Novartis Q2 Earnings: Cosentyx and Kisqali Drive Growth Amid Entresto Decline and Generic Pressures
核心洞察
Novartis reported Q2 net sales to third parties of $14.41 billion, exceeding analyst estimates of $13.96 billion and representing a 2.5% year-over-year increase.
Cosentyx (immunology) delivered $1.82 billion in total revenue, beating the $1.72 billion consensus estimate, with US sales surging 16.1% year-over-year to $1.07 billion.
Oncology drug Kisqali achieved $1.70 billion in total revenue, reflecting 44% year-over-year growth, though narrowly missing the $1.72 billion analyst estimate.
Novartis posted its second-quarter financial results, with net sales to third parties reaching $14.41 billion, surpassing the consensus analyst estimate of $13.96 billion and marking a 2.5% increase compared to the same period last year. The performance reflects a mixed picture across the company's portfolio, with strong growth from key immunology and oncology assets offset by significant declines in cardiovascular and established brands.
Cosentyx Leads Immunology Growth
Cosentyx (secukinumab), Novartis's cornerstone immunology therapy, generated total revenues of $1.82 billion, comfortably exceeding the $1.72 billion analyst consensus and representing a 12% year-over-year increase. The US market was particularly robust, contributing $1.07 billion against an estimate of $952.68 million, a 16.1% jump from the prior-year quarter. The strong US performance underscores sustained demand for the IL-17A inhibitor across its approved indications, including psoriasis, psoriatic arthritis, and ankylosing spondylitis.
Kisqali Posts Strong Oncology Growth
In oncology, Kisqali (ribociclib) delivered total revenues of $1.70 billion, reflecting a 44% year-over-year surge. While this fell just short of the $1.72 billion analyst estimate, the growth trajectory highlights the CDK4/6 inhibitor's expanding role in the hormone receptor-positive, HER2-negative breast cancer market. The near-doubling of sales compared to the prior-year quarter signals continued physician adoption and market penetration.
Scemblix Emerges as a Bright Spot
Scemblix (asciminib), Novartis's novel STAMP inhibitor for chronic myeloid leukemia, posted rest-of-world (ROW) net sales of $193 million, significantly outpacing the $165.13 million consensus estimate and representing an 80.4% year-over-year increase. The strong ROW performance suggests growing global uptake of this targeted therapy in later-line CML treatment settings.
Entresto Faces Sharp Decline
Cardiovascular franchise Entresto (sacubitril/valsartan) reported total revenues of $1.18 billion, well below the $1.29 billion analyst estimate and representing a 49.9% decline year-over-year. The US market was hit particularly hard, with analysts having projected just $66.99 million in US revenues, pointing to a roughly 94.5% drop from the prior-year quarter. This decline likely reflects the impact of generic competition and pricing pressures in the heart failure market.
Legacy Oncology Products Under Pressure
Several established oncology products experienced substantial revenue erosion. Tasigna (nilotinib) US revenues fell to $30 million, an 81.5% year-over-year decline, while Promacta/Revolade (搜索) (eltrombopag) US revenues dropped to $39 million, an 82.8% decrease. Both figures, however, exceeded their respective analyst estimates of $24.84 million and $23.52 million. Kymriah (tisagenlecleucel), the CAR-T cell therapy, generated $88 million in total revenues, surpassing the $80.34 million estimate but declining 11.1% year-over-year.
Tafinlar + Mekinist (搜索) and Established Brands
The targeted therapy combination Tafinlar (dabrafenib) plus Mekinist (trametinib) achieved total revenues of $581 million, beating the $533.22 million estimate and posting a modest 1.4% year-over-year increase. The Exforge Group (搜索) of established brands reported $191 million in total revenues, slightly below the $203.02 million estimate and flat compared to the prior-year period.
Bottom Line
Novartis's second-quarter results demonstrate the company's ongoing portfolio transformation, with growth drivers Cosentyx, Kisqali, and Scemblix partially offsetting the erosion of legacy products and Entresto's decline. The overall revenue beat against consensus estimates suggests the company is navigating the headwinds from generic competition while advancing its next wave of innovative therapies.