Analyst Consensus ?
ConsensusHold25 ratings
Bullish624.0%
Neutral1768.0%
Bearish28.0%
Novartis AG · NVS · FY2025 Q2 · Calendar Q3 2025
Novartis Q2 FY2025: Priority brands and guidance upgrade support growth
Novartis’s raised FY2025 outlook and momentum in priority brands support the growth case presented in this call. The durability of that trajectory depends on pipeline execution and the company’s ability to manage pricing pressure, generic competition and regulatory uncertainty.
Reported Before market openNYSEHealthcare
$303.67B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.42
Consensus $2.38
EPS surprise
+1.7%
Reported versus consensus
Reported revenue
$14.28B
Consensus $13.94B
Revenue surprise
+2.5%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-3.3%
Event window
SPY move
+0.6%
Same window
Abnormal move
-3.9%
Stock minus SPY
Volume
3.2×
Versus trailing sessions
Subsequent drift
+6.6%
Up to 20 sessions
NVSSPY benchmark
Ask FN2 about NVS FY2025 Q2
Transcript, numbers and history already loaded
Why did NVS fall 3.3% after beating EPS estimates in FY2025 Q2?What changed in NVS's guidance and outlook in FY2025 Q2?Give me the bull and bear case for NVS after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management reported continued sales and core operating-income growth and raised its full-year 2025 outlook. The call also highlighted a new share-buyback program and progress across the Pluvicto, Leqvio and YTB CAR-T programs.
Guidance delta
Full-year 2025 outlook was raised, with management citing business momentum. The supplied analysis does not specify the guidance ranges.
Key takeaways
- Kisqali, Kesimpta, Pluvicto, Leqvio and Scemblix were identified as key growth contributors.
- Pluvicto’s earlier-line expansion, Leqvio adoption and pipeline milestones are central to the company’s growth plans.
- Management described pricing headwinds and generic-entry exposure as issues it is actively managing.
Management priorities
- Expand priority brands and pursue broader use of Pluvicto.
- Advance pipeline and evidence programs, including Leqvio and YTB CAR-T.
- Balance investment and capital returns while managing pricing and generic risks.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$160.79Current
$120Low
$134.83Average
$163High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 1, 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 $160.79. 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 | +1.4% | Oct 28, 2026 |
| Morgan Stanley | Thibault Boutherin | $156 | $140.85 | -3.0% | Oct 6, 2026 |
| HSBC | Analyst unavailable | $136 | $137.48 | -15.4% | Sep 10, 2026 |
| Morgan Stanley | Thibault Boutherin | $170 | $149.7 | +5.7% | Mar 26, 2026 |
| HSBC | Analyst unavailable | $112 | $131.01 | -30.3% | Dec 10, 2025 |
| Morgan Stanley | Analyst unavailable | $143 | $132.28 | -11.1% | Dec 3, 2025 |
| CFRA | Wan Nurhayati | $126 | $123.33 | -21.6% | Oct 29, 2025 |
| BMO Capital | Etzer Darout | $120 | $109.91 | -25.4% | Oct 30, 2024 |
| Goldman Sachs | James Quigley | $121 | $119.38 | -24.7% | Sep 5, 2024 |
| BMO Capital | Etzer Darout | $118 | $106.13 | -26.6% | Jul 19, 2024 |
| CFRA | Wan Nurhayati | $108 | $97.27 | -32.8% | 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 |
|---|---|---|---|---|
| AZN AstraZeneca PLC | FY2026 Q3 · Calendar Q4 2026 | +7.3% | +7.0% | AstraZeneca pairs solid growth with pipeline investment and restructuring |
| BTSG BrightSpring Health Services, Inc. Common Stock | FY2026 Q3 · Calendar Q4 2026 | +14.2% | +11.1% | BrightSpring posts strong Q3 growth while maintaining guidance |
| ABBV AbbVie Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.4% | +1.4% | AbbVie raises 2026 guidance as Skyrizi and Rinvoq drive Q3 growth |
| BTSGU BrightSpring Health Services, Inc. Tangible Equity Unit | FY2026 Q3 · Calendar Q4 2026 | +14.2% | +10.0% | BrightSpring posts strong Q3 growth as pharmacy leads |
| REGN Regeneron Pharmaceuticals, Inc. | FY2026 Q3 · Calendar Q4 2026 | +21.6% | +13.3% | Regeneron posts strong Q3 growth as pipeline expands |
| EXEL Exelixis, Inc. | FY2026 Q3 · Calendar Q4 2026 | +6.0% | +4.8% | Exelixis highlights zanzalintinib pipeline after strong Q3 |
Latest beats and misses
Who reports nextBeat on EPS
- CHDFY2026 Q3 · October 30, 2026+2.2% EPS+1.2% move
- AZNFY2026 Q3 · October 30, 2026+7.3% EPS+7.0% move
- FRTFY2026 Q3 · October 30, 2026+3.9% EPS-1.1% move
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
Missed on EPS
- 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
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
- Polygon adjusted daily market bars · 2026-11-01T21:00:51.589794+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-01T21:00:51.587063+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 2026-11-01. For educational purposes only; not investment advice.