《諾華公司Novartis（NVS）2025年第一季度業績報告「NYSE」（英文版）（7頁）.pdf》由會員分享，可在線閱讀，更多相關《諾華公司Novartis（NVS）2025年第一季度業績報告「NYSE」（英文版）（7頁）.pdf（7頁珍藏版）》請在三個皮匠報告上搜索。

1、1.Constant currencies(cc),core results and free cash flow are non-IFRS measures.An explanation of non-IFRS measures can be found on page 31 of the Condensed Interim Financial Report.Unless otherwise noted,all growth rates in this Release refer to same period in prior year.2.Please see detailed guida

2、nce assumptions on page 5.Novartis International AG CH-4002 Basel Switzerland https:/ http:/ FINANCIAL RESULTS|FINANZERGEBNISSE Novartis continues strong momentum with double-digit sales growth,robust margin expansion and multiple approvals in Q1 Ad hoc announcement pursuant to Art.53 LR Net sales g

3、rew+15%(cc1,+12%USD)with core operating income1 up+27%(cc,+23%USD)o Sales growth driven by continued strong performance from Entresto(+22%cc),Kisqali(+56%cc),Kesimpta(+43%cc),Cosentyx(+18%cc),Leqvio(+72%cc)and Scemblix(+76%cc)o Core operating income margin1 reached 42.1%,+400 basis points(cc),mainly

4、 driven by higher net sales Operating income grew+44%(cc,+38%USD);net income up+37%(cc,+34%USD)Core EPS1 grew+31%(cc,+27%USD)to USD 2.28 Free cash flow1 of USD 3.4 billion(+66%USD)driven by higher net cash flows from operating activities Selected innovation milestones:o Pluvicto FDA approval for pre

5、-taxane mCRPC o Vanrafia(atrasentan)FDA accelerated approval for IgA nephropathy o Fabhalta(iptacopan)FDA,EC and China NMPA approvals for C3G o Remibrutinib global submissions for CSU,with priority review voucher in US o OAV101 IT Phase III STEER study positive readout in SMA Full-year 2025 guidance

6、2 raised:Sales expected to grow high single digit,core operating income expected to grow low double-digit Basel,April 29,2025 Commenting on Q1 2025 results,Vas Narasimhan,CEO of Novartis,said:“Novartis has had a strong start to the year,delivering a+15%cc increase in sales and a+27%cc rise in core o

7、perating income in Q1.Our priority brands,including Kisqali,Kesimpta and Leqvio,continue to show strong momentum,which we anticipate will drive our growth through 2030 and beyond.We also achieved significant innovation milestones in the quarter,with new approvals for Pluvicto in the pre-taxane setti

8、ng,Vanrafia for IgA nephropathy,and Fabhalta for C3G.Additionally,we completed global submissions for remibrutinib in CSU,the first indication for this promising pipeline-in-a-pill.We remain focused on advancing our leading pipeline and confident in achieving our growth outlook.”Key figures Q1 2025

9、Q1 2024%change USD m USD m USD cc Net sales to third parties 13 233 11 829 12 15 Operating income 4 663 3 373 38 44 Net income 3 609 2 688 34 37 EPS(USD)1.83 1.31 40 42 Free cash flow 3 391 2 038 66 Core operating income 5 575 4 537 23 27 Core net income 4 482 3 681 22 26 Core EPS(USD)2.28 1.80 27 3

10、1 2 Strategy Our focus Novartis is a“pure-play”innovative medicines company.We have a clear focus on four core therapeutic areas(cardiovascular-renal-metabolic,immunology,neuroscience and oncology),with multiple significant in-market and pipeline assets in each of these areas,that address high disea

11、se burden and have substantial growth potential.In addition to two established technology platforms(chemistry and biotherapeutics),three emerging platforms(gene&cell therapy,radioligand therapy and xRNA)are being prioritized for continued investment into new R&D capabilities and manufacturing scale.

12、Geographically,we are focused on growing in our priority geographies the US,China,Germany and Japan.Our priorities 1.Accelerate growth:Renewed attention to deliver high-value medicines(NMEs)and focus on launch excellence,with a rich pipeline across our core therapeutic areas.2.Deliver returns:Contin

13、uing to embed operational excellence and deliver improved financials.Novartis remains disciplined and shareholder-focused in our approach to capital allocation,with substantial cash generation and a strong capital structure supporting continued flexibility.3.Strengthen foundations:Unleashing the pow

14、er of our people,scaling data science and technology and continuing to build trust with society.Financials Net sales were USD 13.2 billion(+12%,+15%cc),with volume contributing 15 percentage points to growth.Generic competition had a negative impact of 2 percentage points and pricing had a positive

15、impact of 2 percentage points,benefiting from revenue deduction adjustments mainly in the US.Operating income was USD 4.7 billion(+38%,+44%cc),mainly driven by higher net sales,partly offset by higher investments behind priority brands and launches.Net income was USD 3.6 billion(+34%,+37%cc),mainly

16、driven by higher operating income,partly offset by higher income taxes.EPS was USD 1.83(+40%,+42%cc),benefiting from the lower weighted average number of shares outstanding.Core operating income was USD 5.6 billion(+23%,+27%cc),mainly driven by higher net sales,partly offset by higher investments be

17、hind priority brands and launches,and R&D investments.Core operating income margin was 42.1%of net sales,increasing 3.7 percentage points(4.0 percentage points cc).Core net income was USD 4.5 billion(+22%,+26%cc),mainly due to higher core operating income.Core EPS was USD 2.28(+27%,+31%cc),benefitin

18、g from the lower weighted average number of shares outstanding.Free cash flow amounted to USD 3.4 billion(+66%USD),compared with USD 2.0 billion in the prior-year quarter,driven by higher net cash flows from operating activities.Q1 priority brands Underpinning our financial results in the quarter is

19、 a continued focus on key growth drivers(ranked in order of contribution to Q1 growth)including:Entresto(USD 2 261 million,+22%cc)sustained robust,demand-led growth globally,including in China and Japan with increased penetration in hypertension Kisqali(USD 956 million,+56%cc)sales grew strongly acr

20、oss all regions,including+87%growth in the US with strong momentum from the recently launched early 3 breast cancer indication as well as continued share gains in metastatic breast cancerKesimpta(USD 899 million,+43%cc)sales grew across all regions driven by increased demand and strong access Cosent

21、yx(USD 1 534 million,+18%cc)sales grew mainly in the US,emerging growth markets and Europe,driven by recent launches as well as volume growth in core indications Leqvio(USD 257 million,+72%cc)continued steady growth,with a focus on increasing account and patient adoption,and continuing medical educa

22、tion Scemblix(USD 238 million,+76%cc)sales grew across all regions,demonstrating the continued high unmet need in CML and strong momentum from the recently launched early-line indication in the US Fabhalta(USD 81 million)sales grew driven by continued launch execution across all markets in PNH as we

23、ll as the recent launch in IgAN in the USPluvicto(USD 371 million,+21%cc)continued stable performance in the US and grew in Europe in the mCRPC post-taxane setting.With the FDAs approval for earlier use before chemotherapy,which approximately triples the eligible patient population,the focus is on d

24、riving demand in established RLT sites while activating new sites and supporting referring providers to enable patient access Zolgensma(USD 327 million,+13%cc)sales grew as it continues to demonstrate strong performance in the incident populationLutathera(USD 193 million,+15%cc)sales grew mainly in

25、the US,Europe and Japan due to increased demand and earlier line adoption particularly in the US and Japan Net sales of the top 20 brands in the first quarter Q1 2025%change USD m USD cc Entresto 2 261 20 22 Cosentyx 1 534 16 18 Kisqali 956 52 56 Kesimpta 899 41 43 Tafinlar+Mekinist 552 16 19 Promac

26、ta/Revolade 546 5 8 Jakavi 492 3 7 Xolair 456 14 19 Ilaris 419 18 20 Tasigna 377-5-2 Pluvicto 371 20 21 Zolgensma 327 11 13 Sandostatin Group 317-11-9 Leqvio 257 70 72 Scemblix 238 75 76 Lutathera 193 14 15 Lucentis 189-40-38 4 Exforge Group 179-7-1 Diovan Group 150 7 12 Galvus Group 124-17-11 Top 2

27、0 brands total 10 837 17 19 R&D update-key developments from the first quarter New approvals Pluvicto(lutetium Lu177 vipivotide tetraxetan)FDA expanded the indication for Pluvicto to include patients with PSMA-positive metastatic castration-resistant prostate cancer(mCRPC)who have been treated with

28、an androgen receptor pathway inhibitor and are considered appropriate to delay chemotherapy,approximately tripling the eligible patient population.Vanrafia(atrasentan)FDA granted an accelerated approval for Vanrafia for the reduction of proteinuria in adults with primary immunoglobulin A nephropathy

29、(IgAN)at risk of rapid disease progression.Vanrafia can be seamlessly added to supportive care in IgAN and used as a foundational therapy.Fabhalta(iptacopan)Fabhalta was approved by the US FDA,European Commission and Chinas NMPA for adult patients with C3 glomerulopathy(C3G),making it the first and

30、only treatment approved for this condition in all three markets.Regulatory updates Remibrutinib Regulatory submissions for remibrutinib for the treatment of chronic spontaneous urticaria(CSU)were completed in the US,EU and China.A priority review voucher was used in the US and approval is anticipate

31、d in H2 2025,and priority review was granted in China.Scemblix(asciminib)Regulatory submission for Scemblix in adults with newly diagnosed CML was completed in the EU based on 96-week data from the Phase III ASC4FIRST study.Results from ongoing trials and other highlights OAV101 IT(onasemnogene abep

32、arvovec)Novartis announced positive safety and efficacy results from the Phase III program for investigational intrathecal OAV101 IT in a broad population of patients aged two to 18 years with spinal muscular atrophy(SMA).In the Phase III STEER study,treatment with OAV101 IT led to a statistically s

33、ignificant and clinically meaningful 2.39-point improvement on the Hammersmith Functional Motor Scale Expanded vs.0.51 points in the sham control arm.In addition,in the Phase IIIb STRENGTH study,treatment with OAV101 IT in patients who have discontinued treatment with nusinersen or risdiplam demonst

34、rated stabilization of motor function over 52 weeks of follow-up.OAV101 IT demonstrated a favorable safety profile,consistent in both treatment-nave and treatment-experienced patients.Data were presented at MDA.Remibrutinib The New England Journal of Medicine published data from the 24-week double-b

35、lind placebo-controlled period of the Phase III REMIX-1 and-2 studies.Remibrutinib showed early symptom improvement and sustained efficacy,with improvements in CSU symptoms compared to placebo observed as early as week 1 and response rate maintained through the double-blind treatment period.Remibrut

36、inib was well tolerated,with overall adverse event rates comparable to placebo.Multiple analyses of the REMIX-1 and-2 trials were presented at medical congresses in Q1.At AAAAI,long-term results showed that patients experienced improved urticaria control within two weeks of starting treatment.Patien

37、ts who switched from placebo to remibrutinib at week 24 achieved similar improvements through week 52.At AAD,data was presented showing that treatment with remibrutinib had positive effects on sleep and daily activities for CSU patients.5 Ianalumab The results of Phase II VAYHIT3 study in adult pati

38、ents with advanced primary ITP,previously treated with at least a corticosteroid and a thrombopoietin receptor agonist,indicate that a short course of ianalumab has clinically meaningful efficacy and is well tolerated in these patients.These results will be presented at a future medical meeting and

39、are expected to support a filing in second-line ITP,based on the Phase III VAYHIT2 study,expected to read out in H2 2025.Selected transactions Novartis has completed the acquisition of Anthos Therapeutics,a clinical-stage biopharmaceutical company developing abelacimab,a potential first-in-class mon

40、oclonal antibody targeting the FXI inhibition pathway in development for the prevention of stroke and systemic embolism in patients with atrial fibrillation.The acquisition adds a Phase III asset and is aligned with the Novartis growth strategy and expertise in the cardiovascular therapeutic area.Ca

41、pital structure and net debt Retaining a good balance between investment in the business,a strong capital structure,and attractive shareholder returns remains a priority.In Q1 2025,Novartis repurchased a total of 24.8 million shares for USD 2.6 billion on the SIX Swiss Exchange second trading line u

42、nder the up-to USD 15 billion share buyback announced in July 2023(with up to USD 2.7 billion still to be executed).In addition,1.5 million shares(equity value of USD 0.2 billion)were repurchased from employees.In the same period,10.5 million shares(equity value of USD 0.3 billion)were delivered to

43、employees related to equity-based compensation plans.Novartis aims to offset the dilutive impact from equity-based compensation plans of employees over the remainder of the year.Consequently,the total number of shares outstanding decreased by 15.8 million versus December 31,2024.These treasury share

44、 transactions resulted in an equity decrease of USD 2.5 billion and a net cash outflow of USD 2.7 billion.Net debt increased to USD 22.3 billion at March 31,2025,compared with USD 16.1 billion at December 31,2024.The increase was mainly due to the free cash flow of USD 3.4 billion being more than of

45、fset by the USD 5.3 billion annual net dividend payment in March(which is the gross dividend of USD 7.8 billion reduced by the USD 2.5 billion Swiss withholding tax that was paid in April 2025,according to its due date),cash outflows for treasury share transactions of USD 2.7 billion and cash outflo

46、ws for purchases of intangible assets of USD 1.2 billion.As of Q1 2025,the long-term credit rating for the company is Aa3 with Moodys Ratings and AA-with S&P Global Ratings.2025 outlook Barring unforeseen events;growth vs.prior year in cc Net sales Expected to grow high single-digit Core operating i

47、ncome Expected to grow low double-digit Key assumptions:We assume Tasigna,Promacta and Entresto US generic entry mid-2025 for forecasting purposes Foreign exchange impact If late-April exchange rates prevail for the remainder of 2025,the foreign exchange impact for the year would be 0 percentage poi

48、nts on net sales and negative 2 percentage points on core operating income.The estimated impact of exchange rates on our results is provided monthly on our website.6 Key figures1 Q1 2025 Q1 2024%change USD m USD m USD cc Net sales to third parties 13 233 11 829 12 15 Operating income 4 663 3 373 38

49、44 As a%of sales 35.2 28.5 Net income 3 609 2 688 34 37 EPS(USD)1.83 1.31 40 42 Net cash flows from operating activities 3 645 2 265 61 Non-IFRS measures Free cash flow 3 391 2 038 66 Core operating income 5 575 4 537 23 27 As a%of sales 42.1 38.4 Core net income 4 482 3 681 22 26 Core EPS(USD)2.28

50、1.80 27 31 1.Constant currencies(cc),core results and free cash flow are non-IFRS measures.An explanation of non-IFRS measures can be found on page 31 of the Condensed Interim Financial Report.Unless otherwise noted,all growth rates in this Release refer to same period in prior year.Detailed financi

51、al results accompanying this press release are included in the Condensed Interim Financial Report at the link below:https:/ml- This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995,that can generally be identif

52、ied by words such as“anticipate,”“can,”“will,”“continue,”“ongoing,”“growth,”“launch,”“expect,”“expand,”“deliver,”“accelerate,”“deliver,”“guidance,”“outlook,”“priority,”“potential,”“momentum,”or similar expressions,or by express or implied discussions regarding potential new products,potential new in

53、dications for existing products,potential product launches,or regarding potential future revenues from any such products;or regarding results of ongoing clinical trials;or regarding potential future,pending or announced transactions;regarding potential future sales or earnings;or by discussions of s

54、trategy,plans,expectations or intentions,including discussions regarding our continued investment into new R&D capabilities and manufacturing;or regarding our capital structure.Such forward-looking statements are based on the current beliefs and expectations of management regarding future events and

55、 are subject to significant known and unknown risks and uncertainties.Should one or more of these risks or uncertainties materialize,or should underlying assumptions prove incorrect,actual results may vary materially from those set forth in the forward-looking statements.You should not place undue r

56、eliance on these statements.There can be no guarantee that the investigational or approved products described in this press release will be submitted or approved for sale or for any additional indications or labeling in any market,or at any particular time.Nor can there be any guarantee that such pr

57、oducts will be commercially successful in the future.Neither can there be any guarantee that the expected benefits or synergies from the transactions described in this press release will be achieved in the expected timeframe,or at all.In particular,our expectations could be affected by,among other t

58、hings:uncertainties concerning global healthcare cost containment,including ongoing government,payer and general public pricing and reimbursement pressures and requirements for increased pricing transparency;uncertainties regarding the success of key products,commercial priorities and strategy;uncer

59、tainties in the research and development of new products,including clinical trial results and additional analysis of existing clinical data;our ability to obtain or maintain proprietary intellectual property protection,including the ultimate extent of the impact on Novartis of the loss of patent pro

60、tection and exclusivity on key products;uncertainties regarding our ability to realize the strategic benefits,operational efficiencies or opportunities expected from our external business opportunities;uncertainties in the development or adoption of potentially transformational digital technologies,

61、including artificial intelligence,and business models;uncertainties surrounding the implementation of our new IT projects and systems;uncertainties regarding potential significant breaches of information security or disruptions of our information technology systems;uncertainties regarding actual or

62、potential legal proceedings,including regulatory actions or delays or government regulation related to the products and pipeline products described in this press release;safety,quality,data integrity,or manufacturing issues;our performance on and ability to comply with environmental,social and gover

63、nance measures and requirements;major macroeconomic and geo-and 7 socio-political developments,including the impact of any potential tariffs on our products or the impact of war in certain parts of the world;uncertainties regarding future global exchange rates;uncertainties regarding future demand f

64、or our products;and other risks and factors referred to in Novartis AGs most recently filed Form 20-F and in subsequent reports filed with,or furnished to,the US Securities and Exchange Commission.Novartis is providing the information in this press release as of this date and does not undertake any

65、obligation to update any forward-looking statements as a result of new information,future events or otherwise.All product names appearing in italics are trademarks owned by or licensed to Novartis.About Novartis Novartis is an innovative medicines company.Every day,we work to reimagine medicine to i

66、mprove and extend peoples lives so that patients,healthcare professionals and societies are empowered in the face of serious disease.Our medicines reach nearly 300 million people worldwide.Reimagine medicine with us:Visit us at https:/ and connect with us on LinkedIn,Facebook,X and Instagram.Novarti

67、s will conduct a conference call with investors to discuss this news release today at 14:00 Central European time and 8:00 Eastern Time.A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Novartis website.A replay will be available after the

68、live webcast by visiting https:/ financial results accompanying this press release are included in the Condensed Interim Financial Report at the link below.Additional information is provided on our business and pipeline of selected compounds in late-stage development.A copy of todays earnings call p

69、resentation can be found at https:/ dates July 17,2025 Second quarter&half year 2025 results October 28,2025 Third quarter&nine months 2025 results November 19-20,2025 Meet Novartis Management 2025(London,UK)#Novartis Media Relations E-mail: Novartis Investor Relations Central investor relations line:+41 61 324 7944 E-mail: