Novartis reported second-quarter net sales of $14.4 billion, a 1% increase in constant currencies, while core operating income remained flat at $5.9 billion. The core operating income margin declined 70 basis points to 41.2% of net sales, and free cash flow reached $5.6 billion. Growth drivers surged 26% in constant currencies, led by Kisqali up 43%, Kesimpta up 32%, Pluvicto up 43%, Leqvio up 59%, Scemblix up 89%, and Cosentyx up 10%. For the first half, net sales declined 2% and core operating income fell 7%, with free cash flow at $8.9 billion. The company repurchased $2.1 billion in shares under its buyback program, with $5.6 billion remaining, and issued full-year guidance for low-single-digit net sales growth and a low-single-digit decline in core operating income.
Novartis AGCore operating income flat, margin down, but key brands show strong growth; guidance for low-single-digit sales growth and decline in core operating income.