Novartis stock holds firm as investors await the next update

Novartis stock remains the focal point as the Basel drugmaker trades against its latest reported operating base and investor calendar.

Novartis stock is centered on the Basel group’s latest reported scale, with 2025 net sales at USD 50.3 billion and core operating income at USD 19.5 billion. Novartis AG (ISIN CH0012005267) last reported that 2025 core diluted EPS reached USD 8.28, up 21% at constant currencies, in its annual results released on 28 January 2026 and linked from its investor relations page.

USD 50.3 billion sales base

Novartis reported 2025 net sales of USD 50.3 billion, while core operating income rose to USD 19.5 billion and core operating margin reached 38.6%. The same annual report put core diluted EPS at USD 8.28, compared with USD 6.85 a year earlier, a comparison that gives investors a clear read on earnings leverage.

The reported 21% increase in core diluted EPS at constant currencies matters because it shows that profit growth outpaced the top line. That gap is the central investor question for Novartis stock after the 2025 reporting year.

EPS up 21%

The earnings mix also matters because Novartis recorded a 38.6% core operating margin in 2025, a high base for a global drugmaker of this size. With net sales at USD 50.3 billion, the company entered 2026 with a larger earnings platform than in 2024.

For context, the annual results page on Novartis investor relations remains the natural source point for the latest reported figures, including sales, operating income and EPS. The 2025 numbers give the stock a clear financial benchmark even before the next reporting step.

Portfolio drives the mix

Novartis also continued to lean on a broad medicines portfolio that spans immunology, oncology, cardiovascular care and neuroscience. The product mix is why the reported 2025 margin of 38.6% matters more than a single-quarter move in the share price.

Among the company’s better-known medicines, Cosentyx and Kisqali remain important commercial anchors, but the stock thesis for Novartis is better judged by the reported 2025 group numbers than by any single brand. Those group numbers are the evidence point investors can carry into the next update.

Investor base stays anchored

Novartis ended 2025 with a sales base of USD 50.3 billion, core operating income of USD 19.5 billion and core diluted EPS of USD 8.28. That combination suggests the business entered 2026 with earnings power that is visible, measurable and already reported.

The next market debate will likely focus on whether the company can keep the 21% EPS improvement and the 38.6% margin intact. For now, those 2025 metrics frame Novartis stock more clearly than any short-term narrative.

Cosentyx and Kisqali

Cosentyx and Kisqali remain representative products for the company’s commercial mix, but the investor relevance lies in scale. Novartis used 2025 to convert USD 50.3 billion of net sales into USD 19.5 billion of core operating income, a relationship that highlights the strength of the underlying portfolio.

Stock closes near the report base

Novartis stock can be judged today against the last fully reported annual base rather than against an unverified intraday print. The cleanest dated reference point is the 2025 financial year, with net sales of USD 50.3 billion, core operating income of USD 19.5 billion and core diluted EPS of USD 8.28.

Novartis at a glance

• Company: Novartis AG
• ISIN: CH0012005267
• Ticker: SIX: NOVN
• Trading venue: SIX Swiss Exchange
• Sector / Industry: Health Care / Pharmaceuticals
• Index membership: SMI