Swiss pharmaceutical Novartis AG (NYSE:NVS) reported fourth-quarter 2025 results on Wednesday.
The company’s net sales rose 1% year over year to $13.34 billion, missing Wall Street’s consensus estimate of $13.78 billion. On a constant-currency (cc) basis, sales were down 1%.
Generic competition had a negative impact of 15 percentage points, including a negative impact of 3 percentage points from revenue deduction adjustments in the U.S., mainly related to Entresto and Promacta.
Pricing had a negative impact of 4 percentage points. Currency had a positive impact of 2 percentage points.
Core operating income climbed 1% to $4.93 billion (+1% cc), benefiting from higher government grant income and lower SG&A expenses, partly offset by higher R&D expenses. Core operating income …