Fast growth for recently label-expanded drugs fuelled Novartis’ Q3 performance, despite headwinds from generic competition affecting more established blockbusters.
Net sales for the Swiss big pharma company rose 7% in constant currencies to $13.9bn in Q3, approximately in line with Wall Street forecasts. Core operating income reached $5.46bn in the quarter, just slightly above consensus analyst predictions of $5.4bn.
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Drugs from Novartis’ oncology segment spurred much of the growth. Breast cancer treatment Kisqali (ribociclib) grew by 68% in Q3 2025 compared to Q3 2024. The targeted therapy, whose US label was expanded late last year to include early breast cancer indications, generated $1.33bn in sales.
Pluvicto (lutetium Lu 177 vipivotide tetraxetan), a radiopharmaceutical indicated for certain forms of prostate cancer, brought in $564m. Similar to Kisqali, the US Food and Drug Administration (FDA) expanded Pluvicto’s label allowing earlier use in prostate cancer patients in March 2025. Pluvicto sales were up 45% compared to Q3 2024.
Multiple sclerosis treatment Kesimpta (ofatumumab) also contributed to profits, generating $1.22bn in the quarter, reflecting growth of 44%.
Novartis’ Q3 could mark an impeding changing of the guard, with Entresto – the company’s top selling drug in recent years – suffering from generics competition. Sales for the heart medication reduced by 1% in Q3. The drug is still Novartis’ top selling pharma product and has generated $6.5bn in sales so far this year. Entresto is forecast to make $7.8bn by year-end, according to GlobalData’s Pharma Intelligence Center.
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By GlobalDataGlobalData is the parent company of Pharmaceutical Technology.
In August 2025, Novartis lost a bid to block MSN Pharmaceuticals from launching a generic version in the US. Many generics entered the US market buoyed by MSN Pharma’s legal victory. Entresto’s market share is being eroded, with GlobalData forecasting full-year sales will drop to $5.8bn in 2026. Increased generics competition also lagged sales for platelet disorder treatment Promacta (eltrombopag) and blood cancer drug Tasigna (nilotinib).
For Novartis, growth for its newer drugs was enough to offset generic headwinds, with the company confirming its 2025 guidance. It expects net sales to grow by a high single-digit percentage and adjusted operating income to grow by a low-teens percentage.
Novartis CEO Vas Narasimhan said: “Novartis delivered solid financial performance in Q3, more than offsetting the impact of increasing generic erosion in the US. Our key growth drivers performed well, including Kisqali, Kesimpta, Pluvicto and Scemblix.”
Novartis spends big to shore up pipeline
Despite the positive outlook for its latest generation of drugs, Novartis has still adopted an aggressive dealmaking position to increase the robustness of its pipeline. On 27 October, the company outlaid $12bn to acquire Avidity Biosciences, a biotech developing RNA therapeutics.
September 2025 was a particularly busy month for the Swiss drugmaker. In a further RNA push, Novartis signed a licensing agreement with Argo Biopharma that could reach $5.2bn. The company also signed a $2.2bn licence agreement with RNA therapy developer Arrowhead Pharmaceuticals. Monte Rosa Therapeutics was the final target for Novartis in September, signing a partnership that could rise to $5.7bn for immune-mediated disease drug candidates.
Narasimhan added: “We completed several deals in the quarter to further strengthen our pipeline in core therapeutic areas. We remain well on track to achieve our guidance for 2025 and over the mid-term.”
