ReutersCodex · 实盘不做把握 7/10
北京时间·🕒 发布 13:10:37时区推断·⟳ 抓取 14:25:57·⚡ 决策 07-21 14:30:56 +4m59s·98.2 天前
诺华二季度核心经营利润超预期，但Entresto仿制药竞争拖累销售
诺华二季度核心经营利润59.4亿美元，高于Visible Alpha约53.1亿美元预期，主要来自成本低于预期。
📄 原文Reuters↗ 原文
Novartis' (NOVN.S) beat market expectations for second-quarter core operating profit on Tuesday, as lower-than-expected…
不做 诺华（NOVN.CH）
财报虽利润超预期，但超大市值公司缺少市值级新增利好，且Entresto专利悬崖和销售下滑抵消利好，不追多。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-21 · 扩散 high · price-in 风险 medium ↗
关键理由
- 诺华二季度核心经营利润59.4亿美元，高于Visible Alpha约53.1亿美元预期，主要来自成本低于预期。
- 核心心衰药Entresto二季度销售同比下滑50%至11.8亿美元，且略低于分析师预期，专利悬崖仍是主线。
- 公司市值约3150亿美元，单季利润小幅超预期不足以构成市值级短线重定价，后续关键在下半年管线读出。
主要风险
- 若下半年pelacarsen、remibrutinib或del-desiran三项关键试验数据显著超预期，可能形成新的独立催化。
- 财报超预期若开盘已被消化，追多容易变成财报见光死。
反向证据
- 做多前查反向 · 来源 provided_news · 日期 2026-07-21 · 影响 weakens
Entresto占去年总净销售14%，二季度销售因美国仿制药竞争下滑50%，欧洲11月起也将失去专利排他性。
检索:Novartis Q2 2026 Entresto generic competition patent expiry 原文 ↗
原文全文
展开原文 · 2,511 字
Novartis' (NOVN.S) beat market expectations for second-quarter core operating profit on Tuesday, as lower-than-expected costs helped the Swiss drugmaker absorb a sharp drop in sales of its top-selling heart drug Entresto.
Novartis quarterly group operating income, adjusted for special items, came in at $5.94 billion dollars, above average analyst expectations of about $5.31 billion cited by Visible Alpha. The company said the decline was mainly because of a lower gross profit, partly offset by lower costs.
Novartis, with a market capitalization of $315 billion, is navigating its most severe period of patent expiries, most notably for the company's top-selling heart failure drug Entresto, which made up 14% of total net sales last year.
Sales of Entresto declined by 50% in the second quarter, hurt by generic competition in its largest market, the United States, and came in at $1.18 billion, slightly below analysts' expectations of $1.23 billion.
The drug will lose patent exclusivity in Europe starting from November, and Novartis expects the drop-off in sales will be less steep in the latter half of the year. Entresto sales declined 42% in the first quarter.
Novartis is leaning on cancer drugs Kisqali and Scemblix, which grew 44% and 89%, respectively, in the quarter, and its recent string of dealmaking to offset patent expiries. Psiorarisis drug Cosentyx stood out by beating expectations with 12% growth.
Investors are increasingly focused beyond quarterly results to high-stakes trial data from three experimental drugs - pelacarsen, remibrutinib and del-desiran - which analysts estimate hold potential for $10 billion in peak annual sales.
Those drug will shape Novartis' growth beyond 2030, when Cosentyx and Kisqali also lose patent exclusivity. Novartis previously said it expects sales to decline by $4 billion this year due to competition from generics.
Data from the late-stage studies will be key to supporting the Swiss drugmaker's premium valuation of 16 times forward earnings, ahead of peers AstraZeneca (AZN.L) , Roche and GSK (GSK.L) .
It is now "all eyes on pipeline" Barclays analysts wrote in a note ahead of the results.
"We are on track for multiple important readouts ahead in the second half, and remain on track to deliver our full-year guidance and mid-term outlook," chief executive Vas Narasimhan said in a statement.
Novartis expects a low single-digit percentage core operating income for the full year, excluding currency swings
Novartis quarterly group operating income, adjusted for special items, came in at $5.94 billion dollars, above average analyst expectations of about $5.31 billion cited by Visible Alpha. The company said the decline was mainly because of a lower gross profit, partly offset by lower costs.
Novartis, with a market capitalization of $315 billion, is navigating its most severe period of patent expiries, most notably for the company's top-selling heart failure drug Entresto, which made up 14% of total net sales last year.
Sales of Entresto declined by 50% in the second quarter, hurt by generic competition in its largest market, the United States, and came in at $1.18 billion, slightly below analysts' expectations of $1.23 billion.
The drug will lose patent exclusivity in Europe starting from November, and Novartis expects the drop-off in sales will be less steep in the latter half of the year. Entresto sales declined 42% in the first quarter.
Novartis is leaning on cancer drugs Kisqali and Scemblix, which grew 44% and 89%, respectively, in the quarter, and its recent string of dealmaking to offset patent expiries. Psiorarisis drug Cosentyx stood out by beating expectations with 12% growth.
Investors are increasingly focused beyond quarterly results to high-stakes trial data from three experimental drugs - pelacarsen, remibrutinib and del-desiran - which analysts estimate hold potential for $10 billion in peak annual sales.
Those drug will shape Novartis' growth beyond 2030, when Cosentyx and Kisqali also lose patent exclusivity. Novartis previously said it expects sales to decline by $4 billion this year due to competition from generics.
Data from the late-stage studies will be key to supporting the Swiss drugmaker's premium valuation of 16 times forward earnings, ahead of peers AstraZeneca (AZN.L) , Roche and GSK (GSK.L) .
It is now "all eyes on pipeline" Barclays analysts wrote in a note ahead of the results.
"We are on track for multiple important readouts ahead in the second half, and remain on track to deliver our full-year guidance and mid-term outlook," chief executive Vas Narasimhan said in a statement.
Novartis expects a low single-digit percentage core operating income for the full year, excluding currency swings
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