Compiled 2026-09-26Data through 2025-12-312 min read
Dated source-based research · No live market data

Research summary

A two-period review of NVS revenue, profitability and cash conversion; reported revenue growth was not available.

Period comparison

FY2025 ended 2025-12-31; the prior observation ended 2024-12-31. Revenue moved from not available to not available. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 11.939 billion to USD 13.967 billion. Operating income moved from USD 14.544 billion to USD 17.644 billion. Net margin moved from not available to not available. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD 17.619 billion in the earlier period and USD 19.144 billion in the later period. Selected free cash flow was not available and not available, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

An earnings comparison provides a historical denominator, not a price target. A dated market price is deliberately absent from this static release.

What to monitor

Product concentration, research investment, utilization, reimbursement and cash generation.

Risks and uncertainties

Patent expiry, trial outcomes, reimbursement changes, litigation and acquisition integration.

Sources & dates