Novartis AG (NVS) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and good afternoon, everyone, and welcome to our Q4 2025 earnings call. The information presented today contains forward-looking statements that involve known and unknown risks, uncertainties, and other factors. These may cause actual results to be materially different from any future results, performance, or achievements expressed or implied by such statements. Please refer to the company's Form 20F on file with the U.S. Securities and Exchange Commission for a description of some of these factors. The discussion today is not a solicitation of a proxy nor an offer of any kind with respect to the securities of Avidity Biosciences or SpinCo. The parties have filed relevant documents with the U.S. SEC, including a proxy statement for the transactions and a registration statement for the spinoff. We urge you to read these materials that contain important information when they become available. Before we get started, I also want to remind our analysts to please limit yourselves to one question at a time, and we'll cycle through the queue as needed. And with that, I will hand over to Beth. Terrific. Thank you, Sloan. And great to be with everyone today. With me in the room are Harry Kirsch, our Chief Financial Officer, and Mukul Mehta, our Chief Financial Officer Designate, who will be taking over for Harry in mid-March. So let's dive into the results. And when we start on slide five, Novartis delivered high single-digit growth, as you saw earlier this morning. And importantly, we achieved our 40% core margin goal two years ahead of plan. And I think that demonstrates the strong operational performance of the company. On the full year, our sales were up 8%. Core Op Inc. was up 14%, as I mentioned, the 40.1% core margin. $21.9 billion now on Core Op Inc., I th...