Novartis (NYSE:NVS) said Wednesday that it anticipates annual sales to expand by 5–6% through 2030, supported by a pipeline of eight major therapies each carrying peak revenue potential of between $3 billion and $10 billion.
The Swiss pharmaceutical group updated its mid-term outlook by extending guidance to cover 2025–2030, projecting a compound annual growth rate of 5–6% in constant currency. This follows an earlier upgrade to its 2024–2029 forecast, which now calls for 6% CAGR.
Peak sales expectations were raised for two key treatments:
- Kisqali, its breast cancer therapy, now carries a $10 billion peak estimate, up from $8 billion.
- Scemblix, used to treat leukemia, saw its peak estimate increased to $4 billion from $3 billion.
Novartis now counts eight marketed, “de-risked” assets with multibillion-dollar peak potential — Kisqali, Cosentyx, Kesimpta, Pluvicto, Scemblix, Leqvio, Fabhalta and Rhapsido — and noted that most of these products have U.S. patent protection lasting well into the 2030s.
CEO Vas Narasimhan emphasized the company’s progress and long-term outlook, stating: “As a pure-play medicines company, Novartis has delivered a strong track record of sales growth with core margin expansion. Looking ahead, we expect to sustain that momentum over the next five years, driven by assets we already have in hand as well as upcoming launches with multi-billion-dollar sales potential.”
The company achieved a core operating income margin of 41.2% during the first nine months of 2025, reaching its target two years sooner than planned. Novartis says margins should return to above 40% by 2029, even after absorbing 1–2 percentage points of dilution tied to its planned acquisition of Avidity Biosciences (NASDAQ:RNA).
The group anticipates more than 15 potentially submission-enabling clinical readouts in the next two years, with a pipeline of over 30 possible high-value medicines — 10 of which were licensed or acquired in the past two years. Narasimhan also highlighted that Novartis has completed more than 30 strategic transactions over that same period.
The Avidity deal is expected to close in the first half of 2026, once SpinCo is separated from Avidity and other customary conditions are met. Announced on Oct. 26, the acquisition will further broaden Novartis’ technology platforms and strengthen its presence across its four main therapeutic areas.
The company estimates that its medicines currently reach nearly 300 million patients around the world.