Strong Quarterly Performance: Novartis reported a robust Q2 2025 with net sales growth of 11% in constant currency and core operating income up 21%. This strong performance led to an upgrade in full-year 2025 bottom line guidance, with core EPS rising 24% to $2.42.

Key Brand Growth: Priority brands drove significant growth, including Kisqali (64% increase), Kesimpta (33%), and Leqvio (61%). Kisqali achieved market leadership in metastatic breast cancer and experienced a strong launch in early breast cancer indications, while Leqvio is on track to exceed $1 billion in sales.

Challenges in China and Pricing Pressure: Novartis faced a slowdown in growth in China due to tighter healthcare spending, impacting several key products, particularly Cosentyx, and reflecting broader sector-wide challenges. Government pricing controls pose a risk, although the company anticipates high single-digit to low teens growth in China moving forward.