Swiss pharmaceutical major Novartis AG (NYSE:NVS) reported third-quarter 2025 results on Tuesday, reaffirming its full-year guidance as strong sales from key growth drugs offset mounting generic competition in the U.S.

The company’s net sales rose 8% year over year to $13.91 billion, missing Wall Street’s consensus estimate of $14.11 billion. On a constant-currency (cc) basis, sales were up 7%.

Core operating income climbed 6% to $5.46 billion (+7% cc), supported by a 16-percentage-point contribution from higher volumes.

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These gains were partly offset by a 7-percentage-point drag from generic erosion, mainly from Promacta, Tasigna, and Entresto, and a 2-percentage-point negative impact from pricing pressures.

Despite the generic headwinds, Novartis maintained a stable core operating income margin of 39.3% (cc). Core net income came in at $4.3 ...