Analyst Consensus ?
ConsensusHold25 ratings
Bullish624.0%
Neutral1768.0%
Bearish28.0%
Novartis AG · NVS · FY2025 Q1 · Calendar Q2 2025
Novartis Q1 2025: 15% Sales Growth Prompts Outlook Upgrade
The supplied Q1 analysis supports a constructive near-term operating picture: double-digit sales growth, core-margin expansion and a raised full-year outlook. Whether this translates into durable growth depends on execution in newer medicines and the pipeline, while pricing pressure, tariffs, generic competition and capacity needs remain material counterweights. The supplied prior-quarter analysis is empty, so a quarter-to-quarter narrative comparison is unavailable.
Reported Before market openNYSEHealthcare
$305.05B market cap
70quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $2.12
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $13.04B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+0.7%
Event window
SPY move
+0.6%
Same window
Abnormal move
+0.1%
Stock minus SPY
Volume
1.0×
Versus trailing sessions
Subsequent drift
-1.4%
Up to 20 sessions
NVSSPY benchmark
Ask FN2 about NVS FY2025 Q1
Transcript, numbers and history already loaded
What drove NVS's +0.7% move after FY2025 Q1 earnings?What changed in NVS's guidance and outlook in FY2025 Q1?Give me the bull and bear case for NVS after FY2025 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management raised its full-year outlook after Q1 sales growth and core-margin expansion. The supplied materials do not include prior-quarter analysis or reported-versus-consensus actuals, so they do not support a fuller comparison of sequential changes or an earnings-surprise assessment.
Guidance delta
Raised full-year outlook, according to the supplied transcript analysis; no numerical guidance range is provided in the supplied synthesis facts.
Key takeaways
- Q1 sales grew 15% year over year, and core margin reached 42.1%; the supplied analysis says management raised its full-year outlook.
- Kisqali share gains and uptake of Pluvicto and Leqvio were identified as near-term growth drivers.
- The analysis cites pipeline progress and a $23 billion US manufacturing investment as strategic priorities.
- Tariffs, European pricing pressure, generic entry and radioligand-therapy capacity are important execution risks. The supplied scorecard has no actual EPS or revenue figures, so no beat-or-miss conclusion is available.
Management priorities
- Scale Kisqali, Pluvicto and Leqvio, while continuing Kesimpta life-cycle management.
- Advance late-stage pipeline programs and broaden the radioligand-therapy portfolio.
- Expand US manufacturing capacity and manage tariff exposure, European pricing and generic-entry risks.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$161.52Current
$120Low
$134.83Average
$163High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Deutsche Bank | Sell | Hold | Downgrade | Oct 30, 2026 |
| HSBC | Hold | Reduce | Upgrade | Sep 10, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Mar 26, 2026 |
| Barclays | Equal Weight | Underweight | Upgrade | Jan 6, 2026 |
| JP Morgan | Overweight | Neutral | Upgrade | Dec 8, 2025 |
| Goldman Sachs | Sell | Neutral | Downgrade | Sep 12, 2025 |
| UBS | Neutral | Buy | Downgrade | Feb 13, 2025 |
| Erste Group | Hold | Buy | Downgrade | Nov 19, 2024 |
| BMO Capital | Market Perform | Market Perform | Maintain | Oct 30, 2024 |
| B of A Securities | Neutral | Buy | Downgrade | Sep 11, 2024 |
| Jefferies | Hold | Buy | Downgrade | Sep 3, 2024 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | May 9, 2022 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Dec 6, 2021 |
| Bryan Garnier | Neutral | Buy | Downgrade | Dec 3, 2021 |
| Argus Research | Hold | Buy | Downgrade | Mar 10, 2021 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Feb 1, 2021 |
| Guggenheim Securities | Neutral | Buy | Downgrade | Feb 25, 2020 |
| Guggenheim | Neutral | Buy | Downgrade | Feb 25, 2020 |
| Citigroup | Buy | Neutral | Upgrade | Sep 11, 2018 |
| Bank of America | Buy | Underperform | Upgrade | Sep 10, 2018 |
| Credit Suisse | Neutral | Underperform | Upgrade | May 25, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Leerink Swann | Market Perform | Market Perform | Maintain | Jan 25, 2018 |
| Natixis | Buy | Neutral | Upgrade | Mar 4, 2015 |
| Hamburger Sparkasse | Hold | Buy | Downgrade | Jan 16, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $161.52. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Thibault Boutherin | $163 | $156.86 | +0.9% | Oct 28, 2026 |
| Morgan Stanley | Thibault Boutherin | $156 | $140.85 | -3.4% | Oct 6, 2026 |
| HSBC | Analyst unavailable | $136 | $137.48 | -15.8% | Sep 10, 2026 |
| Morgan Stanley | Thibault Boutherin | $170 | $149.7 | +5.3% | Mar 26, 2026 |
| HSBC | Analyst unavailable | $112 | $131.01 | -30.7% | Dec 10, 2025 |
| Morgan Stanley | Analyst unavailable | $143 | $132.28 | -11.5% | Dec 3, 2025 |
| CFRA | Wan Nurhayati | $126 | $123.33 | -22.0% | Oct 29, 2025 |
| BMO Capital | Etzer Darout | $120 | $109.91 | -25.7% | Oct 30, 2024 |
| Goldman Sachs | James Quigley | $121 | $119.38 | -25.1% | Sep 5, 2024 |
| BMO Capital | Etzer Darout | $118 | $106.13 | -26.9% | Jul 19, 2024 |
| CFRA | Wan Nurhayati | $108 | $97.27 | -33.1% | Apr 23, 2024 |
Track every rating change on NVS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationNovartis AG is a holding company, which engages in the business of developing, manufacturing, and marketing healthcare products. Its product portfolio is heavily focused on innovative prescription medicines, especially oncology, immunology, neuroscience, and cardiovascular diseases, supplemented by established older brands and a wide range of specialized therapies. The company was founded on February 29, 1996 and is headquartered in Basel, Switzerland.
Historical context
All NVS earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| IDXX IDEXX Laboratories, Inc. | FY2026 Q3 · Calendar Q4 2026 | +6.2% | +21.8% | IDEXX Raises FY2026 Outlook on Diagnostics and Software Growth |
| NBIX Neurocrine Biosciences, Inc. | FY2026 Q3 · Calendar Q4 2026 | +72.3% | -0.5% | Neurocrine Raises INGREZZA Outlook as Core Products Grow |
| AXSM Axsome Therapeutics, Inc. | FY2026 Q3 · Calendar Q4 2026 | +60.6% | -5.8% | Axsome’s Q3 growth broadens, while reimbursement and trial execution remain key tests |
| TEM Tempus AI, Inc. | FY2026 Q3 · Calendar Q4 2026 | +174.7% | +8.7% | Tempus Q3 growth broadens across diagnostics and data |
| SNY Sanofi | FY2026 Q3 · Calendar Q4 2026 | +30.8% | +2.8% | Sanofi lifts 2026 outlook as Dupixent and launches drive Q3 growth |
| AZN AstraZeneca PLC | FY2026 Q3 · Calendar Q4 2026 | +7.3% | +7.0% | AstraZeneca pairs solid growth with pipeline investment and restructuring |
Latest beats and misses
Who reports nextBeat on EPS
- MTCHFY2026 Q3 · November 2, 2026+2.2% EPS+1.6% move
- IDXXFY2026 Q3 · November 2, 2026+6.2% EPS+21.8% move
- FOXFY2027 Q1 · November 2, 2026+22.7% EPS-0.4% move
- FOXAFY2027 Q1 · November 2, 2026+27.6% EPS-0.8% move
- MARFY2026 Q3 · November 2, 2026+6.3% EPS+4.3% move
- NBIXFY2026 Q3 · November 2, 2026+72.3% EPS-0.5% move
Missed on EPS
- RYAAYFY2027 Q2 · November 2, 2026-0.3% EPS+2.9% move
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- PINSFY2026 Q3 · October 29, 2026-5.4% EPS-2.8% move
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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-04-25T19:43:05.749771+00:00
- Polygon adjusted daily market bars · 2026-11-03T03:10:42.406524+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-03T03:10:42.403848+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-03. For educational purposes only; not investment advice.