Vas Narasimhan

Narasimhan recalled that being named Novartis CEO at around age 40 had seemed implausible to him at the time.

It didn’t seem plausible, at the time I was only 40.

Novartis CEO Vas Narasimhan said Q3 was the first quarter in which he saw AI genuinely improve the company's financial results, though the contribution was not quantified.

This is the first quarter where I truly see AI beginning to actually improve our financial results.

Original (zh)

這是我真正看到AI開始確實改善我們財報的第一個季度。

Narasimhan said Novartis expects to return to dynamic growth in 2027 after a rough quarter of pipeline setbacks.

We do expect to get back to where we were, dynamic growth, in 2027,

Narasimhan explained that the $1.9 billion write-off on the Avidity deal stemmed from delayed timelines and additional clinical work needed for del-desiran.

primarily driven by the time line shifting out” and “the additional clinical work that needs to be completed,

Narasimhan said Novartis' priority brands kept performing well in Q3, led by Kisqali, Kesimpta, Scemblix, Leqvio and Rhapsido.

"Priority brands continued to perform well in the quarter," Narasimhan said, citing growth across Kisqali, Kesimpta, Scemblix, Leqvio and Rhapsido.

Narasimhan said Pluvicto's hormone-sensitive prostate cancer launch is early, with testing and scheduling delays, and broader acceleration expected next year.

Narasimhan said the launch in hormone-sensitive prostate cancer remains in its early stages, with new patients expected to face a five- to 10-week lead time for testing and treatment scheduling. He said broader acceleration is expected next year.

Despite Phase III failures for del-desiran and pelacarsen, Narasimhan reaffirmed Novartis' 5-6% annual sales growth target through 2030.

Despite these setbacks, Narasimhan reaffirmed Novartis' 2025-2030 target for 5% to 6% annual constant-currency sales growth and its long-term mid-single-digit growth outlook.

Narasimhan raised Rhapsido's combined CSU and CIndU peak sales guidance to over $4 billion.

So we are upgrading our peak sales guidance for Rhapsido in CSU and CIndU combined to over $4 billion.

Narasimhan argued remibrutinib's clean safety profile plus disease control is key to its MS opportunity, estimating $4 billion-plus.

And as we all know in multiple sclerosis, with so many options, it starts with safety. And if you cannot demonstrate a clear, clean safety profile, understandably, neurologists will look for other options.

Narasimhan disclosed a $1.9 billion partial impairment on del-desiran after the HARBOR miss, and said another Phase 3 is still assumed.

We did take a partial impairment charge of $1.9 billion. Primarily driven by the timeline shifting out by the additional clinical work that has to be completed.

Narasimhan said any further Lp(a) or related cardiovascular development after the pelacarsen miss would be high risk, high reward, but Novartis is willing to take such bets.

I think given what we have seen, I mean, anything we do would have to be considered a high risk, high reward approach, but that. We are willing, of course, to take those bets in cardiovascular as appropriate.

Narasimhan expressed confidence Kisqali can manage Roche's competing oral SERD and reach $10 billion peak sales, citing OS data and ex-US strength.

So we think when you look from here to 2027, 2028, 2029, 2030, will be able to manage this and achieve our $10 billion peak sales. You can see for yourselves where Kisqali already is.

Narasimhan said anti-APRIL drugs have become standard of care in IgAN, forcing Novartis to reposition Fabhalta, while still targeting $3 billion in sales.

I mean, I think the data has been clear and compelling and really demonstrated that they are the standard of care. And so I think now we both continue to believe iptacopan will be a blockbuster medicine.

Narasimhan reaffirmed a balanced capital allocation of dividends, core investment, bolt-on M&A and buybacks with no trade-off.

We do primarily bolt-on M&A under 2 billion very selectively doing larger deals when we see something that is very compelling. And then with excess capital, we are committed to also returning capital to shareholders via the share buyback program.

Narasimhan expects less generic headwind and dynamic growth from key brands, supporting a strong 2027.

We do expect continued dynamic growth from our key growth drivers, brands like Kisqali, Kesimpta, Leqvio, Pluvicto in mHSPC, of course, remibrutinib in CSU and CIndU, showing acceleration.

Narasimhan said paused remibrutinib autoimmune studies need a few more months of safety work and could restart next year.

all I can say is we are very committed. I mean, we. We have seen the efficacy, and it is impressive in almost every indication that we have taken the medicine into. And I think now we just need to figure out exactly what is the right approach to mitigate this particular safety issue

Narasimhan said Novartis will not change its M&A strategy despite recent trial setbacks, and remains happy with the Avidity deal.

We don't need to change our M&A strategy,

Narasimhan attributed the raised full-year earnings guidance to strong key brands, new launches and efficiency gains.

Novartis CEO Vas Narasimhan said that the strong performance of key brands and newly launched products, together with measures to improve manufacturing efficiency, supported the company's decision to raise its full-year earnings outlook.

Original (zh)

诺华首席执行官万思瀚（Vas Narasimhan）表示，重点品牌及新上市产品的强劲表现，加上生产效率提升措施，为公司上调全年盈利预期提供了支持。

Narasimhan attributed Novartis's raised profit outlook to priority brands, new launches and productivity measures.

Chief Executive Vas Narasimhan said priority brands and new launches, combined with productivity measures, supported the improved outlook.

Narasimhan said priority brands and launches more than offset generic erosion, productivity gains enabled the guidance raise, and Novartis is on track for its mid- and long-term outlook.

CEO Vas Narasimhan said priority brands and launches more than offset generic erosion and that productivity efforts allowed the guidance upgrade, adding the company remains well on track for its mid- and long-term outlook.

Novartis CEO Vas Narasimhan said he was devastated by the pelacarsen trial failure, having worked on the candidate since 2015 with high hopes.

“I was devastated,” Novartis CEO Vas Narasimhan told journalists in October about his initial reaction to the results. “I’ve been working on the candidate since 2015 and had high hopes that it could work.”