Novartis Ag · SIX:NOVN
Novartis — Q1 2025 Earnings Presentation
73 slides from Novartis's earnings presentation, Apr 29, 2025
Slide 1: Q1 2025 Results Investor Presentation
Content Click below to navigate through the document Company overview Financial review Conclusions Appendix References Q4 2024 Results Q1 2025 Results Investorpresentation Investor presentation January April 31, 2025 29, 2025 Novartis Q1 Results | April 29, 2025 1
Slide 2: Disclaimer
Content Click below to navigate Disclaimer through the document Company overview Financial review This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, that can generally be identified by words such as “potenti
Slide 3: Company overview
Content Click below to navigate through the document Company overview Financial review Conclusions Appendix References Company overview Company overview Vas Narasimhan, M.D. Chief Executive Officer Vas Narasimhan, M.D. Chief Executive Officer Novartis Q1 Results | April 29, 2025 3
Slide 4: Double-digit sales growth and robust margin expansion in Q1, supporting upgraded FY 2025 guidance
Content Click below to navigate Novartis delivered double-digit sales growth and robust margin expansion in Q1, supporting upgrade to FY 2025 guidance through the document Company overview Financial review Conclusions Sales Core1 operating income Innovation highlights USD bn, % cc1 USD bn, % cc Pluv
Slide 5: Strong momentum from priority brands continued to drive robust growth
GROWTH Content Click below to navigate Strong momentum from priority brands continued to drive robust growth, demonstrating our replacement power through the document Company overview Financial review Q1 sales Conclusions Sales Growth vs. PY Growth vs. PY USD million USD million cc Appendix 2,261 38
Slide 6: Kisqali grew +56% cc
GROWTH Content Click below to navigate Kisqali® grew +56% cc, reflecting positioning as CDK4/6 inhibitor of choice across mBC and eBC through the document Company overview Financial review Sales evolution US Total Brand NBRx1 US: +87% in Q1 Conclusions USD m, % cc • Leading share in mBC NBRx at 48%2
Slide 7: Kesimpta grew +43% cc, outpacing B-cell and MS market
GROWTH Content Click below to navigate Kesimpta® grew +43% cc, outpacing both B-cell and MS market through the document Company overview Financial review Sales evolution Continued robust demand growth Conclusions USD m, % cc • US: +41%, with TRx growth (+29% vs. PY) outpacing B-cell (+12%) and MS (+
Slide 8: Pluvicto grew +21% cc in Q1
GROWTH Content Click below to navigate Pluvicto® grew +21% cc in Q1, laying the foundation for mCRPC pre-taxane launch in US through the document Company overview ® Financial review Sales evolution Market leader in mCRPC post-taxane setting Conclusions USD m, % cc • Leading NBRx in VISION 1L setting
Slide 9: Confident in growth acceleration with PSMAfore launch in US
GROWTH Content Click below to navigate Confident in growth acceleration with PSMAfore launch in US through the document Company overview ® Financial review Conclusions Strong foundation in place Launch dynamics Appendix • PSMAfore population ~2x VISION • Expect 4-7 weeks lead-time References for new
Slide 10: Leqvio grew +72% cc in Q1
GROWTH Content Click below to navigate Leqvio® grew +72% cc in Q1, on track to achieve blockbuster status in 2025 through the document Company overview Financial review Sales evolution US: +72%, outpacing advanced lipid-lowering market1,2 Conclusions USD m, % cc • Steady climb in MOTRx, +70% vs. PY
Slide 11: Scemblix market leadership continues globally in 3L+
GROWTH Content Click below to navigate Scemblix® market leadership continues globally in 3L+, with early lines launch driving momentum in the US through the document Company overview Financial review Sales evolution Consistent leadership in 3L+ CML Conclusions USD m, % cc • US: NBRx share of 54%, >3
Slide 12: Cosentyx grew +18% cc
GROWTH Content Click below to navigate Cosentyx® grew +18% cc, with ongoing launches in HS and IV and expansion in core indications through the document Company overview Financial review Sales evolution US continued strong growth (+23%) Conclusions USD m, % cc • Strong demand growth (+29%) more than
Slide 13: Entresto delivered consistent performance, growing +22% cc
GROWTH Content Click below to navigate Entresto® delivered consistent performance, growing +22% cc in Q1 through the document Company overview Financial review Sales evolution US weekly TRx1 Expect continued growth ex-US Conclusions USD m, % cc Total prescriptions (000) post US LoE US Ex-US • Strong
Slide 14: Renal portfolio continues to expand
GROWTH Content Click below to navigate Renal portfolio continues to expand, with ongoing US Fabhalta® launches and Vanrafia® FDA accelerated approval through the document Company overview Financial review Conclusions Fabhalta Vanrafia IgAN C3G IgAN Appendix >100% volume Approved by FDA Approved by F
Slide 15: OAV101 IT: STEER & STRENGTH studies
INNOVATION Content Click below to navigate OAV101 IT: STEER & STRENGTH studies underscore positive benefit/risk profile of one-time treatment in broad SMA population through the document Company overview Financial review Ph3 STEER study in treatment-naive SMA patients Clinical benefit in broad popul
Slide 16: Remibrutinib: long-term data in CSU
INNOVATION Content Click below to navigate Remibrutinib: Long-term data in CSU support differentiated profile of this potential pipeline-in-a-pill; FDA decision expected H2 2025 through the document Company overview Financial review REMIX studies: Strong efficacy1,2 with oral convenience Achieving k
Slide 17: Key innovation milestones in 2025
INNOVATION Content Click below to navigate Key innovation milestones in 2025 through the document Company overview 2025 selected key events (expected) H1 2025 H2 2025 Status as of end Q1 Regulatory Atrasentan IgAN US US approval in April Fabhalta® (iptacopan) C3G US, JP EU US, EU approvals in Q1, Ch
Slide 18: Financial review and 2025 guidance
Content Click below to navigate through the document Company overview Financial review Conclusions Appendix Financial review Financial review References and 2025 guidance and 2025 guidance Harry Kirsch Chief Financial Officer Harry Kirsch Chief Financial Officer Novartis Q1 Results | April 29, 2025
Slide 19: Q1 net sales increased +15% cc, with strong core margin expansion
FINANCIAL PROFILE Content Click below to navigate Q1 net sales increased +15% cc, with strong core1 margin expansion through the document Company overview Financial review Key figures1 Q1 Q1 Change vs. PY Conclusions USD million 2024 2025 % USD % cc Appendix Total net sales 11,829 13,233 12 15 Refer
Slide 20: Continued focus on Free Cash Flow generation
FINANCIAL PROFILE Content Click below to navigate Continued focus on Free Cash Flow generation through the document Company overview Financial review Free Cash Flow1 Conclusions USD bn, period rates Appendix 2025 growth driven +66% References by higher core operating income 3.4 2.0 Q1 2024 Q1 2025 1
Slide 21: Continuing our shareholder-friendly capital allocation strategy
FINANCIAL PROFILE Content Click below to navigate Continuing our shareholder-friendly capital allocation strategy through the document Company overview Financial review Conclusions Investing in the business Returning capital to shareholders Appendix Investments in organic business Consistently growi
Slide 22: Raising Novartis 2025 full year guidance
FINANCIAL PROFILE Content Click below to navigate Raising Novartis 2025 full year guidance Expected, barring unforeseen events; growth vs. PY in cc1 through the document Company overview Financial review Conclusions Net sales Core operating income Appendix expected to grow expected to grow high sing
Slide 23: Expected currency impact for Q2 and full year 2025
FINANCIAL PROFILE Content Click below to navigate Expected currency impact for Q2 and full year 2025 through the document Company overview Financial review Conclusions Appendix References Novartis Q1 Results | April 29, 2025 23 Novartis Q1 Results | April 29, 2025 23
Slide 24: Conclusions
Content Click below to navigate through the document Company overview Financial review Conclusions Appendix References Conclusions Conclusions Vas Narasimhan, M.D. Chief Executive Officer Vas Narasimhan, M.D. Chief Executive Officer Novartis Q1 Results | April 29, 2025 24
Slide 25: Conclusions: strong start to the year
Content Click below to navigate through the document Company overview Financial review Conclusions Appendix Strong start to Upgraded guidance Significant Confident in the year, with for FY 2025 pipeline progress, achieving our double-digit sales including three new mid- to long-term References growt
Slide 26: Appendix
Content Click below to navigate through the document Company overview Financial review Conclusions Appendix Innovation: Pipeline overview Appendix Financial performance Innovation: Clinical trials Abbreviations References Appendix Novartis Q1 Results | April 29, 2025 26
Slide 27: Our pipeline projects at a glance
INNOVATION Content Click below to navigate Our pipeline projects at a glance through the document Company overview Financial review Phase I/II Phase III Registration Total Conclusions Oncology 23 9 1 33 Appendix Solid tumors 18 4 1 23 Innovation: Pipeline overview Hematology 5 5 0 10 Financial perfo
Slide 28: Novartis pipeline in Phase I
INNOVATION Content Click below to navigate Novartis pipeline in Phase I 16 lead indications through the document Lead indication Company overview Oncology Neuroscience Code Name Mechanism Indication(s) Code Name Mechanism Indication(s) DFT383 DFT383 CTNS gene delivery Cystinosis Solid tumors Financi
Slide 29: Novartis pipeline in Phase II
INNOVATION Content Click below to navigate Novartis pipeline in Phase II 17 lead indications through the document Lead indication Company overview Oncology Immunology Code Name Mechanism Indication(s) Code Name Mechanism Indication(s) DFV890 DFV890 NLRP3 inhibitor Osteoarthritis Solid tumors Financi
Slide 30: Novartis pipeline in Phase III
INNOVATION Content Click below to navigate Novartis pipeline in Phase III 6 lead indications through the document Lead indication Company overview Oncology Neuroscience Code Name Mechanism Indication(s) Code Name Mechanism Indication(s) BAF312 Mayzent® S1P1,5 receptor modulator Multiple sclerosis, p
Slide 31: Novartis pipeline in registration
INNOVATION Content Click below to navigate Novartis pipeline in registration 1 lead indication through the document Company overview Oncology Immunology Code Name Mechanism Indication(s) Code Name Mechanism Indication(s) LOU064 remibrutinib BTK inhibitor Chronic spontaneous urticaria Solid tumors Fi
Slide 32: Novartis submission schedule: New Molecular Entities
INNOVATION Content Click below to navigate Novartis submission schedule New Molecular Entities: Lead and supplementary indications through the document Company overview CRM Immunology Neuroscience Oncology Non-core TA project Financial review 2025 2026 2027 ≥2028 Conclusions remibrutinib ianalumab a
Slide 33: Submission schedule: existing brands
INNOVATION Content Click below to navigate Novartis submission schedule Supplementary indications for existing brands through the document Company overview CRM Immunology Neuroscience Oncology Non-core TA project Financial review 2025 2026 2027 ≥2028 Conclusions Cosentyx® Cosentyx® Fabhalta® Fabhalt
Slide 34: Net debt increased by USD 6.2bn
FINANCIAL PROFILE Content Click below to navigate Net debt1 increased by USD 6.2bn as strong FCF was more than offset by annual dividend, share buybacks and intangibles through the document Company overview Financial review USD bn -6.2 Conclusions Appendix Innovation: Pipeline overview Financial per
Slide 35: Clinical Trials Update
Content Click below to navigate through the document Company overview Financial review Conclusions Appendix Innovation: Pipeline overview Financial performance Innovation: Clinical trials Clinical Trials Update > C ardiovascular, Renal and Metabolic > I mmunology > N euroscience IR Clinical Includes
Slide 36: Cardiovascular, Renal and Metabolic
Content Click below to navigate through the document Company overview Financial review Conclusions Appendix Innovation: Pipeline overview Financial performance Innovation: Clinical trials Cardiovascular, Renal and Metabolic > C ardiovascular, Renal and Metabolic > I mmunology > N euroscience IR Clin
Slide 37: atrasentan - ETA receptor antagonist
Content Click below to navigate atrasentan - ETA receptor antagonist through the document Company overview NCT04573478 ALIGN (CHK01-01) Financial review Indication IgA nephropathy Phase Phase 3 Conclusions Patients 380 Primary Change in proteinuria Time Frame: Up to Week 24 or approximately 6 months
Slide 38: Fabhalta - CFB inhibitor
Content Click below to navigate Fabhalta® - CFB inhibitor Fabhalta® - CFB inhibitor through the document Company overview NCT04578834 APPLAUSE-IgAN (CLNP023A2301) NCT05755386 APPARENT (CLNP023B12302) Financial review Indication IgA nephropathy Indication Immune complex-mediated membranoproliferative
Slide 39: Leqvio - siRNA (regulation of LDL-C)
Content Click below to navigate Leqvio® - siRNA (regulation of LDL-C) Leqvio® - siRNA (regulation of LDL-C) through the document Company overview NCT03705234 ORION-4 (CKJX839B12301) NCT05030428 VICTORION-2P (CKJX839B12302) Financial review Indication Hypercholesterolemia inc. Heterozygous Familial H
Slide 40: Leqvio - siRNA (regulation of LDL-C)
Content Click below to navigate Leqvio® - siRNA (regulation of LDL-C) Leqvio® - siRNA (regulation of LDL-C) through the document Company overview NCT04652726 ORION-16 (CKJX839C12301) NCT04659863 ORION-13 (CKJX839C12302) Financial review Indication Hyperlipidemia, pediatrics Indication Hyperlipidemia
Slide 41: Leqvio - siRNA (regulation of LDL-C)
Content Click below to navigate Leqvio® - siRNA (regulation of LDL-C) through the document Company overview NCT05739383 VICTORION-1P (CKJX839D12302) Financial review Indication CVRR (Primary prevention) Phase Phase 3 Conclusions Patients 14000 Primary Time to the first occurrence of 4P-MACE Appendix
Slide 42: pelacarsen - Antisense oligonucleotide targeting Lp(a)
Content Click below to navigate pelacarsen - Antisense oligonucleotide (ASO) through the document targeting Lp(a) Company overview NCT04023552 Lp(a)HORIZON (CTQJ230A12301) Financial review Indication Secondary prevention of cardiovascular events in patients with elevated levels of lipoprotein(a) Con
Slide 43: QCZ484
Content Click below to navigate QCZ484 through the document Company overview NCT06857955 (CQCZ484A12201) Financial review Indication Hypertension Phase Phase 2 Conclusions Patients 380 Primary Change from baseline at Month 3 in mean 24hr systolic blood pressure (SBP) by Appendix Outcome ambulatory b
Slide 44: zigakibart - Anti-APRIL
Content Click below to navigate zigakibart - Anti-APRIL through the document Company overview NCT05852938 BEYOND (CFUB523A12301) Financial review Indication IgA nephropathy Phase Phase 3 Conclusions Patients 292 Primary Change in proteinuria [ Time Frame: 40 weeks or approximately 9 months ] Appendi
Slide 45: Immunology
Content Click below to navigate through the document Company overview Financial review Conclusions Appendix Innovation: Pipeline overview Financial performance Innovation: Clinical trials Immunology > C ardiovascular, Renal and Metabolic > I mmunology > N euroscience IR Clinical Studies > O ncology
Slide 46: Cosentyx - IL-17A inhibitor
Content Click below to navigate Cosentyx® - IL-17A inhibitor Cosentyx® - IL-17A inhibitor through the document Company overview NCT05767034 REPLENISH (CAIN457C22301) NCT04930094 GCAPTAIN (CAIN457R12301) Financial review Indication Polymyalgia rheumatica Indication Giant cell arteritis Phase Phase 3
Slide 47: ianalumab - BAFF-R inhibitor
Content Click below to navigate ianalumab - BAFF-R inhibitor, ADCC-mediated B-cell through the document depletor Company overview NCT05126277 SIRIUS-LN (CVAY736K12301) Financial review Indication Lupus Nephritis Phase Phase 3 Conclusions Patients 420 Primary Outcome Frequency and percentage of parti
Slide 48: ianalumab - BAFF-R inhibitor
Content Click below to navigate ianalumab - BAFF-R inhibitor, ADCC-mediated B-cell ianalumab - BAFF-R inhibitor, ADCC-mediated B-cell through the document depletor depletor Company overview NCT05349214 NEPTUNUS-2 (CVAY736A2302) NCT05350072 NEPTUNUS-1 (CVAY736A2301) Financial review Indication Sjögre
Slide 49: ianalumab - BAFF-R inhibitor
Content Click below to navigate ianalumab - BAFF-R inhibitor, ADCC-mediated B-cell ianalumab - BAFF-R inhibitor, ADCC-mediated B-cell through the document depletor depletor Company overview NCT05639114 SIRIUS-SLE 1 (CVAY736F12301) NCT05624749 SIRIUS-SLE 2 (CVAY736F12302) Financial review Indication
Slide 50: ianalumab - BAFF-R inhibitor
Content Click below to navigate ianalumab - BAFF-R inhibitor, ADCC-mediated B-cell through the document depletor Company overview NCT06470048 (CVAY736S12201) Financial review Indication Systemic scleroderma Phase Phase 2 Conclusions Patients 200 Primary 3/5 Revised Composite Response Index in System
Slide 51: remibrutinib - BTK inhibitor
Content Click below to navigate remibrutinib - BTK inhibitor through the document Company overview NCT05976243 (CLOU064M12301) Financial review Indication Chronic inducible urticaria Phase Phase 3 Conclusions Patients 348 Primary 1. Proportion of participants with complete response in Total Fric Sco
Slide 52: remibrutinib - BTK inhibitor
Content Click below to navigate remibrutinib - BTK inhibitor remibrutinib - BTK inhibitor through the document Company overview NCT06799000 RECHARGE1 (CLOU064J12301) NCT06840392 RECHARGE2 (CLOU064J12302) Financial review Indication Hidradenitis suppurativa Indication Hidradenitis suppurativa Phase P
Slide 53: Neuroscience
Content Click below to navigate through the document Company overview Financial review Conclusions Appendix Innovation: Pipeline overview Financial performance Innovation: Clinical trials Neuroscience > C ardiovascular, Renal and Metabolic > I mmunology > N euroscience IR Clinical Studies > O ncolog
Slide 54: Fabhalta - CFB inhibitor
Content Click below to navigate Fabhalta® - CFB inhibitor through the document Company overview NCT123456 APPRAISE (CLNP023Q12301) Financial review Indication Generalized Myasthenia Gravis Phase Phase 3 Conclusions Patients 146 Primary Change from baseline to Month 6 Appendix in Myasthenia Gravis Ac
Slide 55: Kesimpta - anti-CD20
Content Click below to navigate Kesimpta® - anti-CD20 through the document Company overview NCT06869785 FILIOS (COMB157Q12301) Financial review Indication Multiple sclerosis new dosing regimen Phase Phase 3 Conclusions Patients 180 Primary Ofatumumab plasma pharmacokinetics - area under the curve, u
Slide 56: Mayzent - S1P1,5 receptor modulator
Content Click below to navigate Mayzent® - S1P1,5 receptor modulator through the document Company overview NCT04926818 NEOS (CBAF312D2301) Financial review Indication Multiple sclerosis, pediatrics Phase Phase 3 Conclusions Patients 120 Primary Annualized relapse rate (ARR) in target pediatric parti
Slide 57: remibrutinib - BTK inhibitor
Content Click below to navigate remibrutinib - BTK inhibitor remibrutinib - BTK inhibitor through the document Company overview NCT05147220 REMODEL-1 (CLOU064C12301) NCT05156281 REMODEL-2 (CLOU064C12302) Financial review Indication Multiple sclerosis Indication Multiple sclerosis Phase Phase 3 Phase
Slide 58: remibrutinib - BTK inhibitor
Content Click below to navigate remibrutinib - BTK inhibitor through the document Company overview NCT06744920 RELIEVE (CLOU064O12301) Financial review Indication Myasthenia Gravis Phase Phase 3 Conclusions Patients 180 Primary Change from baseline to Month 6 in Myasthenia Gravis Activity of Daily L
Slide 59: Oncology
Content Click below to navigate through the document Company overview Financial review Conclusions Appendix Innovation: Pipeline overview Financial performance Innovation: Clinical trials Oncology > C ardiovascular, Renal and Metabolic > I mmunology > N euroscience IR Clinical Studies > O ncology >
Slide 60: ianalumab - BAFF-R inhibitor
Content Click below to navigate ianalumab - BAFF-R inhibitor, ADCC-mediated B-cell ianalumab - BAFF-R inhibitor, ADCC-mediated B-cell through the document depletor depletor Company overview NCT05653349 VAYHIT1 (CVAY736I12301) NCT05653219 VAYHIT2 (CVAY736Q12301) Financial review Indication 1L Immune
Slide 61: ianalumab - BAFF-R inhibitor
Content Click below to navigate ianalumab - BAFF-R inhibitor, ADCC-mediated B-cell through the document depletor Company overview NCT05648968 VAYHIA (CVAY736O12301) Financial review Indication Warm autoimmune hemolytic anemia Phase Phase 3 Conclusions Patients 90 Primary Binary variable indicating w
Slide 62: iptacopan - CFB inhibitor
Content Click below to navigate iptacopan - CFB inhibitor through the document Company overview NCT04889430 APPELHUS (CLNP023F12301) Financial review Indication Atypical haemolytic uraemic syndrome Phase Phase 3 Conclusions Patients 75 Primary Percentage of participants with complete TMA response wi
Slide 63: Lutathera - Radioligand therapy target SSTR
Content Click below to navigate Lutathera® - Radioligand therapy target SSTR through the document Company overview NCT06784752 NETTER-3 (CAAA601A62301) Financial review Indication Gastroenteropancreatic neuroendocrine tumors Phase Phase 3 Conclusions Patients 240 Primary Progression Free Survival (P
Slide 64: Pluvicto - Radioligand therapy target PSMA
Content Click below to navigate Pluvicto® - Radioligand therapy target PSMA through the document Company overview NCT04720157 PSMAddition (CAAA617C12301) Financial review Indication Metastatic hormone sensitive prostate cancer Phase Phase 3 Conclusions Patients 1126 Primary Radiographic Progression
Slide 65: Vijoice - PI3Ki
Content Click below to navigate Vijoice® - PI3Ki through the document Company overview NCT05948943 EPIK-L1 (CBYL719P12201) Financial review Indication Lymphatic Malformation Phase Phase 2/3 Conclusions Patients 230 Primary Outcome Stage 2: Radiological response rate at Week 24 of Stage 2 (adult and
Slide 66: In-market Brands & Global Health
Content Click below to navigate through the document Company overview Financial review Conclusions Appendix Innovation: Pipeline overview Financial performance Innovation: Clinical trials In-market Brands & Global Health > C ardiovascular, Renal and Metabolic > I mmunology > N euroscience IR Clinica
Slide 67: cipargamin - PfATP4 inhibitor
Content Click below to navigate cipargamin - PfATP4 inhibitor through the document Company overview NCT04675931 KARISMA (CKAE609B12201) Financial review Indication Malaria severe Phase Phase 2 Conclusions Patients 252 Primary Percentage of participants achieving at least 90% reduction in Plasmodium
Slide 68: ganaplacide/lumefantrine
Content Click below to navigate ganaplacide/lumefantrine - Non-artemisinin through the document plasmodium falciparum inhibitor Company overview NCT05842954 KALUMA (CKLU156A12301 ) Financial review Indication Malaria, uncomplicated Phase Phase 3 Conclusions Patients 1500 Primary PCR-corrected adequa
Slide 69: Rydapt - Multi-targeted kinase inhibitor
Content Click below to navigate Rydapt® - Multi-targeted kinase inhibitor through the document Company overview NCT03591510 (CPKC412A2218) Financial review Indication Acute myeloid leukemia, pediatrics Phase Phase 2 Conclusions Patients 20 Primary Occurrence of dose limiting toxicities Appendix Outc
Slide 70: Abbreviations
Content Click below to navigate Abbreviations through the document Company overview Abbreviation Full Form Abbreviation Full Form Financial review AAV Adeno-Associated Virus mBC Metastatic Breast Cancer ACC American College of Cardiology mCRPC Metastatic Castration-Resistant Prostate Cancer ACS Acut
Slide 71: References 1/3
Content Click below to navigate References 1/3 through the document Company overview Financial review Kisqali® (slide 6 references) Conclusions 1 IQVIA Market Sizing Monthly Report, February 2025; Data lag: ~ 2 months. 2 Of CDK4/6 market, US rolling 3 months ending February 2025, IQVIA Breast Cancer
Slide 72: References 2/3
Content Click below to navigate References 2/3 through the document Company overview Financial review Scemblix® (slide 11 references) Conclusions 1 Source: US January rolling 3-months US IQVIA CML market sizing report (April 2025). 2-3 Source and Q1 Patient Share Projection Assumptions: For Q1’25 In
Slide 73: References 3/3
Content Click below to navigate References 3/3 through the document Company overview Financial review Fabhalta® (slide 14 references) Conclusions 1 Based on Novartis internal data as of March 2025. 2 UBC; data through March 21, 2025. Appendix Vanrafia® (slide 14 references) 3 Vanrafia prescribing in