Q2 2026 Novartis AG Earnings Call Transcript
Key Points
- Novartis AG (NVS) delivered strong performance across priority brands and launches, with a 1% growth in constant currencies.
- Kisqali showed a 43% increase in constant currencies, outpacing the CDK4/6 market, with strong performance in both the US and international markets.
- Kesimpta experienced a 32% growth, increasing its share in key markets, particularly in the US and Europe.
- Pluvicto grew by 43%, driven by the PSMA population in the pre-taxane mCRPC, with strong growth outside the US.
- Leqvio saw a 59% increase, driven by strong demand globally, with significant growth in the Medicare Part B segment in the US.
- Core operating income was flat at $5.9 billion, indicating challenges in maintaining profitability.
- The core operating income margin declined by 70 basis points due to incremental costs and lower gross margins.
- Free cash flow was impacted by one-time phasing items, which are expected to reverse in the second half.
- Net sales declined by 2% in the first half of the year, with core operating income declining by 7%.
- There are ongoing challenges in China for Cosentyx due to increased competition, affecting global performance.
Good afternoon, and welcome to the Novartis Q2 2026 results release conference cll and live webcast. (Operator Instructions)
A recording of the conference call, including the Q&A session, will be available on our website shortly after the call ends. With that, I would like to hand over to Mr. Nigel Trotman, Head Business Planning and Analysis and Digital Finance. Please go ahead, sir.
Thank you, Sharon. Good morning and good afternoon, and welcome, everyone, to our Q2 2026 conference call. The information presented today contains forward-looking statements that involve known and unknown risks, uncertainties and other factors. These may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. For a description of some of these factors, please refer to the company's Form 20-F and its most recent quarterly results on Form 6-K that respectively were filed with and furnished to the
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