Novartis is back on a growth track, powered by strong demand for its key medicines and a series of pipeline breakthroughs, as the Swiss pharmaceutical giant reaffirmed its full-year 2026 outlook despite pressure on profits and cash flow.

 

The company reported second-quarter net sales of USD 14.4 billion, up 3% in US dollars and 1% at constant currencies, driven by continued momentum from priority brands including Kisqali, Kesimpta, Scemblix, Pluvicto and Leqvio.

 

Growth was led by oncology and specialty medicines, with sales increases across several flagship products. Kisqali sales jumped 43% at constant currencies to USD 1.7 billion, Kesimpta rose 32% to USD 1.4 billion, Scemblix surged 89% to USD 562 million, Pluvicto climbed 43% to USD 651 million, and Leqvio grew 59% to USD 480 million.

 

Despite stronger revenue, profitability remained under pressure. Second-quarter operating income fell 3% at constant currencies, while net income declined 19% to USD 3.3 billion. Core operating income was broadly stable at USD 5.9 billion, with the core operating margin reaching 41.2%.

 

Free cash flow stood at USD 5.6 billion, down 12% compared with the same period last year.

 

Novartis CEO Vas Narasimhan highlighted the company’s commercial momentum and research progress: "Novartis delivered a solid second quarter, returning to sales growth driven by continued momentum from Kisqali, Kesimpta, Scemblix and Pluvicto. We are encouraged by the early trajectory of our recent launches, Rhapsido in CSU and Itvisma. 

 

"We also made meaningful pipeline progress, highlighted by updated Kisqali overall survival data in early breast cancer and the FDA accelerated approval submission for del-zota in DMD. We are on track for multiple important readouts ahead in the second half, and remain on track to deliver our full-year guidance and mid-term outlook.”

 

Novartis reported significant progress across its research pipeline during the quarter, including regulatory approvals and late-stage clinical advances.

 

The company secured European Commission and Japanese approval for Rhapsido (remibrutinib) as an oral treatment for adults with chronic spontaneous urticaria (CSU), making it the first approved Bruton’s tyrosine kinase inhibitor for the condition.

 

The European Commission also approved Itvisma (onasemnogene abeparvovec), a gene replacement therapy for a broad population of patients with 5q spinal muscular atrophy (SMA).

 

In oncology, updated six-year follow-up data from the NATALEE study showed Kisqali delivered clinically meaningful overall survival benefits in early breast cancer. The US FDA also granted Kisqali pediatric exclusivity, extending existing patent protection by six months.

 

During the first half of 2026, Novartis continued strengthening its pipeline through acquisitions and partnerships.

 

The company agreed to acquire Myricx Bio, adding antibody-drug conjugate assets targeting B7-H3 and HER2 to its oncology portfolio. It also completed acquisitions of Pikavation Therapeutics and Excellergy, expanding its early-stage breast cancer and allergy disease capabilities.

 

Novartis said its strategy remains centered on four core therapeutic areas: cardiovascular-renal-metabolic diseases, immunology, neuroscience and oncology, with continued investment in high-growth medicines and advanced technology platforms.