Novartis AG
Shortcut
2.26Normalized basic EPS
+1.0% vs Street
Street
2.24Normalized basic EPS
October 25 consensus snapshot
Real
2.46Core basic EPS (USD per ordinary share)
Model download
Explore the assumptions and calculations behind the forecast.
Shortcut’s reasoning.
Brand-level build from 3Q25 actuals: growth brands (Kisqali, Kesimpta, Scemblix, Pluvicto, Leqvio, Fabhalta) offset Entresto US generic erosion (~USD 1.12bn per RBC) → net sales USD 14.37bn (+3.9% cc, -0.5pp FX), total revenues incl. other revenues USD 14.91bn (consensus revenue definition).
Management H2 2026 guide (net sales MSD, core OI MSD-HSD cc) with Q2 phasing (+1pp sales, +5pp core OI: Cosentyx US inventory, R&D timing) reversing in H2; model puts Q3 core OI at USD 5.61bn (+2.7%), below a straight-line H2 guide (5.81bn) because of the reversal.
Core net financial result ~USD -460m (FY guide ~-1.7bn after H1 -782m) and core tax 16.6% (guide ~16.5%) → core net income USD 4.29bn.
On the record.
- Reporting period
- Q3 2026 (FQ3 2026 - Sep 2026)
- Reporting basis
- consensus data-normalized issuer Core basic EPS, USD per basic ordinary share; 1 ADR = 1 ordinary share
- Consensus snapshot
- October 25, 2026
- Model / effort
- Opus 5.5 · High effort
- Workbook
- Reviewed workbook
Record history
- Forecast generated
- Oct 26, 2026 at 12:46 PM PDT
- Reviewed revision completed
- Oct 26, 2026 at 12:46 PM PDT
- First published
- Oct 26, 2026 at 1:19 PM PDT
Result basis
Novartis explicitly reports Core basic EPS of USD 2.46. The published forecast and frozen Street estimate use USD per basic ordinary share, with one ADR representing one ordinary share. Diluted EPS and CHF quotations are not substituted.