Financials Novartis AG

Equities

NOVN

CH0012005267

Pharmaceuticals

Market Closed - Swiss Exchange Other stock markets 16:30:25 18/02/2026 GMT			5-day change	1st Jan Change
127.38 ^CHF	-0.78%		+5.27%	+16.22%

04:03pm	Unnatural Products in Pact With Novartis to Develop Macrocyclic Peptide Therapeutics	DJ
03:30pm	Tarsus Pharmaceuticals, Inc. Appoints David E. I. Pyott to Its Board of Directors and Chairperson of Commercial Committee and as Member of Nominating Committee and Compensation Committee of the Board, Effective on February 18, 2026	CI

Projected Income Statement: Novartis AG

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	51,626	50,545	46,660	51,722	56,674	57,354	60,068	63,706
Change	-	-2.09%	-7.69%	10.85%	9.57%	1.2%	4.73%	6.06%
EBITDA ¹	18,246	18,613	17,937	21,006	23,415	23,334	25,170	26,920
Change	-	2.01%	-3.63%	17.11%	11.47%	-0.34%	7.87%	6.95%
EBIT ¹	16,588	16,665	16,372	19,494	21,889	21,846	23,254	25,202
Change	-	0.46%	-1.76%	19.07%	12.29%	-0.2%	6.44%	8.38%
Interest Paid ¹	-891	-817	-633	-866	-1,280	-1,507	-1,309	-1,246
Earnings before Tax (EBT) ¹	26,137	8,371	9,123	13,640	16,352	17,696	19,181	21,922
Change	-	-67.97%	8.98%	49.51%	19.88%	8.22%	8.39%	14.29%
Net income ¹	24,021	6,955	14,854	11,939	13,967	14,239	15,795	17,590
Change	-	-71.05%	113.57%	-19.62%	16.99%	1.95%	10.93%	11.36%
Announcement Date	02/02/22	01/02/23	31/01/24	31/01/25	04/02/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	12,411	12,956	13,030	13,229	12,531	12,781	12,543	12,690	13,208	13,936	12,092	11,776	12,120	12,872	13,172	13,558	13,620	14,836	14,358	13,860	13,580	14,325	14,645	14,830	13,820	14,400	14,635	14,755
Change	-	4.39%	0.57%	1.53%	-5.28%	2%	-1.86%	1.17%	4.08%	5.51%	-13.23%	-2.61%	2.92%	6.2%	2.33%	2.93%	0.46%	8.93%	-3.22%	-3.47%	-2.02%	5.49%	2.23%	1.26%	-6.81%	4.2%	1.63%	0.82%
EBITDA	4,267	4,819	4,871	4,274	4,407	4,989	4,783	4,473	-	4,668	-	4,224	-	-	-	5,294	-	-	-	5,338	-	-	-	-	-	-	-	-
Change	-	12.94%	1.08%	-12.26%	3.11%	13.21%	-4.13%	-6.48%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,957	4,345	4,467	3,819	4,083	4,270	4,282	4,030	4,413	4,668	4,405	3,821	4,537	4,953	5,145	4,859	5,575	5,925	5,460	4,929	5,374	5,611	5,610	5,243	5,370	5,575	5,595	5,555
Change	-	9.81%	2.81%	-14.51%	6.91%	4.58%	0.28%	-5.89%	9.5%	5.78%	-5.63%	-13.26%	18.74%	9.17%	3.88%	-5.56%	14.74%	6.28%	-7.85%	-9.73%	9.03%	4.41%	-0.01%	-6.54%	2.42%	3.82%	0.36%	-0.71%
Charge d'intérêts ¹	-221	-212	-226	-232	-181	-186	-221	-205	-115	-149	-207	-199	-215	-171	-238	-224	-253	-330	-301	-396	-262	-263	-264	-323	-	-	-	-
Earnings before Tax (EBT)	2,450	3,506	3,230	16,951	2,669	2,042	1,919	1,741	2,740	2,769	1,552	2,377	3,129	3,841	3,385	3,285	-	-	4,196	-	-	-	-	-	-	-	-	-
Change	-	43.1%	-7.87%	424.8%	-84.25%	-23.49%	-6.02%	-9.28%	57.38%	1.06%	-43.95%	53.16%	31.64%	22.75%	-11.87%	-2.95%	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	2,059	2,895	2,758	16,308	2,222	1,695	1,575	1,466	2,293	2,316	1,513	8,480	2,688	3,246	3,189	2,820	3,606	4,024	3,930	2,404	3,217	3,523	3,500	3,345	-	-	-	-
Change	-	40.6%	-4.73%	491.3%	-86.37%	-23.72%	-7.08%	-6.92%	56.41%	1%	-34.67%	460.48%	-68.3%	20.76%	-1.76%	-11.57%	27.87%	11.59%	-2.34%	-38.83%	33.82%	9.52%	-0.65%	-4.44%	-	-	-	-
Announcement Date	27/04/21	21/07/21	26/10/21	02/02/22	26/04/22	19/07/22	25/10/22	01/02/23	25/04/23	18/07/23	24/10/23	31/01/24	23/04/24	18/07/24	29/10/24	31/01/25	29/04/25	17/07/25	28/10/25	04/02/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Novartis AG

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	8,191	9,034	12,011	17,944	23,867	32,945	27,195	24,866
Change	-	10.29%	32.95%	49.4%	33.01%	38.04%	-17.45%	-8.56%
Announcement Date	02/02/22	01/02/23	31/01/24	31/01/25	04/02/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Novartis AG

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	1,378	1,198	1,060	1,366	1,548	1,831	1,917	2,403
Change	-	-13.06%	-11.52%	28.87%	13.32%	18.29%	4.68%	25.36%
Free Cash Flow (FCF) ¹	13,282	11,945	13,179	16,253	17,596	13,814	15,694	18,436
Change	-	-10.07%	10.33%	23.32%	8.26%	-21.49%	13.6%	17.47%
Announcement Date	02/02/22	01/02/23	31/01/24	31/01/25	04/02/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Novartis AG

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	35.34%	36.82%	38.44%	40.61%	41.32%	40.68%	41.9%	42.26%
EBIT Margin (%)	32.13%	32.97%	35.09%	37.69%	38.62%	38.09%	38.71%	39.56%
EBT Margin (%)	50.63%	16.56%	19.55%	26.37%	28.85%	30.85%	31.93%	34.41%
Net margin (%)	46.53%	13.76%	31.83%	23.08%	24.64%	24.83%	26.3%	27.61%
FCF margin (%)	25.73%	23.63%	28.24%	31.42%	31.05%	24.09%	26.13%	28.94%
FCF / Net Income (%)	55.29%	171.75%	88.72%	136.13%	125.98%	97.02%	99.36%	104.81%
Profitability
ROA	10.86%	10.71%	12.37%	15.58%	16.33%	14.04%	14.76%	15.63%
ROE	22.69%	21.03%	25.37%	34.74%	38.4%	35.96%	38.75%	38.39%
Financial Health
Leverage (Debt/EBITDA)	0.45x	0.49x	0.67x	0.85x	1.02x	1.41x	1.08x	0.92x
Debt / Free cash flow	0.62x	0.76x	0.91x	1.1x	1.36x	2.38x	1.73x	1.35x
Capital Intensity
CAPEX / Current Assets (%)	2.67%	2.37%	2.27%	2.64%	2.73%	3.19%	3.19%	3.77%
CAPEX / EBITDA (%)	7.55%	6.44%	5.91%	6.5%	6.61%	7.85%	7.61%	8.93%
CAPEX / FCF (%)	10.37%	10.03%	8.04%	8.4%	8.8%	13.25%	12.21%	13.03%
Items per share
Cash flow per share ¹	6.669	6.48	6.911	8.658	9.792	9.715	10.82	12.32
Change	-	-2.83%	6.65%	25.28%	13.1%	-0.79%	11.42%	13.85%
Dividend per Share ¹	3.36	3.5	3.823	3.856	-	4.388	4.571	4.845
Change	-	4.17%	9.23%	0.88%	-	-	4.16%	6%
Book Value Per Share ¹	30.28	28	22.83	21.64	24.18	24.74	27.13	30.1
Change	-	-7.55%	-18.45%	-5.2%	11.69%	2.36%	9.63%	10.96%
EPS ¹	10.71	3.19	7.15	5.92	7.21	7.561	8.42	9.78
Change	-	-70.21%	124.14%	-17.2%	21.79%	4.87%	11.36%	16.14%
Nbr of stocks (in thousands)	2,237,092	2,150,980	2,055,460	1,999,270	1,918,792	1,908,152	1,908,152	1,908,152
Announcement Date	02/02/22	01/02/23	31/01/24	31/01/25	04/02/26	-	-	-