Novartis adjusts Kisqali pricing, shares under watch ahead of Q2 earnings

Novartis AG has begun offering its breast cancer drug Kisqali at a substantially lower out-of-pocket price for eligible U.S. patients after recent Medicare negotiations. The move comes as investors look toward the next earnings update and assess the impact on the company’s oncology franchise.

By Thomas Klein, Operations & Strategy desk. Reviewed prior to publication on 2026-06-29, 07:06.

Novartis AG (CH0012005267) has started offering its breast cancer drug Kisqali at sharply reduced out-of-pocket costs for many U.S. patients after recent pricing pressure and Medicare negotiations, as reported in June by U.S. media. The Swiss group, whose stock is listed on SIX Zurich, is adjusting its oncology pricing strategy at a sensitive moment for the sector.

What Reuters and others report

According to recent coverage in late June, Novartis is making Kisqali available to eligible U.S. patients at a fraction of previous out-of-pocket costs after the drug was included in the first round of Medicare price negotiations in the United States. This follows broader scrutiny of cancer drug prices that has affected multiple large pharmas including Pfizer and Eli Lilly. A detailed Reuters article on Medicare cancer drug negotiations described how Kisqali’s negotiated pricing sits alongside other targeted therapies in the government’s cost-control push.

Novartis has framed the change as part of a broader access program designed to keep women with hormone receptor-positive, HER2-negative breast cancer on therapy for longer without prohibitive out-of-pocket bills. U.S. press reports cited examples of patients whose monthly payments for Kisqali are now falling into the low double-digit dollar range instead of several hundred dollars previously, though the company has not publicly confirmed specific figures.

Analysts watch oncology margins

Equity analysts have highlighted that the move around Kisqali could weigh on unit margins but help volume and adherence, which may support the franchise over time. In a late-June sector comment, a major U.S. bank compared Novartis’s pricing response with approaches at peers such as Merck and Bristol Myers Squibb, noting that oncology portfolios increasingly rely on patient-support and co-pay programs to secure real-world uptake. A Morgan Stanley note on oncology market dynamics pointed out that aggressive price management tends to have a muted near-term earnings impact when offset by expanding indications.

For Novartis, Kisqali is one of several targeted therapies that underpin its Innovative Medicines segment, which generated multi-billion dollar sales in recent years. Analysts on MarketScreener and other consensus platforms continue to project solid mid-single-digit revenue growth for the group over the next 12 to 18 months, with oncology remaining one of the key contributors alongside cardiovascular and immunology products.

Upcoming earnings and sector context

Novartis typically reports its second-quarter results in mid to late July, and investors will be watching how management quantifies any early impact from the Kisqali access changes on U.S. sales. The company’s last quarterly update showed continued strength in its cardiovascular drug Entresto and in key immunology assets, while also pointing to ongoing portfolio optimization through bolt-on deals and divestments. Novartis’ own financial data page lists upcoming reporting dates and recent segment performance.

Across the global pharma sector, price negotiations and access discussions are intensifying, particularly in the United States and Europe. Large peers such as Roche and AstraZeneca are facing similar questions about how to balance innovation incentives with affordability in oncology. For index investors, Novartis remains a core holding in the SMI and other European benchmarks, meaning that any marked change in guidance or margin expectations can ripple through passive portfolios as well.

The product behind the stock

Kisqali is part of Novartis’s Innovative Medicines portfolio and is approved for hormone receptor-positive, HER2-negative advanced or metastatic breast cancer in combination with endocrine therapy. It targets cyclin-dependent kinases to slow cancer cell proliferation, and the company is pursuing further label expansions to support long-term franchise growth.

Where the stock trades today

Novartis AG shares trade on SIX Zurich at around 88.50 Swiss francs as of 2026-06-29, 07:00, according to recent indicative quotes, reflecting a mid-range level within the stock’s 52-week trading band.

Novartis AG at a glance

• Company: Novartis AG
• ISIN: CH0012005267
• WKN: 766917
• Ticker: NOVN
• Trading venue: SIX Zurich
• Price (as of 2026-06-29, 07:00): 88.50 CHF
• Market cap: approximately 190 billion CHF (as of 2026-06-29)
• Sector / industry: Pharmaceuticals & Biotechnology
• Index membership: SMI, Stoxx Europe 600
• Next earnings date: expected around 2026-07-18

This article was produced with AI assistance and editorially reviewed. Price and company figures without guarantee; prices and dates may change at short notice. No investment advice, no buy or sell recommendation. Stock-market transactions carry risks up to and including total loss.