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Swiss pharmaceutical company developing and selling prescription medicines across oncology, cardiovascular, immunology, and neuroscience.
Swiss pharmaceutical company developing and selling prescription medicines across oncology, cardiovascular, immunology, and neuroscience.
Earns by selling patented medicines through hospitals and health systems, with a handful of top-selling brands carrying the business. It is now a pure prescription-medicines company after spinning off Alcon, the eye-care business, in 2019 and Sandoz, the generics business, in 2023.
In one line: A Swiss Merck & Co / Bristol-Myers Squibb hybrid.
Moat: wide (IP / patents, scale, regulatory licence). Broad patent-protected drug portfolio across major therapeutic areas built on decades of R&D scale.
Headquarters: Basel, Switzerland · Founded: 1996 · Employees: 75,267
Size Novartis (NOVN.SW) is a Switzerland Health Care company (Pharmaceuticals: Major) with a market value of $298B, the 2nd largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 133.08 on 6 Nov 2026.
Performance Over six months the shares gained 14.8%, against +18.1% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 7th highest of 13 in its peer set.
Growth Revenue fell 4.5% over the last twelve months (peer median +5.4%); the operating margin is 30.5% (peer median 28.8%).
Valuation It trades at 18.4× forward earnings against a peer median of 14.7× (5th most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 11.8 points above its cost of capital (5.0% WACC).
Credit Novartis has 10 bonds outstanding ($8.77B), rated AA- by the agencies and trading like AA+ at a weighted spread of 57 bp.
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 44.1B | CHF 45.3B | CHF 44.3B | CHF 40.8B | CHF 40.3B |
| Revenue growth | — | +2% | +9% | +1% | — |
| Gross profit | CHF 32.8B | CHF 34.0B | CHF 33.0B | CHF 29.5B | CHF 29.4B |
| EBITDA | CHF 17.6B | CHF 18.5B | CHF 18.9B | CHF 18.1B | CHF 16.3B |
| Net income | CHF 7.95B | CHF 11.6B | CHF 10.5B | CHF 13.3B | CHF 6.64B |
| Free cash flow | CHF 12.3B | CHF 14.6B | CHF 14.3B | CHF 12.0B | CHF 12.7B |
| Capital expenditure | CHF 2.65B | CHF 3.24B | CHF 3.36B | CHF 2.47B | CHF 2.14B |
| Total debt | CHF 40.3B | CHF 28.0B | CHF 28.3B | CHF 22.2B | CHF 25.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Novartis NOVN.SW | $298B | +15% | -4% | 30% | 18.4× | 1.7% |
| Roche RO.SW | $385B | +22% | -1% | 31% | 19.6× | 0.9% |
| Pfizer PFE | $168B | +14% | +1% | 26% | 10.4× | -4.3% |
| Merck & MRK | $362B | +33% | +5% | 18% | 17.4× | 4.1% |
| AstraZeneca AZN.L | $291B | +1% | +5% | 23% | 18.3× | 14.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NOVN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.1% | +8.3% | 4th highest of 13 |
| 6-month return | +14.8% | +18.1% | 7th highest of 13 |
| Distance from 52-week high | -1.6% | -7.1% | highest of 13 |
| Revenue growth (TTM) | -4.5% | +5.4% | lowest of 13 |
| Operating margin | 30.5% | 28.8% | 6th highest of 13 |
| Forward P/E | 18.4× | 14.7× | 5th most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 1.7% | 0.0% | 5th most demanding of 13 |
| Growth delivered (Del g) | -0.2% | +7.2% | 2nd lowest of 13 |
| Hurdle (Req g minus delivered) | +1.9 pp | -7.1 pp | most demanding of 13 |
| ROIC minus cost of capital | +11.8 pp | +11.5 pp | 7th highest of 13 |
| EV / EBITDA | 15.7× | 15.1× | 4th most expensive of 12 |
| Net debt / EBITDA | 1.9× | 1.0× | 4th most indebted of 12 |
| Bond spread | 57 bp | 65 bp | 3rd tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Novartis NOVN.SW | Switzerland | $298B | +15% | -4% | 30% | 18.4× | 1.7% | -0.2% |
| AstraZeneca AZN.L | United Kingdom | $291B | +1% | +5% | 23% | 18.3× | 14.5% | +15.7% |
| Merck & MRK | United States | $362B | +33% | +5% | 18% | 17.4× | 4.1% | +9.3% |
| Roche RO.SW | Switzerland | $385B | +22% | -1% | 31% | 19.6× | 0.9% | +1.1% |
| Novo Nordisk A/S NOVO-B.CO | Denmark | $190B | -7% | +6% | 48% | 11.9× | 0.1% | +19.5% |
| AbbVie ABBV | United States | $515B | +45% | +11% | 36% | 18.4× | -0.1% | +6.0% |
| Pfizer PFE | United States | $168B | +14% | +1% | 26% | 10.4× | -4.3% | +8.5% |
| Vertex Pharmaceuticals VRTX | United States | $139B | +27% | +11% | 35% | 29.0× | 6.1% | +14.2% |
| Johnson & Johnson JNJ | United States | $665B | +26% | +8% | 26% | 24.5× | 3.5% | +2.7% |
| Bristol Myers Squibb BMY | United States | $127B | +12% | +4% | 33% | 9.7× | -12.9% | +2.5% |
| Sanofi SAN.PA | France | $113B | +14% | +15% | 27% | 9.6× | -5.4% | +3.9% |
| GSK GSK.L | United Kingdom | $102B | 0% | +4% | 25% | 10.6× | -0.1% | -0.9% |
| Regeneron Pharmaceuticals REGN | United States | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% | +11.0% |
Novartis has 10 bonds outstanding with $8.77B face value. The agencies rate it AA-; its bonds trade like AA+. Weighted yield 4.21%, a spread of 57 bp over government bonds.