![\"Novartis](\"https:\/\/www.europesays.com\/ch\/wp-content\/uploads\/2026\/04\/7bf9c16a55733265dec3c8d79ef33b67.jpeg\")
Novartis logo Key Points <\/p>\n Novartis logo Key Points <\/p>\n
Novartis said its growth drivers were up 34%, led by Kisqali, Pluvicto, Leqvio and Scemblix, but Q1 sales fell 5% and core operating income dropped 14% as U.S. generic erosion and higher R&D drove a 4.1 percentage\u2011point core margin decline.<\/p>\n
Management reaffirmed 2026 guidance \u2014 expecting low single\u2011digit sales growth and a low single\u2011digit decline in core operating income \u2014 calling it a \u201cyear of two halves\u201d with H1 pressured by generics and a stronger H2; the company paid $9.1 billion in dividends and is executing an up to $10 billion buyback with about $6.1 billion remaining.<\/p>\n
Pipeline and launches: Rhapsido (remibrutinib) is off to a strong U.S. CSU launch with positive CIndU results, ianalumab received breakthrough designation in Sj\u00f6gren\u2019s while a warm autoimmune hemolytic anemia study failed, and pelacarsen\u2019s HORIZON cardiovascular readout remains on track for H2.<\/p>\n
Interested in Novartis AG? Here are five stocks we like better.<\/a><\/p>\n Novartis (NYSE:NVS) executives said the company delivered \u201ca strong start to the year\u201d in the first quarter of 2026, led by fast growth across its priority brands and launches, while results reflected expected pressure from U.S. generic erosion and higher R&D spending.<\/p>\n Quarter performance shaped by launches and generic erosion <\/p>\n CEO Vas Narasimhan said Novartis\u2019 \u201cgrowth drivers were up 34% in constant currency,\u201d citing particularly strong performance from Kisqali, Pluvicto, Kesimpta, Leqvio, and Scemblix. He added that the base business was \u201clargely stable,\u201d but the company saw \u201csignificant GX erosions as we\u2019ve guided to.\u201d<\/p>\n \u2192 Pipelines and Automation: 2 Energy Plays Built for Any Oil Price<\/a><\/p>\n Chief Financial Officer Mukul Mehta said first-quarter results were \u201cstrong despite significant U.S. generic entries,\u201d but still reflected the anticipated impact from those entries. In Q1, sales declined 5% and core operating income declined 14% (both in constant currency). Mehta also noted a year-over-year gross-to-net dynamic in the base period: \u201cWe did have a positive gross net in our base from Q1 last year that also had a negative impact on the overall quarterly growth rate.\u201d<\/p>\n Core margin declined 4.1 percentage points in Q1. Mehta attributed this mainly to \u201chigher R&D investments\u201d and the gross-margin impact of generics. In a later exchange, he broke down the margin decline: \u201c3 percentage points of that comes from R&D spend, and 1 percentage point comes from the GX impact on gross margin.\u201d<\/p>\n Key product highlights: Kisqali, Pluvicto, Leqvio, and Rhapsido <\/p>\n \u2192 Homebuilder Earnings: D.R. Horton Sticks Out as Pulte & NVR Sales Tank<\/a><\/p>\n Narasimhan highlighted broad-based momentum across several brands:<\/p>\n Kisqali: Up 55% in Q1, with Narasimhan pointing to momentum in early and metastatic breast cancer. He said U.S. \u201cNBRX share now in the Early Breast Cancer setting is very strong, 65%,\u201d and in metastatic breast cancer \u201c47% NBRX and 41% TRX.\u201d Ex-U.S., he called out Germany, where early breast cancer share was \u201capproaching 80%.\u201d<\/p>\n Pluvicto: Novartis posted 76% growth in U.S. sales, with \u201cover 70% of that business now coming from the pre-taxane setting.\u201d Narasimhan said more than 60% of new-to-brand prescriptions are coming from the community, which he said supports the company\u2019s goal of making radioligand therapy broadly accessible. Outside the U.S., he reported 48% growth and said NBRXs were up 92%, driven by uptake in Europe as well as a \u201csolid start in Japan\u201d and initial launch stages in China.<\/p>\n Leqvio: U.S. sales rose 31%, and Narasimhan said the \u201cnext inflection point\u201d in the U.S. could come with outcomes data in the first part of next year in secondary prevention. Ex-U.S. sales grew 106%, led by China after an NRDL listing. Narasimhan cautioned it is \u201cearly days\u201d and the company will watch whether demand reflects a \u201cbolus versus a steady demand.\u201d<\/p>\n Rhapsido (remibrutinib) in CSU: Narasimhan described the U.S. chronic spontaneous urticaria launch as \u201coff to a strong start,\u201d citing 3,000 prescribers and 6,000 patient starts. He estimated NBRX share at 24% and said access will build over the course of the year, calling the conversion from free drug to paid scripts \u201ca steady uptake\u2026 not a fast inflection.\u201d<\/p>\n Pipeline and regulatory updates <\/p>\n Narasimhan said Novartis is maintaining its full-year guidance while advancing multiple pipeline programs. He highlighted Rhapsido\u2019s positive chronic inducible urticaria readout, calling it the \u201cfirst time a medicine has delivered\u201d significantly higher complete responses versus placebo across all three CIndU types, with a favorable safety profile.<\/p>\n