Novartis Q2 2026 Results: Kisqali, Kesimpta, and Pluvicto Drive Return to Sales Growth

Novartis Q2 2026 results, released July 21, 2026, show the Basel-based pharmaceutical company returning to sales growth after a soft start to the year. Net sales for the second quarter rose 3% in U.S. dollar terms (1% at constant currencies) to $14.4 billion, driven by continued momentum from priority brands including Kisqali, Kesimpta, Scemblix, Pluvicto, and Leqvio, even as generic competition weighed on legacy products like Entresto.

Core operating income for the quarter was flat at $5.9 billion in both USD and constant currency terms, with the core operating income margin declining 70 basis points to 41.2% of net sales. Reported operating income fell 2% (3% cc) to $4.8 billion, while net income declined 19% to $3.3 billion, reflecting higher income taxes and increased interest expense. Core earnings per share edged down 1% at constant currencies to $2.41, though the figure was flat in USD terms, aided by a lower weighted average share count following ongoing buybacks.

The first-half figures within the Novartis Q2 2026 results show a more mixed picture. Net sales rose 1% in USD but declined 2% at constant currencies to $27.5 billion, as the strong second-quarter rebound only partially offset a weaker first quarter. Core operating income for the six-month period fell 6% (7% cc) to $10.8 billion, with the core margin contracting 2.7 percentage points to 39.4% of net sales. Free cash flow for the half stood at $8.9 billion, down 9% year over year.

Novartis Q2 2026 Results: Priority Brands Fuel the Rebound

Commenting on the quarter, Novartis CEO Vas Narasimhan said the company delivered a solid second quarter, returning to sales growth on the back of continued momentum from Kisqali, Kesimpta, Scemblix, and Pluvicto. He added that the company was encouraged by the early trajectory of its newer launches, Rhapsido in chronic spontaneous urticaria and Itvisma in spinal muscular atrophy, and pointed to meaningful pipeline progress, including updated Kisqali survival data in early breast cancer and the accelerated approval submission for del-zota in Duchenne muscular dystrophy.

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Kisqali, the company’s CDK4/6 inhibitor for breast cancer, was the single largest contributor to quarterly growth, with sales climbing 43% at constant currencies to $1.7 billion on continued share gains in early breast cancer and sustained leadership in the metastatic setting. This performance made Kisqali the standout brand within the Novartis Q2 2026 results. Kesimpta, used in relapsing multiple sclerosis, grew 32% to $1.4 billion on rising demand and favorable payer access. Scemblix, a tyrosine kinase inhibitor for chronic myeloid leukemia, posted the fastest percentage growth among top brands, up 89% to $562 million, aided by strong uptake in newly diagnosed patients across the U.S., Japan, and Germany.

Pluvicto, the radioligand therapy for metastatic prostate cancer, grew 43% to $651 million, supported by continued demand in the pre-taxane metastatic castration-resistant prostate cancer setting in the U.S. and expanding access outside the country. Cosentyx remained the largest brand by absolute sales at $1.8 billion, up 10%, while Leqvio, the twice-yearly cholesterol-lowering therapy, grew 59% to $480 million on continued uptake in China following its inclusion on the national reimbursement list. Fabhalta, the complement inhibitor for rare kidney and blood disorders, grew 88% to $225 million.

Beyond the quarterly numbers, Novartis Q2 2026 results were shaped by a series of regulatory and clinical developments across its four core therapeutic areas of cardiovascular-renal-metabolic disease, immunology, neuroscience, and oncology. In July, the FDA granted traditional approval to Fabhalta as the first and only complement inhibitor shown to significantly slow kidney function decline in adults with primary immunoglobulin A nephropathy at risk of disease progression.

Rhapsido, an oral Bruton’s tyrosine kinase inhibitor, received approval from the European Commission and Japan’s health ministry for chronic spontaneous urticaria, becoming the first BTK inhibitor approved for the condition. Phase III data presented at the European Academy of Allergy and Clinical Immunology congress showed the drug met its primary endpoint across the three most common chronic inducible urticaria subtypes, with twice as many patients achieving symptom control compared with placebo.

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Novartis Q2 2026 Results: FDA and EMA Approval Highlights

Itvisma, a gene replacement therapy, gained European Commission approval for a broad population of children, teens, and adults with 5q spinal muscular atrophy carrying a bi-allelic SMN1 mutation, making it the only such therapy available for that patient group. The FDA also granted Kisqali pediatric exclusivity, adding a six-month period of exclusivity across existing Orange Book-listed patents. Separately, a Biologics License Application was submitted to the FDA for accelerated approval of del-zota in Duchenne muscular dystrophy patients amenable to exon 44 skipping, building on the therapy’s earlier Breakthrough Therapy designation.

Vanrafia completed regulatory submissions for traditional approval in IgA nephropathy in both the U.S. and EU, backed by final 30-month results from the Phase III ALIGN study published in The Lancet showing clinically meaningful slowing of kidney function decline. Cosentyx also reported statistically significant sustained remission data in polymyalgia rheumatica from the Phase III REPLENISH study, published in the New England Journal of Medicine, while the World Health Organization prequalified Coartem Baby, the first antimalarial designed specifically for newborns and young infants weighing 2 to 5 kilograms. These readouts reinforce the scientific narrative underpinning the Novartis Q2 2026 results.

On the corporate development front, Novartis announced an agreement in July to acquire Myricx Bio, adding two lead antibody-drug conjugate assets targeting B7-H3 and HER2 along with a broader payload platform to its oncology pipeline; the deal is expected to close in the second half of 2026. The company also completed acquisitions of Pikavation Therapeutics and Excellergy during the period, reinforcing its early-stage breast cancer and IgE biology pipelines, respectively.

Novartis repurchased 18.2 million shares for $2.8 billion during the first half of 2026 under its ongoing buyback programs, including 13.8 million shares under the up-to $10 billion buyback announced in July 2025, of which $5.6 billion remains to be executed. Net debt rose to $39.4 billion at the end of June 2026, up from $21.9 billion at the end of 2025, largely reflecting M&A-related cash outflows of $15.3 billion, a $9.1 billion annual dividend payment, and treasury share transactions. The company’s long-term credit rating stood at Aa3 with Moody’s and AA- with S&P Global Ratings as of the quarter’s close. These capital structure shifts, detailed in the Novartis Q2 2026 results, reflect stepped-up M&A investment during the period.

Novartis Q2 2026 Results: Full-Year Guidance Reaffirmed

Looking ahead, Novartis reaffirmed its full-year 2026 guidance, with net sales still expected to grow at a low single-digit rate and core operating income projected to decline at a low single-digit rate at constant currencies, barring unforeseen events. The company said that if mid-July exchange rates hold for the rest of the year, foreign exchange would contribute a positive 1 percentage point to both net sales and core operating income. Novartis is scheduled to report third-quarter and nine-month 2026 results on October 27, 2026, followed by full-year 2026 results on February 3, 2027.

Key Financial Metrics, Q2 and H1 2026 (USD millions except EPS)

Q2 2026 Priority Brand Performance

Q2 2026 Regulatory and Clinical Milestones

Capital Structure and Corporate Transactions (H1 2026)