Novartis (NOVN.SW)

Novartis earnings dropped roughly a sixth even as sales inched up.

What is going on right now?

The stock price has been climbing steadily and sits near the top of its recent range, after a stretch of consistent upward movement.

How is the business itself doing?

Novartis makes most of its money from a handful of major medicines: Entresto for heart failure, Kisqali for breast cancer, and Cosentyx for autoimmune conditions. The company keeps about a third of every dollar of revenue as operating profit.

What stands out?

Earnings fell around 17% last period despite a small rise in sales. The company also owes more than it owns in equity, at about 1.2 times, while its cash on hand covers less than its near-term bills.

What comes next?

Novartis reports its next quarterly results on October 27, 2026, and that report will show whether its key drugs are holding up against growing pricing pressure in the US and upcoming patent expiration dates.