Novartis (NOVN SW) Q4 (USD): Core EPS 2.03 (exp. 1.99), Revenue 13.3bln (exp. 13.7bln), guides initial FY26 revenue in the low single digit, core EPS declining by low single digits

• "In 2026, we expect to grow through the largest patent expiry in Novartis history, underscoring the strength of our business, and remain well on track to deliver our mid-term guidance.”

Novartis reported a mixed Q4, beating core EPS expectations but falling short on revenue. The guidance for FY26 suggests a cautious outlook with low single-digit revenue growth and declining core EPS, which points to challenges from patent expiries. This mixed performance could pressure shares as investors react to the outlook amidst an important transition for the company.