Stock NOVN NOVARTIS AG
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Financials Novartis AG

Equities

NOVN

CH0012005267

Pharmaceuticals

Market Closed - Swiss Exchange
Other stock markets
 11:31:30 2024-04-26 am EDT 		5-day change 1st Jan Change
89.5 CHF -0.56% Intraday chart for Novartis AG +4.64% +5.46%
Apr. 26 NOVARTIS AG : Receives a Buy rating from Jefferies ZD
Apr. 24 BMO Capital Adjusts Price Target on Novartis to $116 From $114, Maintains Market Perform Rating MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 214,715 215,682 196,476 194,400 207,226 199,642 - -
Enterprise Value (EV) 1 230,615 240,182 204,667 203,434 219,237 212,291 210,827 205,468
P/E ratio 30.4 x 26.7 x 8.2 x 28.3 x 14.1 x 19.4 x 16.7 x 15.1 x
Yield 3.19% 3.56% 3.83% 3.87% 3.79% 3.69% 3.82% 4.02%
Capitalization / Revenue 4.53 x 4.43 x 3.81 x 3.85 x 4.56 x 4.09 x 3.94 x 3.91 x
EV / Revenue 4.86 x 4.94 x 3.96 x 4.02 x 4.82 x 4.35 x 4.17 x 4.02 x
EV / EBITDA 14.6 x 14.3 x 11.2 x 10.9 x 12.2 x 11 x 10.3 x 9.83 x
EV / FCF 17.9 x 20.5 x 15.4 x 17 x 16.6 x 15.2 x 13.7 x 12.6 x
FCF Yield 5.58% 4.87% 6.49% 5.87% 6.01% 6.6% 7.33% 7.93%
Price to Book 3.87 x 3.78 x 2.9 x 3.23 x 4.42 x 4.46 x 4.42 x 4.15 x
Nbr of stocks (in thousands) 2,264,608 2,274,506 2,237,092 2,150,980 2,055,460 2,040,406 - -
Reference price 2 94.81 94.83 87.83 90.38 100.8 97.84 97.84 97.84
Announcement Date 1/29/20 1/26/21 2/2/22 2/1/23 1/31/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 47,445 48,659 51,626 50,545 45,440 48,785 50,616 51,104
EBITDA 1 15,809 16,845 18,246 18,613 17,937 19,290 20,468 20,898
EBIT 1 14,112 15,416 16,588 16,665 16,372 18,126 19,240 19,542
Operating Margin 29.74% 31.68% 32.13% 32.97% 36.03% 37.15% 38.01% 38.24%
Earnings before Tax (EBT) 1 8,940 9,878 26,137 8,371 9,123 12,843 14,491 15,043
Net income 1 7,147 8,072 24,021 6,955 14,854 10,372 11,895 12,811
Net margin 15.06% 16.59% 46.53% 13.76% 32.69% 21.26% 23.5% 25.07%
EPS 2 3.120 3.550 10.71 3.190 7.150 5.056 5.867 6.472
Free Cash Flow 1 12,875 11,691 13,282 11,945 13,179 14,004 15,444 16,290
FCF margin 27.14% 24.03% 25.73% 23.63% 29% 28.71% 30.51% 31.88%
FCF Conversion (EBITDA) 81.44% 69.4% 72.79% 64.18% 73.47% 72.59% 75.45% 77.95%
FCF Conversion (Net income) 180.15% 144.83% 55.29% 171.75% 88.72% 135.01% 129.83% 127.16%
Dividend per Share 2 3.025 3.375 3.360 3.500 3.823 3.608 3.740 3.934
Announcement Date 1/29/20 1/26/21 2/2/22 2/1/23 1/31/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 13,229 12,531 12,781 12,543 12,690 12,953 13,622 11,782 11,423 11,829 12,253 12,477 12,766 11,905 12,155
EBITDA 4,274 4,407 4,989 4,783 4,473 - 4,668 - 4,224 - - - - - -
EBIT 1 3,819 4,083 4,270 4,282 4,030 4,413 4,668 4,405 3,821 4,537 4,588 4,697 4,542 4,790 4,895
Operating Margin 28.87% 32.58% 33.41% 34.14% 31.76% 34.07% 34.27% 37.39% 33.45% 38.35% 37.45% 37.64% 35.58% 40.24% 40.27%
Earnings before Tax (EBT) 1 16,951 2,669 2,042 1,919 1,741 2,740 2,769 1,552 2,377 3,129 3,856 3,880 3,665 - -
Net income 1 16,308 2,222 1,695 1,575 1,466 2,293 2,316 1,513 8,480 2,688 2,777 2,814 2,515 - -
Net margin 123.27% 17.73% 13.26% 12.56% 11.55% 17.7% 17% 12.84% 74.24% 22.72% 22.66% 22.55% 19.7% - -
EPS 2 7.290 1.000 0.7700 0.7300 0.6900 1.090 1.110 0.7300 4.140 1.310 1.358 1.386 1.252 - -
Dividend per Share 2 3.360 - - - 3.500 - - - 3.823 - 0.9494 0.9494 0.9494 1.014 1.014
Announcement Date 2/2/22 4/26/22 7/19/22 10/25/22 2/1/23 4/25/23 7/18/23 10/24/23 1/31/24 4/23/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 15,900 24,500 8,191 9,034 12,011 12,649 11,185 5,827
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.006 x 1.454 x 0.4489 x 0.4854 x 0.6696 x 0.6557 x 0.5464 x 0.2788 x
Free Cash Flow 1 12,875 11,691 13,282 11,945 13,179 14,004 15,444 16,290
ROE (net income / shareholders' equity) 17.5% 23.5% 22.7% 21% 25.4% 32.2% 38% 37.5%
ROA (Net income/ Total Assets) 8.89% 6.45% 10.9% 10.7% 12.4% 10.7% 12.8% 14.2%
Assets 1 80,393 125,215 221,201 64,915 120,082 96,509 92,941 90,135
Book Value Per Share 2 24.50 25.10 30.30 28.00 22.80 21.90 22.10 23.60
Cash Flow per Share 2 5.880 5.950 6.670 6.480 6.910 7.710 8.280 8.540
Capex 1 2,257 1,275 1,378 1,198 1,060 1,251 1,251 1,289
Capex / Sales 4.76% 2.62% 2.67% 2.37% 2.33% 2.56% 2.47% 2.52%
Announcement Date 1/29/20 1/26/21 2/2/22 2/1/23 1/31/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Novartis AG

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
20
Last Close Price
97.84 USD
Average target price
108.5 USD
Spread / Average Target
+10.90%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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