Novartis (NVS) Q4 FY25 earnings call

Novartis delivered a strong Q4 and full-year 2025, achieving its 40% core margin goal two years early, driven by robust performance from key growth brands. While Q4 saw some impact from gross-to-net adjustments and generic entries, the company remains confident in its mid-to-long-term growth outlook, supported by a promising pipeline and strategic capital allocation. The upcoming year will navigate significant generic impacts, with a stronger second half anticipated.