Novartis quarterly financial results

Q3 2025 results - Tuesday, October 28, 2025

Key figures¹	Q3 2025 (USD m)	Q3 2024 (USD m)	% change (USD/cc)
Net sales	13,909	12,823	8 (cc: 7)
Operating income	4,501	3,627	24 (cc: 27)
Net income	3,930	3,185	23 (cc: 25)
EPS (USD)	2.04	1.58	29 (cc: 31)
Free cash flow	6,217	5,965	4
Core
Operating income	5,460	5,145	6 (cc: 7)
Net income	4,330	4,133	5 (cc: 6)
EPS (USD)	2.25	2.06	9 (cc: 10)

Constant currencies (cc), core results and free cash flow are non-IFRS measures. An explanation of non-IFRS measures can be found on page 42 of the Interim Financial Report. Unless otherwise noted, all growth rates in this Release refer to same period in prior year.

Press release: English (PDF 0.3 MB) | Deutsch (PDF 0.3 MB)

Key figures¹	Q2 2025 (USD m)	Q2 2024 (USD m)	% change (USD/cc)
Net sales	14,054	12,512	12 (cc: 11)
Operating income	4,864	4,014	21 (cc: 25)
Net income	4,024	3,246	24 (cc: 26)
EPS (USD)	2.07	1.60	29 (cc: 32)
Free cash flow	6,333	4,615	37
Core
Operating income	5,925	4,953	20 (cc: 21)
Net income	4,710	4,008	18 (cc: 19)
EPS (USD)	2.42	1.97	23 (cc: 24)

Constant currencies (cc), core results and free cash flow are non-IFRS measures. An explanation of non-IFRS measures can be found on page 40 of the Interim Financial Report. Unless otherwise noted, all growth rates in this Release refer to same period in prior year.

Press release: English (PDF 0.3 MB) | Deutsch (PDF 0.3 MB)

Key figures¹	Q1 2025 (USD m)	Q1 2024 (USD m)	% change (USD/cc)
Net sales	13,233	11,829	12 (cc: 15)
Operating income	4,663	3,373	38 (cc: 44)
Net income	3,609	2,688	34 (cc: 37)
EPS (USD)	1.83	1.31	40 (cc: 42)
Free cash flow	3,391	2,038	66
Core
Operating income	5,575	4,537	23 (cc: 27)
Net income	4,482	3,681	22 (cc: 26)
EPS (USD)	2.28	1.80	27 (cc: 31)

Constant currencies (cc), core results and free cash flow are non-IFRS measures. An explanation of non-IFRS measures can be found on page 31 of the Condensed Interim Financial Report. Unless otherwise noted, all growth rates in this Release refer to same period in prior year.

Press release: English (PDF 0.4 MB) | Deutsch (PDF 0.4 MB)

Constant currencies (cc), core results and free cash flow are non-IFRS measures. An explanation of non-IFRS measures can be found on page 47 of the Condensed Financial Report. Unless otherwise noted, all growth rates in this Release refer to same period in prior year.
As defined on page 35 of the Condensed Financial Report, Continuing operations include the retained business activities of Novartis, comprising the innovative medicines business and the continuing corporate activities, and Discontinued operations include operational results from the Sandoz business.