Also trades as: NOVN.SW (SIX) · $vol 435M · NVSEF (OTC) · $vol 3M · NVS.TO (TSX) · $vol 0M

$156.86

+3.05 (+1.98%)

Weekly Expected Move ±3.4%

$141 $146 $151 $156 $162

NYSE · Healthcare · Drug Manufacturers - General · Tech Score Buy · Power 62 · $298.1B mcap · 1.83B float · 0.111% daily turnover · Short 46% of daily vol

Credit Risk of going bust: lower than 80% of companies Debt: 14.1% of company value Bonds: none of note held by US funds details ▾

If the stock fell to about $1.82 (down 99%), Novartis AG would be worth roughly what it owes.
Total debt $49.01B against a stock market value of $298.15B.
Distance to default 9.66 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $28.61B (short-term plus half of long-term), stock volatility 27.6%; Altman Z'' 2.30. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.

Overview Chart Smart Money Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers ESG Institutions ETF Exposure Dark Pool Short Interest

Revenue Segmentation

By Product / Service

By Geography

Revenue by Segment (5-Year Trend)

Income Trends

Revenue

$54.8B +6.0% ▲

5Y CAGR: +1.9%

Gross Profit

$41.1B +5.7% ▲

5Y CAGR: +3.4%

Operating Income

$17.1B +17.4% ▲

5Y CAGR: +11.0%

Net Income

$14.1B +17.7% ▲

5Y CAGR: +11.7%

EPS (Diluted)

$7.19 +22.5% ▲

5Y CAGR: +15.4%

EBITDA

$23.0B +11.0% ▲

5Y CAGR: +6.0%

Profit Margins

Year-over-Year Growth

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$44.0B	$43.5B	$46.7B	$51.7B	$54.8B
YoY Growth	-11.9%	-1.2%	+7.4%	+10.8%	+6.0%
Cost of Revenue	$11.7B	$11.6B	$12.5B	$12.8B	$13.7B
Gross Profit	$32.2B	$31.9B	$34.2B	$38.9B	$41.1B
Gross Margin	73.3%	73.4%	73.3%	75.2%	75.0%
R&D Expenses	$8.6B	$9.2B	$11.4B	$10.0B	$10.7B
SG&A Expenses	$12.8B	$12.2B	$12.5B	$12.6B	$13.3B
Operating Expenses	$22.2B	$23.9B	$24.4B	$24.4B	$24.0B
Operating Income	$10.1B	$7.9B	$9.8B	$14.5B	$17.1B
Operating Margin	22.9%	18.3%	20.9%	28.1%	31.2%
Interest Expense	$905M	$835M	$876M	$1.0B	$1.2B
Income Before Tax	$24.5B	$7.2B	$9.1B	$13.6B	$16.4B
Tax Expense	$1.6B	$1.1B	$551M	$1.7B	$2.4B
Net Income	$24.0B	$7.0B	$14.8B	$11.9B	$14.1B
Net Margin	54.6%	16.0%	31.8%	23.1%	25.6%
EPS (Diluted)	$10.63	$3.17	$7.10	$5.87	$7.19
EBITDA	$30.9B	$14.7B	$18.3B	$20.7B	$23.0B
Shares Outstanding	2.26B	2.20B	2.09B	2.04B	1.96B

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$13.2B	$13.6B	$13.6B	$14.8B	$14.4B	$13.3B	$13.5B	$14.4B
Cost of Revenue	$3.2B	$3.3B	$3.2B	$3.3B	$3.5B	$3.5B	$3.5B	$3.7B
Gross Profit	$9.9B	$10.2B	$10.4B	$11.5B	$10.8B	$9.8B	$10.1B	$10.7B
Gross Margin	75.4%	75.5%	76.3%	77.6%	75.4%	73.4%	74.4%	74.5%
R&D Expenses	$2.4B	$2.8B	$2.4B	$2.7B	$2.9B	$2.8B	$2.7B	$2.8B
SG&A Expenses	$3.1B	$3.5B	$3.1B	$3.4B	$3.3B	$3.4B	$3.1B	$3.2B
Operating Expenses	$6.3B	$6.7B	$5.7B	$6.7B	$6.3B	$6.3B	$5.8B	$6.0B
Operating Income	$3.6B	$3.5B	$4.7B	$4.9B	$4.5B	$3.5B	$4.2B	$4.7B
Operating Margin	27.5%	26.0%	34.2%	32.8%	31.3%	26.4%	31.3%	32.8%
Interest Expense	$267M	$273M	$270M	$294M	$281M	$304M	$343M	$462M
Income Before Tax	$3.4B	$3.3B	$4.4B	$4.5B	$4.2B	$3.2B	$3.8B	$4.3B
Tax Expense	$200M	$465M	$798M	$507M	$266M	$814M	$683M	$1.0B
Net Income	$3.2B	$2.8B	$3.6B	$4.0B	$3.9B	$2.4B	$3.2B	$3.3B
Net Margin	24.2%	20.8%	26.5%	27.2%	27.4%	18.1%	23.3%	22.7%
EPS (Diluted)	$1.57	$1.41	$1.82	$2.06	$2.02	$1.25	$1.65	$1.71
EBITDA	$5.6B	$5.2B	$5.8B	$6.1B	$5.8B	$5.1B	$5.4B	$5.9B
Shares Outstanding	2.03B	2.00B	1.98B	1.96B	1.94B	1.93B	1.92B	1.91B

NVS NYSE