Novartis Ag · SIX:NOVN
Novartis — Investor Presentation (October 2026)
46 slides from Novartis's investor presentation, Oct 23, 2026
Slide 1: Establishing remibrutinib in MS
Investor presentation October 23, 2026 Establishing remibrutinib in MS
Slide 2: Disclaimer
Disclaimer 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 “potential,” “expected,” “will,” “plan,” “pipeline,” “outlook,” “confident,” or similar express
Slide 3: Disclosures
Disclosures Heinz Wiendl has received honoraria for acting as a member of scientific advisory boards from Alexion, argenx, BioCryst, Bristol Myers Squibb, Cellerys, Galapagos, Janssen, Merck, Novartis, Sandoz Hexal, and uniQure; received speaker honoraria and travel support from Alexion, ACON, Astra
Slide 4: Participants
Participants Victor Bulto Nazem Atassi, MD Heinz Wiendl, MD President, US Global Head, Neuroscience Professor, Director Department of Development Unit Neurology and Neurophysiology, University of Freiburg Novartis IR event on REMODEL data | Oct 23, 2026 4
Slide 5: Agenda
Agenda 1 Remibrutinib: A unique BTK inhibitor 2 Remibrutinib REMODEL 1/2 results in RMS 3 Maximizing the opportunity in MS 4 Remibrutinib: A pipeline in a pill 5 Q&A Novartis IR event on REMODEL data | Oct 23, 2026 5
Slide 6: Novartis has a long legacy in MS
Novartis has a long legacy in MS A history of transforming MS care Remibrutinib 2009 2010 2019 2020 TODAY 1st oral 1st oral 1st self-administered Goal: Transforming approved approved in B-cell therapy SoC once again with in RMS active SPMS approved in RMS REMODEL-1/-2 Remibrutinib is the next chapte
Slide 7: Remibrutinib is a BTK inhibitor with pipeline-in-a-pill potential
Remibrutinib is a BTK inhibitor with pipeline-in-a-pill potential Development plan for remibrutinib Multiple sclerosis Trial Ph I Ph II Ph III Registration Status CSU REMIX-1/-2 Approved in US, EU, JP and CN CSU adolescent1 Phase III readout expected Q4 2026 CIndU RemIND Approved in US for SD; filin
Slide 8: The promise of BTK inhibition: Addressing both relapses and disability progression without chronic B-cell depletion
The promise of BTK inhibition: Addressing both relapses and disability progression without chronic B-cell depletion Dual mechanism of action B-cell depletion vs. immunomodulation Remibrutinib Anti-CD20s Remibrutinib B-cell depletion BTK inhibition Effect on B cells Depletes B cells Modulates B cells
Slide 9: Remibrutinib was designed to deliver on the potential of BTK inhibition
Remibrutinib was designed to deliver on the potential of BTK inhibition Covalent, irreversible binding for sustained BTK inhibition1–3 Optimal PK/PD with rapid N N absorption and short half-life4 CNS penetrant: H2 N NH above microglial IC505 O O F F High potency vs. tested BTK N inhibitorsa in vitro
Slide 10: Remibrutinib has high selectivity as tested in vitro, leading to fewer off-target effects
Remibrutinib has high selectivity as tested in vitro, leading to fewer off-target effects and a differentiated benefit/risk profile Percent Remibrutinib 1 µM Evobrutinib 1 µM Fenebrutinib 1 µM Orelabrutinib 1 µM Tolebrutinib 1 µM control 0% 0.1% 0.1-1% 1-5% 5-10% 10-35% >35% Inhibition: BTK, 100%; I
Slide 11: Extensive clinical data reinforce remibrutinib's proven and robust favorable safety profile
Extensive clinical data reinforce remibrutinib’s proven and robust favorable safety profile Comprehensive evidence of favorable safety profile Two FDA approvals for remibrutinib with a clean label >4,500 participants across 40+ studies at doses up to 600mg NO boxed warning • No liver safety signal,
Slide 12: Agenda
Agenda 1 Remibrutinib: A unique BTK inhibitor 2 Remibrutinib REMODEL 1/2 results in RMS 3 Maximizing the opportunity in MS 4 Remibrutinib: A pipeline in a pill 5 Q&A Novartis IR event on REMODEL data | Oct 23, 2026 12
Slide 13: REMODEL-1/-2 are two randomized, active comparator-controlled Phase III trials of identical design
REMODEL-1/-2 are two randomized, active comparator-controlled Phase III trials of identical design Double-blind Core Part Extension Part Screening (flexible duration; up to 30 months) (up to 5 years) Remibrutinib 100 mg oral BID + teriflunomide-matching placebo QD Remibrutinib • Diagnosis of RMS 1:1
Slide 14: REMODEL evaluated multiple markers of disease control
REMODEL evaluated multiple markers of disease control: relapses, MRI activity and disability progression Relapses & MRI activity Disability progression Primary Annualized relapse rate (ARR) Key Time to 3-month CDP secondary Time to 6-month CDP Proportion of patients with NEDA-3 Key Annualized rate o
Slide 15: Baseline characteristics were well balanced between treatment arms and across the two trials
Baseline characteristics were well balanced between treatment arms and across the two trials REMODEL-1 REMODEL-2 Remibrutinib Teriflunomide Remibrutinib Teriflunomide (N=502) (N=498) (N=504) (N=503) Age, years 38.1 (10.0) 38.3 (9.6) 39.0 (10.0) 39.1 (9.4) Demographics Female, n (%) 326 (64.9) 340 (6
Slide 16: Primary endpoint met: strong relapse control, 1 relapse every ~13 years
Primary endpoint met: Remibrutinib demonstrated strong relapse control, translating to 1 relapse every ~13 years REMODEL-1 REMODEL-2 0.20 0.20 Adjusted ARR (95% CI) Adjusted ARR (95% CI) 0.15 0.15 0.10 0.10 31.2% 0.05 ↓ 35.2% relative reduction 0.05 ↓ relative reduction Rate ratio: 0.688 Rate ratio:
Slide 17: Remibrutinib significantly reduced MRI lesion activity by 65-70%
Remibrutinib significantly reduced MRI lesion activity by 65-70%, demonstrating broad inflammatory control New/enlarging T2 lesions – annualized rate Gd+ T1 lesions per scan REMODEL-1 REMODEL-2 REMODEL-1 REMODEL-2 65.3% 2.71 0.94 ↓ relative reduction 2.77 0.82 ↓ 70.3% relative reduction 0.24 0.08 ↓
Slide 18: Clinically meaningful delay in disability progression: >92% progression-free by 6mCDP
Remibrutinib achieved a clinically meaningful delay in disability progression: >92% of patients remained progression-free as assessed by 6mCDP through 24 months 3-month CDP 6-month CDP 20 15 Teriflunomide KM estimate of cumulative KM estimate of cumulative 14.1% Teriflunomide 15 10.5% event rate (%)
Slide 19: Clinically meaningful delay in disability progression: 6-month CDP
Remibrutinib achieved a clinically meaningful delay in disability progression: >92% of patients remained progression-free as assessed by 6mCDP through 24 months 6-month CDP provides a more clinically meaningful 6-month CDP measure of sustained disability progression 15 • 3mCDP captures worsening con
Slide 20: Patients on remibrutinib ~3x more likely to achieve NEDA-3 vs. teriflunomide
Patients on remibrutinib were ~3x more likely to achieve overall disease control (NEDA-3) vs. teriflunomide NEDA-3 NEDA-3 is a composite measure1 requiring 60 freedom from all 3: No + No disability + No new = NEDA-3 Patients with NEDA-3 (%) relapses progression MRI lesions 40 ↓ Odds ratio 2.81 ~2x p
Slide 21: Remibrutinib significantly reduced serum NfL levels vs. teriflunomide
Remibrutinib significantly reduced serum NfL levels vs. teriflunomide, providing biomarker support for reduced progression REMODEL-1 REMODEL-2 14 14 Geometric mean sNfL (pg/mL) Geometric mean sNfL (pg/mL) 13 13 12 12 ↓ 7% relative reduction 11 ↓ 9% relative reduction 11 Geometric mean ratio at Geome
Slide 22: Delay in 6-month confirmed disability progression independent of relapse activity (6mPIRA)
Remibrutinib showed a clinically meaningful delay in 6-month confirmed disability progression independent of relapse activity (6mPIRA) vs. teriflunomide 6mPIRA1 Unlike CDP, PIRA measures 12 disability progression Teriflunomide independent of relapses 9.1% cumulative event rate (%) 9 28.3% • 6mPIRA r
Slide 23: Robust favorable safety profile, nearly 50% fewer AE-related discontinuations
Remibrutinib demonstrated a robust, favorable safety profile, with nearly 50% fewer AE-related discontinuations vs. teriflunomide Pooled REMODEL-1 & REMODEL-2 Remibrutinib Teriflunomide (N=1006) (N=1001) Adverse events 800 (79.5) 816 (81.5) Serious adverse events 60 (6.0) 70 (7.0) Adverse events lea
Slide 24: No liver safety signal, with ALT elevations below teriflunomide
Remibrutinib showed no liver safety signal, with ALT elevations below teriflunomide and in line with approved indications Pooled REMODEL-1 & REMODEL-2 Remibrutinib Teriflunomide Newly occurring ALT elevations (N=1006) (N=1001) ALT >3 × ULN 20 (2.0) 73 (7.4) ALT 3–5 × ULN 15 (1.5) 46 (4.6) ALT 5–10 ×
Slide 25: Remibrutinib is a highly selective BTK inhibitor offering comprehensive disease control
Remibrutinib is a highly selective BTK inhibitor offering comprehensive disease control and a robust favorable safety profile, without chronic B-cell depletion Remibrutinib delivered comprehensive …with a robust favorable safety profile disease control… Relapses reduced to 1 every ~13 years No liver
Slide 26: Agenda
Agenda 1 Remibrutinib: A unique BTK inhibitor 2 Remibrutinib REMODEL 1/2 results in RMS 3 Maximizing the opportunity in MS 4 Remibrutinib: A pipeline in a pill 5 Q&A Novartis IR event on REMODEL data | Oct 23, 2026 26
Slide 27: Remibrutinib has broad potential to address patient needs across the RMS treatment landscape
Remibrutinib has broad potential to address patient needs across the RMS treatment landscape RMS patients treated globally 4 2025 ~440k 3 ~40k ~140k ~720k 2 ~280k 1 ~60k ~40k Naïve Oral Anti-CD20 Other Total US Total Ex-US Total treated RMS Treated patients on a DMT. 2025. Source: IQVIA, Spherix Cha
Slide 28: ~30% of naïve patients in the US are not prescribed an anti-CD20
1 ~30% of naïve patients in the US are not prescribed an anti-CD20, citing safety trade-offs and route of administration preferences US naïve MS patients Remibrutinib's value proposition 2025 incidence in this patient population ~40k • Remibrutinib offers comprehensive disease control1 with a robust
Slide 29: ~20% of oral patients switch each year, up to ~40% at risk of treatment failure
22 ~20% of oral patients switch each year, and up to ~40% are at risk of treatment failure due to efficacy or intolerance US MS patients on orals Remibrutinib's value proposition 2025 prevalence in this patient population ~60k • Remibrutinib is a differentiated oral option, outperforming teriflunomi
Slide 30: Anti-CD20 patients are the largest US segment, up to ~45% eligible to sequence
33 Anti-CD20 patients are the largest segment of the US market today, with up to ~45% eligible to sequence US MS patients on anti-CD20s Remibrutinib's value proposition 2025 prevalence in this patient population ~140k • As patients age and accumulate treatment exposure, concerns around infection ris
Slide 31: Ex-US represents a significant opportunity for remibrutinib
4 4 Ex-US represents a significant opportunity for remibrutinib, as orals remain a sizeable segment Top 7 ex-US markets Remibrutinib's value proposition treated MS patients in this patient population 2025 incidence + prevalence ~440k • ~60% of mild-to-moderate naïve patients in EU5 start on orals •
Slide 32: Studies underway to support switching in RMS and expansion into SPMS
Studies underway to support switching in RMS and expansion into SPMS 1 REMODEL 2 RESHAPE 3 REMASTER Phase III · RMS – treatment-naïve and switchers Phase IIIb · RMS – switching from ocrelizumab Phase III · Non-relapsing SPMS Comprehensive disease control with a The oral option after anti-CD20, Poten
Slide 33: Remibrutinib has the potential to be a USD 4bn+ medicine in RMS
Remibrutinib has the potential to be a USD 4bn+ medicine in RMS, with potential further upside from nrSPMS RMS+nrSPMS patients treated globally 2025 ~85k Target population for remibrutinib ~440k ~40k ~805k ~140k ~720k ~280k ~60k ~40k Naïve Oral Anti-CD20 Other Total US Total Ex-US Total Total treate
Slide 34: Remibrutinib launches into an established MS footprint in the US
Remibrutinib launches into an established MS footprint in the US 01 HCP Reach 02 Patient Awareness 03 Market Access 04 Request Conversion 94% 91% 88% 57% 61% 16% Unaided Aided Total lives Commercial, 1L 2023 2026 100% +41 pts 91% 90% overlap with established unaided awareness of Kesimpta, of US live
Slide 35: Building on capabilities compounded across multiple US self-administered specialty launches
Building on capabilities compounded across multiple US self-administered specialty launches Patient support Market access Free-to-paid Customer engagement 3–5 days >70% ~30 days +20% average time to dispense access to label within 6 months average conversion to paid drug engagement effectiveness Ful
Slide 36: Agenda
Agenda 1 Remibrutinib: A unique BTK inhibitor 2 Remibrutinib REMODEL 1/2 results in RMS 3 Maximizing the opportunity in MS 4 Remibrutinib: A pipeline in a pill 5 Q&A Novartis IR event on REMODEL data | Oct 23, 2026 36
Slide 37: Remibrutinib is a BTK inhibitor with pipeline-in-a-pill potential
Remibrutinib is a BTK inhibitor with pipeline-in-a-pill potential Development plan for remibrutinib Multiple sclerosis Trial Ph I Ph II Ph III Registration Status CSU REMIX-1/-2 Approved in US, EU, JP and CN CSU adolescent1 Phase III readout expected Q4 2026 CIndU RemIND Approved in US for SD; filin
Slide 38: Rhapsido launch in CSU is the first commercial proofpoint for remibrutinib
Rhapsido launch in CSU is the first commercial proofpoint for remibrutinib, with strong momentum building towards first-line leadership US launch metrics >10k >4k >60% 2 of 3 US patients treated US prescribers; roughly half of patients treated major PBMs cover at PA-to- allergists, half dermatologis
Slide 39: Rhapsido expanding into CIndU with first FDA approval in SD
Rhapsido expanding into CIndU with the first and only FDA approval in SD, building on the same prescriber base as CSU First CIndU approval in SD (October 2026) 2/3 >50% 2x of CIndU patients have remain symptomatic despite adults taking Rhapsido achieved complete symptomatic dermographism (SD) taking
Slide 40: Phase II data support remibrutinib as an oral option in HS
Phase II data support remibrutinib as an oral option in HS, a large and undertreated market Unmet need Phase II: Biologic-like efficacy at Week 16 vs. PBO2 Commercial fit • Chronic and debilitating disease characterized by Broad symptom improvement; reductions in abscess/inflammatory painful nodules
Slide 41: Rapid, dose-dependent Phase II results support Phase III program in food allergy
Rapid, dose-dependent Phase II results support remibrutinib’s multi-allergen Phase III program in food allergy Unmet need Phase II: Dose-dependent response at Week 43 Commercial fit • >3.5 million high-risk eligible patients across 86.7% major markets1 Potential for fast onset, Phase II as early as
Slide 42: Key takeaways: Remibrutinib in MS and beyond
Key takeaways: Remibrutinib in MS and beyond Differentiated Comprehensive Robust favorable Scale to maximize Pipeline by design disease control safety profile the opportunity in a pill • Highly selective, • Significant reductions • No liver safety signal • Broad potential across • USD 4bn+ peak sale
Slide 43: Appendix
Appendix UW) NOVARTIS
Slide 44: Abbreviations
Abbreviations 6mCDP, 6-month confirmed disability progression CSF, cerebrospinal fluid KM, Kaplan–Meier QD, once daily AE, adverse event CSU, chronic spontaneous urticaria MRI, magnetic resonance imaging RMS, relapsing multiple sclerosis ALT, alanine aminotransferase DBPCFC, double-blind, PBO-contro
Slide 45: RESHAPE could establish remibrutinib as the oral sequencing option after anti-CD20 therapy
RESHAPE could establish remibrutinib as the oral sequencing option after anti-CD20 therapy Screening Open-label core (24 months) Open-label extension (24 months) Who is enrolled • RMS, aged ≥40 years Switch to remibrutinib 100 mg bid (n≈180) • EDSS 0–6.5 Up to R All participants on • On ocrelizumab
Slide 46: REMASTER would extend remibrutinib from relapsing MS into progressive disease
REMASTER would extend remibrutinib from relapsing MS into progressive disease Screening Double-blind core (event-driven, ~4.5–5 years) Open-label extension (up to 3 years) Who is enrolled • SPMS, aged 18–65 years Remibrutinib 100 mg bid • EDSS 3.0–6.0 Up to R All participants on • No relapses in pri