProfit",
    "unit": "USD"
  },
  "operatingIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 17644000000,
    "accn": "0001114448-26-000004",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-02-04",
    "frame": "CY2025",
    "tag": "ifrs-full:ProfitLossFromOperatingActivities",
    "unit": "USD"
  },
  "eps": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 7.15,
    "accn": "0001114448-26-000004",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-02-04",
    "frame": "CY2025",
    "tag": "ifrs-full:DilutedEarningsLossPerShare",
    "unit": "USD/shares"
  },
  "operatingCashFlow": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 19144000000,
    "accn": "0001114448-26-000004",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-02-04",
    "frame": "CY2025",
    "tag": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
    "unit": "USD"
  },
  "totalAssets": {
    "end": "2025-12-31",
    "val": 110949000000,
    "accn": "0001114448-26-000004",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-02-04",
    "frame": "CY2025Q4I",
    "tag": "ifrs-full:Assets",
    "unit": "USD"
  },
  "totalLiabilities": {
    "end": "2025-12-31",
    "val": 64400000000,
    "accn": "0001114448-26-000004",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-02-04",
    "frame": "CY2025Q4I",
    "tag": "ifrs-full:Liabilities",
    "unit": "USD"
  },
  "shareholdersEquity": {
    "end": "2025-12-31",
    "val": 46130000000,
    "accn": "0001114448-26-000004",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-02-04",
    "frame": "CY2025Q4I",
    "tag": "ifrs-full:EquityAttributableToOwnersOfParent",
    "unit": "USD"
  },
  "currentAssets": {
    "end": "2025-12-31",
    "val": 30460000000,
    "accn": "0001114448-26-000004",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-02-04",
    "frame": "CY2025Q4I",
    "tag": "ifrs-full:CurrentAssets",
    "unit": "USD"
  },
  "currentLiabilities": {
    "end": "2025-12-31",
    "val": 27278000000,
    "accn": "0001114448-26-000004",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-02-04",
    "frame": "CY2025Q4I",
    "tag": "ifrs-full:CurrentLiabilities",
    "unit": "USD"
  }
}

Financial trend system

Annual financial trends are summarized in the accessible table below.

Annual figures / accessible table

Period end	Revenue	Net income	Free cash flow	EPS
2025-12-31	Not available	$13.97bn	Not available	$7.15
2024-12-31	Not available	$11.94bn	Not available	$5.87
2023-12-31	Not available	$14.85bn	Not available	$7.10
2022-12-31	Not available	$6.96bn	Not available	$3.17

Valuation context

Historical snapshot / 2026-09-17. Annual accounting period / 2025-12-31. Not current, TTM or forward valuation.

Dated ratios / eligible same-method sector sample
Measure	Snapshot value	Historical median	Sector median	Peer count
P/E	Unavailable	Unavailable	27.08x	10
P/S	Unavailable	Unavailable	6.63x	10
P/B	Unavailable	Unavailable	7.31x	8
EV / EBITDA	Unavailable	Unavailable	Unavailable	0
FCF yield	Unavailable	Unavailable	3.88%	8

Annual denominators, not TTM or forward. Capitalization-based measures use estimated market capitalization from the dated quote snapshot. ADR/share-basis uncertainty is excluded. No comparable historical-multiple series or EV/EBITDA is available. Sector samples are equal-weight medians of this publication’s eligible covered companies; fiscal periods differ. No fair value or price target is implied.

Source: Not calculated: instrument/share basis requires further review. DAILY-BAR SOURCE ↗

Company & operating context

NOVARTIS AG is an SEC-reporting issuer listed on NYSE under NVS. Its SEC industry description is Pharmaceutical Preparations. This profile organizes annual financial disclosures for research; sector labels are editorial groupings, not GICS classifications.

Drug developers, device manufacturers and care providers depend on distinct clinical, reimbursement and operating economics.

Segment-level revenue is not included in this standardized dataset. Consult the business and segment notes in the linked annual filing for the issuer’s actual reporting segments.

Filing timeline

20-FFILED / 2026-02-04PERIOD / 2025-12-31

NVS filed this 20-F on 2026-02-04 for the reported period 2025-12-31. Reading focus: Product concentration, research investment, utilization, reimbursement and cash generation. This is a metadata-based reading guide; it does not assert that a particular event or risk change occurred in the document.

ORIGINAL SEC DISCLOSURE ↗

Research archive

HR-0112NVSCompany Research

NVS: reading the FY2025 financial structure ↗

NOVARTIS AG

Research abstract

Annual revenue of not available and net income of USD 13.967 billion for the period ended 2025-12-31.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26

Sector context & risk factors

Patent expiry, trial outcomes, reimbursement changes, litigation and acquisition integration.

Product concentration, research investment, utilization, reimbursement and cash generation.

HEALTHCARE SYSTEM ↗

Sources & dates

SEC annual filing · 2025-12-31 ↗Source date 2026-02-04
SEC annual filing · 2024-12-31 ↗Source date 2026-02-04
SEC annual filing · 2023-12-31 ↗Source date 2026-02-04
SEC annual filing · 2022-12-31 ↗Source date 2025-01-31
SEC issuer record ↗Source date 2026-09-18