Novartis has reported a robust financial performance for the second quarter of 2025, with net sales reaching USD 14.1 billion, up 12 percent year-on-year from USD 12.5 billion in the same period last year. The growth was driven primarily by higher sales volume.

For the first half of 2025, net sales rose to USD 27.3 billion, up 12 percent from USD 24.3 billion in H1 2024. Volume growth contributed 14 percentage points, underscoring the strong market uptake of key products.

Operating income for Q2 came in at USD 4.9 billion, representing a 21 percent year-on-year increase, mainly driven by higher net sales. For the first half of the year, operating income reached USD 9.5 billion, up 29 percent from the prior-year period.

Commenting on the results, Vas Narasimhan, CEO of Novartis, said, “Novartis delivered another strong quarter, with double-digit sales and core operating income growth. We continue to drive strong performance on our ongoing launches for Kisqali, Pluvicto, and Scemblix, demonstrating the replacement power in our portfolio.”

“We also delivered important pipeline milestones including a third positive Phase III readout for Pluvicto in hormone-sensitive prostate cancer and global filings for OAV101 IT in SMA. Our robust balance sheet and confidence in our mid and long-term growth enable us to initiate an up-to USD 10 billion share buyback as part of our commitment to balanced capital allocation."

The company’s priority brands were the key growth drivers in the second quarter, led by Kisqali, which generated USD 1.18 billion in sales. US sales of Kisqali more than doubled, fueled by strong momentum from the recently launched early breast cancer indication and continued share gains in metastatic breast cancer.

Entresto also delivered strong performance, with USD 2.36 billion in global sales, reflecting sustained, demand-led growth.

Other significant contributors to Q2 growth included Kesimpta, Scemblix, Leqvio, Pluvicto, Cosentyx, Fabhalta, Lutathera, and Zolgensma.

Novartis also highlighted several key developments from the quarter, including FDA approval for Vanrafia for the reduction of proteinuria in adults with primary IgA nephropathy (IgAN) at risk of rapid disease progression, and Swissmedic approval of Coartem Baby, the first clinically proven malaria treatment for newborns and infants (2–5 kg).

The company also recently completed regulatory submissions in the US and EU for OAV101 IT, a treatment targeting spinal muscular atrophy (SMA).

In H1 2025, Novartis repurchased 48.8 million shares for USD 5.3 billion as part of the USD 15 billion share buyback program, which concluded on July 1, 2025.

Looking ahead, and barring unforeseen events, the company expects net sales to grow in the high single digits (unchanged) and core operating income to increase in the low teens (low double-digit).

Novartis remains firmly committed to its strategy as a “pure-play” innovative medicines company, focusing investments across four core therapeutic areas: cardiovascular-renal-metabolic, immunology, neuroscience, and oncology.

In addition to its two established technology platforms—chemistry and biotherapeutics—the company is prioritising investment in three emerging platforms: gene and cell therapy, radioligand therapy, and xRNA to improve its research and development capabilities and manufacturing scale.

Geographically, Novartis is concentrating on growing its priority markets: the US, China, Germany, and Japan.