What is Novartis?
Pure-play innovative medicines company focused on oncology, cardiovascular, immunology, and neuroscience.
- Category
- Pharmaceutical (Innovative Medicines)
- Headquarters
- Basel, Switzerland
- Founded
- December 20, 1996
- Employees
- ~75,267 (end-2025)
- 2025 Net Sales
- USD 54.5 billion (+8% cc)
- Market Cap (June 2026)
- ~$293B USD (NYSE: NVS — world's 54th most valuable company)
What is Novartis?
Novartis AG is a Swiss multinational pharmaceutical company headquartered in Basel, Switzerland, focused exclusively on discovering, developing, and commercializing innovative prescription medicines across oncology, cardiovascular-renal-metabolic, immunology, and neuroscience.
Formed in December 1996 through the landmark merger of Ciba-Geigy and Sandoz — at the time the largest industrial merger in history — Novartis has since transformed into a pure-play innovative medicines company after divesting its eye-care unit Alcon (2019) and spinning off its generics business Sandoz (October 2023). The company ended 2025 with 75,267 employees worldwide and serves patients in more than 140 countries through a global commercial infrastructure.
With 2025 net sales of USD 54.5 billion (up 8% in constant currencies) and a core operating margin of 40.1% — the first time the company has reached that milestone — Novartis ranks firmly among the top five global pharmaceutical companies by revenue. Free cash flow reached USD 17.6 billion in 2025, and core EPS grew 17% in constant currencies to USD 8.98. The company has raised its dividend for 29 consecutive years, paying CHF 3.70 per share in 2025.
The portfolio is anchored by blockbuster assets: Cosentyx (immunology, USD 6.7B in 2025 sales, +8% cc), Kisqali (breast cancer, USD 4.8B, +57% cc), Kesimpta (multiple sclerosis, USD 4.4B, +36% cc), Pluvicto (prostate cancer, USD 1.9B, +42% cc), and Scemblix (CML, +85% cc). Strategically, Novartis is investing in three emerging technology platforms — radioligand therapy (RLT), gene and cell therapy, and xRNA — alongside established small-molecule and biotherapeutics capabilities, targeting a 5–6% compound annual sales growth rate through 2030.
What does Novartis offer?
Novartis develops and commercializes innovative prescription medicines across four core therapeutic areas, supported by five distinct technology platforms.
- Oncology· Therapeutic Area
- Cardiovascular-Renal-Metabolic· Therapeutic Area
- Immunology & Dermatology· Therapeutic Area
- Neuroscience· Therapeutic Area
- Kisqali (ribociclib)· Promoted Brand
- Cosentyx (secukinumab)· Promoted Brand
- Kesimpta (ofatumumab)· Promoted Brand
- Pluvicto (lutetium Lu 177 vipivotide tetraxetan)· Promoted Brand
- Scemblix (asciminib)· Promoted Brand
- Leqvio (inclisiran)· Promoted Brand
- Radioligand Therapy (RLT)· Technology Platform
- Gene & Cell Therapy· Technology Platform
- xRNA· Technology Platform
- Biotherapeutics· Technology Platform
- Chemistry (Small Molecules)· Technology Platform
How does Novartis make money?
Novartis generates revenue almost entirely from selling patented prescription medicines to patients via pharmacies, hospitals, and national health systems, with drug pricing set through negotiations with government payers, pharmacy benefit managers, and private insurers.
The core revenue engine is branded pharmaceuticals: high-priced, patent-protected drugs sold at significant premiums while exclusivity holds. US list prices for flagship products are substantial: a single dose of Pluvicto (lutetium-177 for prostate cancer) costs approximately $50,000; a 28-day supply of Kisqali (breast cancer) lists at roughly $15,000–$22,000; Kesimpta (MS, monthly injection) runs approximately $9,900 per dose; and Cosentyx (autoimmune, 150 mg/mL) costs approximately $8,000 per injection. Annualized, patients on these therapies incur between $100,000 and $600,000 in list-price drug costs. After negotiated rebates, Novartis collects net amounts ranging from 40–75% of list price depending on payer and therapeutic area. The US and Europe together accounted for approximately $21B and $15.6B of 2024 revenue, respectively.
Growth is driven by volume expansion in priority brands, geographic expansion (international markets for Pluvicto, Leqvio, and Scemblix), and label extensions into new indications. Novartis also earns royalties and milestone payments through licensing agreements. The company invests approximately $9–11B annually in R&D to sustain the pipeline. Profitability is high: the 2025 core operating margin was 40.1% (up 210 basis points year-over-year) and free cash flow reached USD 17.6 billion, supporting a dividend raised for 29 consecutive years (CHF 3.70 per share in 2025) and USD 9.2 billion in share repurchases in 2025.
The primary risk to this model is patent expiry. Entresto (heart failure), which was tracking toward a peak of roughly $7.8B annually, began losing US market exclusivity in July 2025 as generics entered following patent litigation. Q4 2025 Entresto quarterly sales fell approximately 45% year-over-year. Analysts project Entresto's US sales could decline by 50–70% by end-2026 as generics capture 40–60% of the market. Novartis addresses this structural risk through pipeline investment, geographic diversification, and entry into high-barrier platforms: radioligand therapy (significant manufacturing complexity) and gene therapy (durable one-time treatments that command ultra-high price points and face high barriers to generic substitution).
Who leads Novartis?
Novartis is led by CEO Vasant (Vas) Narasimhan, MD, who has helmed the company since February 2018 and oversaw its full transformation into a pure-play innovative medicines company.
- Vasant (Vas) NarasimhanChief Executive OfficerCEO since February 1, 2018; joined Novartis 2005MD from Harvard Medical School and MPP from Harvard Kennedy School; former Chief Medical Officer of Novartis; named to Anthropic's board in April 2026 as part of Anthropic's Long-Term Benefit Trust majority; listed among TIME100 Most Influential People in Health in 2025.
- Mukul MehtaChief Financial OfficerCFO effective March 16, 2026; joined Novartis 2006Succeeded Harry Kirsch (CFO 2013–2026, 22-year Novartis veteran); Mehta previously served as CFO International, ad-interim President International, CFO Pharmaceuticals, CFO Novartis Business Services, and country CFO across France, Poland, and Norway over a 20-year Novartis career.
- Shreeram AradhyePresident, Development & Chief Medical OfficerECN member since 2020Oversees the full clinical development pipeline spanning four therapeutic areas; responsible for regulatory strategy and medical affairs; key sponsor of the pipeline expansion in radioligand therapy and gene therapy.
- Fiona H. MarshallPresident, Biomedical ResearchJoined Novartis ECN 2019Leads the Novartis Institutes for BioMedical Research (NIBR), one of the world's largest private biomedical research organizations; co-founder and former CSO of Heptares Therapeutics; pioneer in GPCR structural biology.
- Victor BultoPresident, USPresident, US since 2022Leads Novartis's largest commercial market (~$21B in 2024 US sales); previously headed the Innovative Medicines International business unit; key sponsor of the Salesforce Agentforce Life Sciences rollout.
- Patrick HorberPresident, InternationalECN member since late 2023Leads all commercial markets outside the US; former Senior VP and President, Immunology at AbbVie; MD from the University of Zurich; Swiss national with 20+ years in biopharma.
- Steffen LangPresident, OperationsECN member since 2019Oversees global manufacturing, supply chain, and technical operations, including scale-up of radioligand therapy production across 30+ sites; critical to Pluvicto and RLT capacity expansion.
How do you contact Novartis's leadership?
Novartis's verified corporate email pattern is firstname.lastname@novartis.com (used by the majority of employees per enrichment data). Published institutional contacts include media.relations@novartis.com and investor.relations@novartis.com. Personal executive emails below follow the verified format and are not individually confirmed — they are format-following.
firstname.lastname@novartis.comHow much funding has Novartis raised?
Novartis is a publicly listed company (SIX Swiss Exchange: NOVN; NYSE: NVS) and has never raised private venture or growth equity financing. As of June 2026, its market capitalization is approximately $293 billion USD, making it the world's 54th most valuable company.
Novartis was formed through the December 1996 merger of Ciba-Geigy and Sandoz — the largest corporate merger of its era — and listed simultaneously on the SIX Swiss Exchange (NOVN) and NYSE (NVS). The combined entity began its publicly traded life with a market cap in the tens of billions, which has grown more than tenfold over three decades. Novartis has never relied on external venture or private equity capital; growth has been funded through operating cash flows and debt capital markets.
Under CEO Narasimhan (from 2018), Novartis has executed more than $100 billion in cumulative portfolio transactions. Key milestones include: the $13B sale of the GSK Consumer Healthcare JV stake (2018); the spinoff of Alcon eye-care (April 2019, valued at approximately $27B at separation); the spinoff of Sandoz generics (October 2023, creating an independent European generics champion that trades separately on SIX); the acquisition of Kate Therapeutics for up to $1.1B (November 2024, adding an AAV gene therapy platform for neuromuscular diseases including Duchenne muscular dystrophy); and the acquisition of Anthos Therapeutics for $925M upfront plus up to $2.15B in contingent milestones (total potential $3.1B, February 2025), adding abelacimab — a potential first-in-class anti-FXI monoclonal antibody in Phase III for atrial fibrillation and VTE.
In 2025, Novartis generated USD 19.1 billion in operating cash flows and USD 17.6 billion in free cash flow — financial scale that dwarfs what any private funding round could provide. The company deployed USD 9.2 billion in share repurchases in 2025 (across multiple concurrent buyback programs including the USD 15B program completed July 2025 and the new USD 10B program launched July 2025) and raised its dividend for the 29th consecutive year to CHF 3.70 per share. Its investment-grade credit rating enables access to large-scale bond financing for acquisitions at favorable rates.
How did Novartis get here?
Novartis's history spans more than 250 years through its predecessor companies, culminating in a 1996 merger and three decades of strategic transformation into a pure-play innovative medicines company.
- December 20, 1996Formation of Novartis via Ciba-Geigy and Sandoz mergerThe largest corporate merger in history at the time creates Novartis AG, combining two Swiss pharma giants with roots stretching back to the 1700s and 1800s. The new company lists simultaneously on SIX Swiss Exchange (NOVN) and NYSE (NVS), becoming the world's second-largest pharmaceutical company at a 4.4% global market share.
- December 2019AWS strategic collaboration establishedNovartis signs a multiyear strategic collaboration with Amazon Web Services, designating AWS as its primary cloud provider for manufacturing analytics, supply chain visibility, and enterprise-wide data platforms. The deal launches a data mesh architecture built on Databricks across AWS accounts.
- February 1, 2018Vasant Narasimhan appointed CEOThe Novartis Board names former CMO Vas Narasimhan as CEO, launching a strategic transformation toward a pure-play innovative medicines company with a digital-first culture. Narasimhan sets a course to divest non-core assets, invest in high-margin innovative drugs, and build three emerging platforms: radioligand therapy, gene therapy, and xRNA.
- April 2019Spin-off of Alcon eye-care division (~$27B valuation)Novartis completes the separation of Alcon, which lists independently on SIX and NYSE at approximately $27 billion valuation, sharpening Novartis's focus on prescription pharmaceuticals.
- October 2023Spin-off of Sandoz generics businessNovartis distributes Sandoz Group AG shares to shareholders as a dividend-in-kind, completing over $100B in cumulative portfolio reshaping under Narasimhan. Sandoz trades independently as one of Europe's largest generics companies. Novartis becomes a fully focused innovative medicines company with approximately 75,000 employees.
- November 2024Acquisition of Kate Therapeutics for up to $1.1BNovartis acquires Kate Therapeutics, adding an AAV gene therapy platform with novel capsid engineering (DELIVER platform) and cargo technology targeting Duchenne muscular dystrophy, myotonic dystrophy type 1, and other neuromuscular diseases. Positions Novartis in the estimated $55B cell and gene therapy market opportunity by 2030.
- February 2025Acquisition of Anthos Therapeutics ($925M upfront, up to $3.1B total)Novartis acquires Anthos Therapeutics — a company it co-founded with Blackstone Life Sciences in 2019 — for $925 million upfront plus up to $2.15B in contingent milestones. Anthos brings abelacimab, a potential first-in-class anti-FXI monoclonal antibody in Phase III for atrial fibrillation and VTE, with AZALEA-TIMI 71 data showing 62% reduction in major bleeding versus rivaroxaban.
- Full Year 2025Record USD 54.5B net sales; 40.1% core operating margin achieved for first timeKisqali reaches USD 4.8B (+57% cc), Kesimpta USD 4.4B (+36% cc), Pluvicto USD 1.9B (+42% cc), and Scemblix +85% cc. Core EPS reaches USD 8.98 (+17% cc). Free cash flow hits USD 17.6B. Novartis deploys USD 9.2B in share repurchases and raises dividend for 29th consecutive year to CHF 3.70/share. Market cap reaches approximately $293B as of June 2026.
Who are Novartis's competitors?
Novartis competes with the world's largest pharmaceutical companies across its four core therapeutic areas — oncology, cardiovascular, immunology, and neuroscience.
- RocheSwiss cross-town rival (both headquartered in Basel) with deep oncology biologics (Herceptin, Avastin, Tecentriq, Phesgo) and a unique diagnostics integration via its Diagnostics division. Roche's total revenue exceeds Novartis's and it remains a primary competitor in hematology, breast cancer, and CNS.
- PfizerDiversified global pharma with oncology (post-Seagen acquisition, comprehensive ADC suite), vaccines, and internal medicine; competes directly with Novartis in breast cancer (Ibrance vs. Kisqali) and is developing radioligand therapy capabilities through the Seagen RLT assets.
- AstraZenecaFastest-growing major pharma by revenue, targeting $80B in sales by 2030; direct competitor in oncology (Tagrisso in lung cancer, Calquence in CLL) and respiratory/immunology; aggressive in antibody-drug conjugate (ADC) platform development competing with Novartis's oncology pipeline.
- AbbVieDominant in immunology with Skyrizi (risankizumab) and Rinvoq (upadacitinib) replacing Humida, directly competing with Cosentyx in the IL-17/IL-23 and JAK inhibitor markets; also builds oncology through Imbruvica and Venclexta (co-developed with Roche/Genentech).
- Eli LillyThe fastest-growing major pharma by market cap, driven by GLP-1 obesity and diabetes drugs (Mounjaro, Zepbound); pivoting aggressively into oncology (donanemab, ADCs) and immunology; market cap now exceeds Novartis by a significant margin, reflecting GLP-1 tailwinds.
- Merck & Co. (MSD)Global leader in checkpoint immunotherapy with Keytruda (pembrolizumab), the world's best-selling drug across 40+ oncology indications; competes with Novartis's Kisqali in breast cancer combinations and with Scemblix in niche oncology; also a rival in cardiometabolic via MK-0616 (PCSK9i).
Novartis — frequently asked questions
