Novartis AG (NVS)

Novartis is a product business in Pharmaceutical Preparations. 4

Past

Net income moved from $12.61 billion in 2018 to $13.97 billion in 2025, with a spike to $24.02 billion in 2021 and a trough to $6.96 billion in 2022. Revenue stood at $54.53 billion in 2025. Over the three fiscal years to 2025, the diluted share count shrank about 3.8% a year. Over fiscal 2017 to 2025 the company earned $111.86 billion in profit kept and paid out $55.87 billion in dividends and buybacks. Novartis's filings since 2017 show no warning events: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice. 123

Present

For the fiscal year ended 2025-12-31, Novartis reported a profit of $14 billion. Return on equity: the company earned about 30 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 39 cents per dollar of everything the company owns. Leverage: it owed about 58 cents per dollar of assets, and net share issuance: its share count shrank 3.9% over the year. Shareholders' equity, or book value, the net worth on its own books, stands at $46.55 billion as of 2025-12-31. Book value per share is $23.81 on 1.96 billion diluted average shares for fiscal 2025. 423

Track record is an SI estimate at 5.1 of 10 with a confidence of 20 of 100, because fewer than three filed years of revenue are on file; the desk assumes the typical reading of its industry family. Industry position is an SI estimate at 5.2 of 10 with a confidence of 20 of 100, because no filed revenue is on file; the desk assumes the typical reading of its industry family. Leadership is an SI estimate at 5.0 of 10 with a confidence of 20 of 100, because Novartis files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read. 2

Future

Annual report, foreign filer (Form 20-F) for the fiscal year ending 2026-12-31 is due by 2027-04-30; foreign filers have four months after the fiscal year ends. Room to expand is an SI estimate at 0.9 of 10 with a confidence of 35 of 100, because read from one part only, cash less debt against assets, which ranks in the bottom 9% of 479 in its family. Growth drivers is an SI estimate at 5.0 of 10 with a confidence of 20 of 100; the desk assumes the typical reading of its industry family because the record does not carry three filed years of revenue and two of the four parts. Expectations vs reality is an SI estimate at 5.3 of 10 with a confidence of 20 of 100; the desk assumes the typical reading of its industry family because the record does not carry four filed years of revenue and two of the three parts. 52

How the company operates

Novartis is a product business in Pharmaceutical Preparations. 4

New moves

Forms 6-K filed on 2026-02-04 for the period ended 2025-12-31 carry interim reports and quarterly figures for the foreign filer. A Form IRANNOTICE Iran-related disclosure notice and Form 20-F annual report for the period ended 2025-12-31 were filed on 2026-02-04. Forms 424B5 shelf offerings were filed on 2026-03-17 and 2026-03-16; a Form FWP offering communication was filed on 2026-03-17. Forms 424B5 shelf offerings were filed on 2025-11-04 and 2025-11-03; a Form FWP offering communication was filed on 2025-11-04. No sales and no open-market purchases of their own shares appear on the record of Forms 4 filings by officers and directors. 56