Novartis AG Q3 2026 Earnings Recap

Novartis shares rose 1.4%, a broadly neutral reaction to a quarter with 4% constant-currency sales growth and 10% core operating income growth. The company raised its full-year 2026 bottom-line guidance, while Pluvicto’s US growth was more modest and management expects broader uptake of its new hormone-sensitive prostate cancer indication to build mainly next year.

Key Takeaways

• Priority brands grew 29%. Kisqali sales increased 37%, Kesimpta 22%, Pluvicto 20% in constant currencies, and Leqvio 63%.
• Kisqali’s growth was broad-based: 38% in the US and 35% outside the US in constant currencies. Early breast cancer is approved in 84 countries and reimbursed in 43.
• Kesimpta gained 3 percentage points of overall US MS market share to 16%; 77% of its US new prescriptions were first line or first switch.
• Pluvicto grew 9% in the US versus 68% outside the US. Management said new-indication uptake is still early, with 5–10 weeks of lead time for treatment and further acceleration expected next year.
• Leqvio’s US sales rose 60%; its share in Medicare reached 22%. The quarter’s growth and margin expansion supported an upgrade to full-year bottom-line guidance.