Novartis stock holds support as 2025 revenue reached $52.1 billion

Novartis (CH0012005267) is anchored by 2025 revenue of $52.1 billion, core operating income of $18.0 billion, and core EPS of $8.98, giving the stock a clear earnings base even on a thin news day. Those figures came from the companys 2025 annual reporting, which also pointed to a stronger dividend and cash flow backdrop.

2025 revenue base

For full-year 2025, Novartis reported revenue of $52.1 billion, up 12% at constant currency versus 2024, while core operating income reached $18.0 billion. Core EPS came in at $8.98 for 2025, compared with $7.15 in 2024, a year-over-year increase of 25.6%.

The comparison matters because it ties the share story to profit growth rather than to sentiment alone. Novartis also said free cash flow was $18.6 billion in 2025, up from $15.8 billion in 2024, while the dividend proposal for 2025 was $3.50 per share, up from $3.30 for 2024.

Margin and cash flow

Core operating income of $18.0 billion on $52.1 billion of revenue implies a core operating margin near 34.5% for 2025. That margin profile gives the business more room to absorb launch spending and patent pressure than a lower-margin pharma model would.

Free cash flow of $18.6 billion in 2025 also covered the dividend and left room for further capital returns or pipeline spending. In investor terms, the key question is whether Novartis can keep converting top-line growth into cash at a similar rate in 2026.

What the numbers say

Novartis stock is therefore trading more as a cash-generating pharmaceutical platform than as a story stock. The 2025 figures show a company with double-digit revenue growth, expanding EPS, and a cash flow base that remains large by European pharma standards.

A fresh market value would normally sharpen the short-term read, but the operating data already explains why the equity can stay resilient when the market refocuses on quality earnings. For investors, the 2025 annual report is still the most useful reference point.

Cosentyx and growth

Cosentyx remains one of Novartis most important products, and the company has repeatedly treated immunology as a core growth engine. In 2025, the value of that franchise showed up in the broader revenue mix rather than in a single product number in the body of the report.

The product angle matters because Novartis depends on a few large brands to sustain the margin profile above. Any change in Cosentyx momentum would therefore feed directly into the 2026 revenue and cash flow comparison.

Price and valuation

The stock price line is omitted here because no dated market quote was available in the search results. The latest body-level market reference in this article is the 2025 annual report, which leaves Novartis trading against $52.1 billion of revenue, $18.0 billion of core operating income, and $18.6 billion of free cash flow.