Financials Novartis AG

Equities

NOVN

CH0012005267

Pharmaceuticals

Real-time Estimate Cboe Europe Other stock markets 07:29:39 2025-12-08 EST			5-day change	1st Jan Change
107.44 ^CHF	+0.34%		+3.28%	+21.40%

02:29am	AlphaValue/Baader Europe Ups Novartis Price Target on 'Strong' Execution, 'Vigorous' Growth	MT
02:01am	NOVARTIS AG : Upgraded to Buy by JP Morgan	ZD

Projected Income Statement: Novartis AG

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	48,659	51,626	50,545	45,440	50,317	55,377	56,643	59,033
Change	-	6.1%	-2.09%	-10.1%	10.73%	10.06%	2.29%	4.22%
EBITDA ¹	16,845	18,246	18,613	17,937	21,006	23,564	23,587	25,161
Change	-	8.32%	2.01%	-3.63%	17.11%	12.18%	0.1%	6.67%
EBIT ¹	15,416	16,588	16,665	16,372	19,494	21,872	21,754	23,092
Change	-	7.6%	0.46%	-1.76%	19.07%	12.2%	-0.54%	6.15%
Interest Paid ¹	-947	-891	-817	-633	-866	-1,102	-1,108	-1,060
Earnings before Tax (EBT) ¹	9,878	26,137	8,371	9,123	13,640	17,230	17,542	18,709
Change	-	164.6%	-67.97%	8.98%	49.51%	26.32%	1.81%	6.65%
Net income ¹	8,072	24,021	6,955	14,854	11,939	14,366	14,270	15,128
Change	-	197.58%	-71.05%	113.57%	-19.62%	20.33%	-0.67%	6.01%
Announcement Date	1/26/21	2/2/22	2/1/23	1/31/24	1/31/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	12,770	12,411	12,956	13,030	13,229	12,531	12,781	12,543	12,690	12,953	13,622	11,782	11,423	11,829	12,512	12,823	13,153	13,233	14,054	13,909	13,642	13,600	13,600	13,645	13,340
Change	-	-2.81%	4.39%	0.57%	1.53%	-5.28%	2%	-1.86%	1.17%	2.07%	5.16%	-13.51%	-3.05%	3.55%	5.77%	2.49%	2.57%	0.61%	6.2%	-1.03%	-1.92%	-0.31%	0%	0.33%	-2.24%
EBITDA	3,881	4,267	4,819	4,871	4,274	4,407	4,989	4,783	4,473	-	4,668	-	4,224	-	-	-	5,294	-	-	-	-	-	-	-	-
Change	-	9.95%	12.94%	1.08%	-12.26%	3.11%	13.21%	-4.13%	-6.48%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,501	3,957	4,345	4,467	3,819	4,083	4,270	4,282	4,030	4,413	4,668	4,405	3,821	4,537	4,953	5,145	4,859	5,575	5,925	5,460	4,833	5,557	5,521	5,373	4,849
Change	-	13.02%	9.81%	2.81%	-14.51%	6.91%	4.58%	0.28%	-5.89%	9.5%	5.78%	-5.63%	-13.26%	18.74%	9.17%	3.88%	-5.56%	14.74%	6.28%	-7.85%	-11.49%	14.99%	-0.65%	-2.69%	-9.74%
Charge d'intérêts ¹	-226	-221	-212	-226	-232	-181	-186	-221	-205	-115	-149	-207	-199	-215	-171	-238	-224	-253	-330	-301	-262	-	-	-	-
Earnings before Tax (EBT) ¹	2,559	2,450	3,506	3,230	16,951	2,669	2,042	1,919	1,741	2,740	2,769	1,552	2,377	3,129	3,841	3,385	3,285	-	-	4,196	3,823	-	-	-	-
Change	-	-4.26%	43.1%	-7.87%	424.8%	-84.25%	-23.49%	-6.02%	-9.28%	57.38%	1.06%	-43.95%	53.16%	31.64%	22.75%	-11.87%	-2.95%	-	-	-	-8.89%	-	-	-	-
Net income ¹	2,094	2,059	2,895	2,758	16,308	2,222	1,695	1,575	1,466	2,293	2,316	1,513	8,480	2,688	3,246	3,189	2,820	3,606	4,024	3,930	2,493	3,424	3,685	3,591	3,452
Change	-	-1.67%	40.6%	-4.73%	491.3%	-86.37%	-23.72%	-7.08%	-6.92%	56.41%	1%	-34.67%	460.48%	-68.3%	20.76%	-1.76%	-11.57%	27.87%	11.59%	-2.34%	-36.58%	37.36%	7.63%	-2.54%	-3.87%
Announcement Date	1/26/21	4/27/21	7/21/21	10/26/21	2/2/22	4/26/22	7/19/22	10/25/22	2/1/23	4/25/23	7/18/23	10/24/23	1/31/24	4/23/24	7/18/24	10/29/24	1/31/25	4/29/25	7/17/25	10/28/25	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Novartis AG

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	24,500	8,191	9,034	12,011	17,944	19,947	24,168	20,188
Change	-	-66.57%	10.29%	32.95%	49.4%	11.16%	21.16%	-16.47%
Announcement Date	1/26/21	2/2/22	2/1/23	1/31/24	1/31/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Novartis AG

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,275	1,378	1,198	1,060	1,366	1,463	1,570	1,630
Change	-	8.08%	-13.06%	-11.52%	28.87%	7.07%	7.35%	3.85%
Free Cash Flow (FCF) ¹	11,691	13,282	11,945	13,179	16,253	14,237	15,000	15,926
Change	-	13.61%	-10.07%	10.33%	23.32%	-12.41%	5.36%	6.18%
Announcement Date	1/26/21	2/2/22	2/1/23	1/31/24	1/31/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Novartis AG

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	34.62%	35.34%	36.82%	39.47%	41.75%	42.55%	41.64%	42.62%
EBIT Margin (%)	31.68%	32.13%	32.97%	36.03%	38.74%	39.5%	38.41%	39.12%
EBT Margin (%)	20.3%	50.63%	16.56%	20.08%	27.11%	31.11%	30.97%	31.69%
Net margin (%)	16.59%	46.53%	13.76%	32.69%	23.73%	25.94%	25.19%	25.63%
FCF margin (%)	24.03%	25.73%	23.63%	29%	32.3%	25.71%	26.48%	26.98%
FCF / Net Income (%)	144.83%	55.29%	171.75%	88.72%	136.13%	99.1%	105.11%	105.27%
Profitability
ROA	6.45%	10.86%	10.71%	12.37%	15.58%	15.89%	14.45%	15.24%
ROE	23.48%	22.69%	21.03%	25.37%	34.74%	40.07%	39.15%	39.45%
Financial Health
Leverage (Debt/EBITDA)	1.45x	0.45x	0.49x	0.67x	0.85x	0.85x	1.02x	0.8x
Debt / Free cash flow	2.1x	0.62x	0.76x	0.91x	1.1x	1.4x	1.61x	1.27x
Capital Intensity
CAPEX / Current Assets (%)	2.62%	2.67%	2.37%	2.33%	2.71%	2.64%	2.77%	2.76%
CAPEX / EBITDA (%)	7.57%	7.55%	6.44%	5.91%	6.5%	6.21%	6.66%	6.48%
CAPEX / FCF (%)	10.91%	10.37%	10.03%	8.04%	8.4%	10.27%	10.47%	10.24%
Items per share
Cash flow per share ¹	5.945	6.669	6.48	6.911	8.658	9.808	10.09	11.34
Change	-	12.17%	-2.83%	6.65%	25.28%	13.28%	2.9%	12.39%
Dividend per Share ¹	3.375	3.36	3.5	3.823	3.856	4.087	4.252	4.454
Change	-	-0.46%	4.17%	9.23%	0.88%	5.97%	4.06%	4.75%
Book Value Per Share ¹	25.08	30.28	28	22.83	21.64	23.12	25.45	27.54
Change	-	20.77%	-7.55%	-18.45%	-5.2%	6.81%	10.1%	8.21%
EPS ¹	3.55	10.71	3.19	7.15	5.92	7.243	7.306	7.889
Change	-	201.69%	-70.21%	124.14%	-17.2%	22.36%	0.86%	7.98%
Nbr of stocks (in thousands)	2,274,506	2,237,092	2,150,980	2,055,460	1,999,270	1,918,792	1,918,792	1,918,792
Announcement Date	1/26/21	2/2/22	2/1/23	1/31/24	1/31/25	-	-	-