------------------------------------- ------- ------- ---- ---- Net income 2 059 2 173 -5 -7 ------------------------------------- ------- ------- ---- ---- EPS (USD) 0.91 0.96 -5 -6 ------------------------------------- ------- ------- ---- ---- Core net income 3 413 3 549 -4 -6 ------------------------------------- ------- ------- ---- ---- Core EPS (USD) 1.52 1.56 -3 -5 ------------------------------------- ------- ------- ---- ---- Cash flows from operating activities 2 130 2 528 -16 ------------------------------------- ------- ------- ---- ---- Free cash flow 1 597 2 021 -21 ------------------------------------- ------- ------- ---- ---- Innovative Medicines Q1 2021 Q1 2020 % change USD m USD m USD cc ------------------------------------- ------- ------- ---- ---- Net sales 10 104 9 755 4 0 ------------------------------------- ------- ------- ---- ---- Operating income 2 242 2 755 -19 -20 ------------------------------------- ------- ------- ---- ---- As a % of sales 22.2 28.2 ------------------------------------- ------- ------- ---- ---- Core operating income 3 666 3 607 2 -1 ------------------------------------- ------- ------- ---- ---- As a % of sales 36.3 37.0 ------------------------------------- ------- ------- ---- ---- Sandoz Q1 2021 Q1 2020 % change USD m USD m USD cc ------------------------------------- ------- ------- ---- ---- Net sales 2 307 2 528 -9 -13 ------------------------------------- ------- ------- ---- ---- Operating income/(loss) 312 -45 nm nm ------------------------------------- ------- ------- ---- ---- As a % of sales 13.5 -1.8 ------------------------------------- ------- ------- ---- ---- Core operating income 445 673 -34 -35 ------------------------------------- ------- ------- ---- ---- As a % of sales 19.3 26.6 ------------------------------------- ------- ------- ---- ---- Corporate Q1 2021 Q1 2020 % change USD m USD m USD cc ------------------------------------- ------- ------- ---- ---- Operating (loss)/income -139 34 nm nm ------------------------------------- ------- ------- ---- ---- Core operating loss -154 -103 -50 -45 ------------------------------------- ------- ------- ---- ---- nm = not meaningful (1) Constant currencies (cc), core results and free cash flow are non-IFRS measures. An explanation of non-IFRS measures can be found on page 36 of the Condensed Interim Financial Report. Unless otherwise noted, all growth rates in this Release refer to same period in prior year. Detailed financial results accompanying this press release are included in the Condensed Interim Financial Report at the link below: https://ml-eu.globenewswire.com/resource/download/e353a60c-1ce5-4e92-9623-04f8f512f66a/ https://ml-eu.globenewswire.com/resource/download/e353a60c-1ce5-4e92-9623-04f8f512f66a/ Disclaimer This press release 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 "transformative, " "on track," "maintaining," "continuing," "progressing," "guidance," "commitments," "committed," "proactively manage," "confident," "progress, " "continue," "expect," "continues," "to take," "to help," "remain," "remains," "to grow," "continues," "to evolve," "to meet," "ongoing," "allowing," "launch," "to develop," "to target," "to leverage," "to manufacture," "plan," "planned," "to produce," "growing," "growth," "to support," "expected," "to be," "assume," "assumes," "would," "to progress," "anticipate," "to supplement," "investigational," "taking," "will," "estimate," "estimated," "aims," "impact," "submissions," "focus, " "launches," "innovation," "potential," "potentially," "pipeline," "priority," "outlook," "unforeseen," "forecast," "prevail," "enter," "to improve," "manageable disruptions," "to expand," 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 the impact of the COVID-19 pandemic on certain therapeutic areas including dermatology, ophthalmology, our breast cancer portfolio, some newly launched brands and the Sandoz retail and anti-infectives business, and on drug development operations; or regarding potential future, pending or announced transactions; 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 our collaboration with Molecular Partners to develop, manufacture and commercialize potential medicines for the prevention and treatment of COVID-19 and our joining of the industry-wide efforts to meet global demand for COVID-19 vaccines and therapeutics by leveraging our manufacturing capacity and capabilities to support the production of the Pfizer-BioNTech vaccine and to manufacture the mRNA and bulk drug product for the vaccine candidate CVnCoV from CureVac. 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 impact of the COVID-19 pandemic on enrollment in, initiation and completion of our clinical trials in the future, and research and development timelines; the impact of a partial or complete failure of the return to normal global healthcare systems including prescription dynamics by mid 2021; 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 press release; the potential that the strategic benefits, synergies or opportunities expected from the transactions described, including the in-licensing of tislelizumab from BeiGene, may not be realized or may be more difficult or take longer to realize than expected; 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 press release 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. All product names appearing in italics are trademarks owned by or licensed to Novartis Group companies. Comirnaty(TM) is a registered trademark of BioNTech SE. About Novartis Novartis is reimagining medicine to improve and extend people's lives. As a leading global medicines company, we use innovative science and digital technologies to create transformative treatments in areas of great medical need. In our quest to find new medicines, we consistently rank among the world's top companies investing in research and development. Novartis products reach nearly 800 million people globally and we are finding innovative ways to expand access to our latest treatments. About 110,000 people of more than 140 nationalities work at Novartis around the world. Find out more at https://www.novartis.com. Novartis will conduct a conference call with investors to discuss this
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