NOVARTIS AG
NVS, NVSEF · Pharmaceutical Preparations · EDGAR filings ↗
Grade
A88Dominant, diversified global pharma franchise with top-decile returns and prodigious cash generation.
Strengths
- Top-decile returns: ROIC 18.5% (94th), ROA 12.6% (93.5th), ROE 30% (84th)
- Exceptional cash engine: FCF $17.6B (99.4th), interest coverage 15.4x (92.7th)
- Wide-moat IP/scale with a recent positive Phase 2/3 antiviral readout (primary met, p<0.001)
Risks
- IRA/Medicare price negotiation pressure on Entresto, Cosentyx, Kisqali, Xolair
- Patent cliffs/biosimilar competition and pipeline binary risk; an older RCC Phase 2 combo missed
- Moderate leverage (D/E 0.62, ~75th) and weak quick ratio (0.89, 17th)
Notable findings
- Strong balance sheetStrong balance sheet — $11.4B cash & investments
- Notable holderHeld by 5 notable fund(s): GOLDMAN SACHS GROUP INC, FMR LLC, STATE STREET CORP +2 more (as of 2026-03-31)
- AccumulatingInstitutional holders rose 16→17 QoQ (2025-12-31→2026-03-31)
Key metrics
Return on equity
30.0%
Return on assets
12.6%
ROIC
18.5%
Net-income growth
17.0%
Debt / equity
0.6×
Interest coverage
15.4×
Current ratio
1.1×
Free cash flow
$17.6B
Tangible book value
$21.0B
Cash & investments
$11.4B
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT04828161 ↗ | A Dose Finding, Efficacy and Safety Study of Ensovibep (MP0420) in Ambulatory Adult Patients With Symptomatic COVID-19 COVID-19 | PHASE2/PHASE3 | Terminated | 2021-11-18 |
| NCT00719264 ↗ | Safety and Efficacy of Bevacizumab Plus RAD001 Versus Interferon Alfa-2a and Bevacizumab for the First-line Treatment in Adult Patients With Kidney Cancer Carcinoma, Adenocarcinoma | PHASE2 | Completed | 2011-12-31 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (0)
Named in the 10-K; linked when we track them.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-02-04 | 2025-12-31 | 0001114448-26-000004 ↗ |
| 20-F | 2025-01-31 | 2024-12-31 | 0001370368-25-000004 ↗ |
| 20-F | 2024-01-31 | 2023-12-31 | 0001370368-24-000004 ↗ |
| 20-F | 2023-02-01 | 2022-12-31 | 0001370368-23-000006 ↗ |
| 20-F | 2022-02-02 | 2021-12-31 | 0001370368-22-000010 ↗ |
| 20-F | 2021-01-26 | 2020-12-31 | 0001370368-21-000006 ↗ |
| 20-F | 2020-01-29 | 2019-12-31 | 0001370368-20-000003 ↗ |
| 20-F | 2019-01-30 | 2018-12-31 | 0001370368-19-000002 ↗ |
| 20-F | 2018-01-24 | 2017-12-31 | 0001047469-18-000380 ↗ |
| 20-F | 2017-01-25 | 2016-12-31 | 0001047469-17-000338 ↗ |
| 20-F | 2016-01-27 | 2015-12-31 | 0001047469-16-009872 ↗ |
| 20-F | 2015-01-27 | 2014-12-31 | 0001047469-15-000433 ↗ |