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Company overview	Financial review	2022 priorities	Appendix	References

Q2 2022 Results

Investor presentation

1 Investor Relations │ Q2 2022 Results

Company overview	Financial review	2022 priorities	Appendix	References

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," "planned," "pipeline," "outlook," or similar expressions, or by express or implied discussions regarding potential new products, potential new indications for existing products, potential product launches, or regarding potential future revenues from any such products; or regarding potential future, pending or announced transactions; or regarding potential future sales or earnings of the Group or any of its divisions; or by discussions of strategy, plans, expectations or intentions; or regarding the Group's liquidity or cash flow positions and its ability to meet its ongoing financial obligations and operational needs; or regarding the strategic review of Sandoz; or regarding our commitment to net zero emissions across our value chain by 2040; or regarding our new organizational structure; or our efforts to petition the appeals court to uphold the validity of the Gilenya US dosing regimen patent. Such forward-looking statements are based on the current beliefs and expectations of management regarding future events, and are subject to significant known and unknown risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. You should not place undue reliance on these statements. In particular, our expectations could be affected by, among other things: liquidity or cash flow disruptions affecting our ability to meet our ongoing financial obligations and to support our ongoing business activities; the potential that the strategic benefits, synergies or opportunities expected from our new organizational structure may not be realized or may be more difficult or take longer to realize than expected; the impact of a partial or complete failure of the return to normal global healthcare systems, including prescription dynamics; global trends toward healthcare cost containment, including ongoing government, payer and general public pricing and reimbursement pressures and requirements for increased pricing transparency; uncertainties regarding potential significant breaches of data security or data privacy, or disruptions of our information technology systems; regulatory actions or delays or government regulation generally, including potential regulatory actions or delays with respect to the development of the products described in this presentation; the uncertainties in the research and development of new healthcare products, including clinical trial results and additional analysis of existing clinical data; our ability to obtain or maintain proprietary intellectual property protection, including the ultimate extent of the impact on Novartis of the loss of patent protection and exclusivity on key products; safety, quality, data integrity, or manufacturing issues; uncertainties involved in the development or adoption of potentially transformational technologies and business models; uncertainties regarding actual or potential legal proceedings, investigations or disputes; our performance on environmental, social and governance measures; general political, economic and business conditions, including the effects of and efforts to mitigate pandemic diseases such as COVID-19; uncertainties regarding future global exchange rates; uncertainties regarding future demand for our products; and other risks and factors referred to in Novartis AG's current Form 20-F on file with the US Securities and Exchange Commission. Novartis is providing the information in this presentation as of this date and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.

2 Investor Relations │ Q2 2022 Results

Company overview	Financial review	2022 priorities	Appendix	References

Vas Narasimhan

Chief Executive Officer

Company overview

3 Investor Relations │ Q2 2022 Results

Company overview	Financial review	2022 priorities	Appendix	References

Novartis delivers solid Q2 performance across our value drivers

Growth, cc	1		Innovation	3
Group sales Q2 +5% (H1 +5%)			Cosentyx® childhood arthritic conditions approved in EU
IM sales Q2 +5% (H1 +5%)			Kymriah® r/r FL approved in US and EU
Sandoz sales Q2 +5% (H1 +6%)			Scemblix® Ph+ CML received positive CHMP opinion

Productivity, cc	2		ESG		4
Group core operating income Q2 +5% (H1 +7%)			Innovation NTDs: USD 250m R&D investment over 5 years
IM core operating income Q2 +6% (H1 +6%)			(Kigali declaration)
		Innovation CT diversity: >USD 50m commitment over 10 years
IM core margin Q2 37.2%, +0.5%pts (H1 36.6%)
		(Beacon of Hope)
Sandoz core operating income Q2 -4%(H1 +10%)
		MSCI upgrades Novartis to AA: Now top quartile within the industry
SG&A savings expected to increase to ~USD 1.5bn by 2024

Constant currencies (cc), core results are non-IFRS measures; explanation can be found on page 47 of Condensed Interim Financial Report. Unless otherwise noted, all growth rates refer to same period in PY. IM - Innovative Medicines division r/r FL - relapsed or refractory follicular lymphoma GvHD - acute and chronic graft-versus-host disease CML - chronic myeloid leukemia NTDs - Neglected tropical diseases CT - Clinical trial

4 Investor Relations │ Q2 2022 Results

Company overview	Financial review	2022 priorities	Appendix	References

1 GROWTH

Q2 Innovative Medicines (IM) sales grew across US and ex-US, driven by our in-market growth drivers

IM sales USD 10.5bn (+5% cc)

Growth drivers +21% cc, 59% of IM sales

US | Q2 2022 USD 3.9bn

Ex-US | Q2 2022 USD 6.5bn

Q2 2022 USD 6.1bn

+5% cc

59%

Cosentyx

Zolgensma

+6% cc

51%

+21% vs. PY

Kisqali

Scemblix

Other1

Q2 2021

Q2 2022

Q2 2021

Q2 2022

Q2 2021

Q2 2022

All % growth relate to cc unless otherwise stated 1. Includes Promacta®, Taf-Mek®, Jakavi®, Ilaris®, Kymriah®, Xiidra®, Lutathera®, Piqray®, Mayzent®, Aimovig®, Xolair®, Beovu®, Adakveo®, Tabrecta®, Enerzair®, Atectura® , Luxturna®, Pluvicto™

5 Investor Relations │ Q2 2022 Results