Novartis AG Q2 2026 Earnings Recap

Novartis shares inched up 1.8% following Q2 results that showed continued growth in key brands and reaffirmed full-year guidance, but lacked a stronger market reaction likely due to flat core operating income and a cautious tone from management.

Key Takeaways

• Group revenue grew 1% in constant currencies, with flat core operating income at $5.9 billion.
• Priority growth drivers surged 36% cc, led by KISQALI (+43%), Kesimpta (+32%), PLUVICTO (+43%), and LEQVIO (+59%).
• KISQALI delivered over $1 billion in U.S. sales for the first time, with continued share gains in metastatic and early breast cancer markets.
• Pipeline progress included updated KISQALI overall survival data and regulatory milestones, supporting medium-term growth targets.
• Despite strong brand-level growth, margin pressures and cautious outlook kept upside limited, reflected in the moderate stock response.