Novartis Q1 EPS Miss, Sales Down 1%

Novartis reported Q1 2026 core earnings per share of $1.99, missing Bloomberg estimate of $2.10 and down from $2.28 a year earlier.
Net sales fell 1% YoY to $13.11 billion, with U.S. generic erosion cited as primary headwind after three drugs lost patents in 2025.
CEO Vas Narasimhan said generics pressure was expected, highlighted pipeline momentum and potential to raise mid‑to‑long‑term growth outlook pending H2 test results.
Novartis kept guidance of low single‑digit net‑sales growth and low single‑digit core operating income decline, with Jefferies forecasting a stronger H2.