Company Profile
Novartis
— A pharmaceutical company building depth through acquisitions around radiopharmaceuticals, nucleic acids, and gene therapy
NOVALTIS is the company's research and development5 technical foundationsIt is explained. In addition to two established (chemical = low , biopharmaceu ),and cell therapy, radioactive ligand therapy (RLT), xRNA (RNA)As a new technology foundation, we will prioritize investing in R&D and manufacturing scale. In February 2026, Avidity Biosciences, a technology of "AOC", which combines nucleic acid to antibodyApprox. $120 billiond On the other hand, in September 2026, the three-phase trial of two nucleic acid drugs could not achieve the primary evaluation item. In this article, the entire company is concise,What do we invest in and where we are striving on a new technology foundation?Filter by
- Nobaltis in 30 seconds and standing position in drug discovery and DDS
- About logo and company name
- Where is this company in the world of drug discovery and DDS?
- Size of the company (the entire company is concise)
- Drug discovery and DDS resources
- Past Initiatives
- Future plans
- What is DDS?
- Collaboration mapping of drug discovery and DDS
- Technologies, Products and Services
- The risk of this company
- Glossary/Source/Ins ment and Source Response Table
1. Nobaltis in 30 seconds and standing position in drug discovery and DDS
NYSE: NVSTrade with ADR in the US. Submit 20-F to SEC
(Multimodality)andric Business (Sandoz) is separated
RLT／xRNAPriority investment in R&D and manufacturing scale
Businesses related to drug discovery and DDS are largeBiotech and Contract Development Manufacturing (CDMO/CRO)3 types. NobaltisPharmaceutical Companyand featuresThe mechanism that carries medicine is written in the pillar of the company's strategy as a "technology base"Comment Facts[Drugs targeting and tooling RNAgene therapy is a drug that delivers genes with a virus vector, None"What, Where and How to Deliver"is a typical DDS. In addition to its own development, Alnylam and Ionis have been involved in the acquisition of Mariana Oncology (RLT) and Avidity (AOC). The 20-F subsidiary list includes RLT-related Advanced Accelerator Applications (。) and Endocyte.
This article explains the company's technical strategy and business.Not medical adviceHome There is no intention to recommend the use of certain drugs or compare the effects of other drugs. The results of clinical trials are based on the comparison of the numbers published by the company and at the time of evaluation. Please contact your doctor for the treatment.
2. Logo and company name
[
Images obtained from the official websiteHome img/novartis_logo.svg Contact Us
Note: The company name on legal disclosure is Novartis AGIn Japanese, it is written as "Nobartis". NOVARTIS PHARMA CO., LTD. Nov。s Institutes for BioMedical Research (NIBR)
Official Site:https://www.novartis.com/3. Where is this company in the world of drug discovery and DDS?
This company has the characteristics of this series of technical commentary "nucleic acid medicine", "viral vector" and "CAR-T cells" to commercialize modalities. In particular, radioactive ligand therapy is still in development stages in articles of other companies in this series.Two approved products and our own manufacturing networkhave already
4. Scope of the company (the entire company is concise)
| Indicators (million dollars) | FY2024 | FY2025 | First half of 2026 |
|---|---|---|---|
| Net sales (co ous business) | 50,317 | 54,532 | 27,521 |
| R&D expenses | 10,022 | 11,200 | 5,587 |
| Operating income (co ous business) | 14,544 | 17,644 | 8,985 |
| (full-time conversion, year-end) | ― | 75,267 people | ― |
The above numbersCompany OverviewNOVARTIS Exp s Research and DevelopmentNot disclosed by technical foundation Undetermined / Future[ Facts。
5. Drug discovery and DDS resources
| Resource Types | ||
|---|---|---|
| People (Research Centers and Personnel) | 75,267 people (end of 2025) Bio。 Research and Development (13,530) 20-F refers to specialized human resources for "Technical foundations for advanced treatment such as gene, cell therapy, RLT, xRNA" as the risk of securing human resources.[ | Facts |
| Gold (R&D expenses) | FY2025 $112 billion[ | Facts |
| Gold (Manufacturing Equipment) | RLT manufacturing baseMilburn, New Jersey, Spain Saragosa, Italy Ibra, USA Indianapolisand3 US locations in Carlsbad, California(as of March 2025) $15 billion acquisition of tangible fixed assets in 2025. Non-disclosed investment amount per RLT plant | Facts |
| Acquisition (RLT) | 2024:Mariana Oncology(RLT, $10 billion in cash + $75,000 in total),Kate Therapeutics(AAV gene therapy, cash $42 million + up to $7 billion) | Facts |
| Acquisition (xRNA) | 2025:Regulus Therapeuticsoligonucleic acid targeted by microRNA, $8 billion. February 2026:Avidity Biosciences(AOC, Inc.) | Facts |
| Acquisition | Tourmaline Bio ($12 billion) Pikavation Theticseutics ($18 billion), Excellergy ($9 billion) in the first half of 2026. ADC’s acquisition agreement on Myricx Bio in July 2026 ($11 billion at completion + $4 billion at the end of the month) | Facts |
| Licensed | Alnylamfrom Leqvio(siRNA),Ionispelacarsen acquires worldwide development, manufacturing and sales rights | Facts |
| University/Research Organization/Public Fund | 20-F・6-K has no specific description. | Not confirmed |
The total amount of cash payment for the technical infrastructure (Mariana, Kate, Regulus, Avidity) that we have confirmed in this article is about $13.4 billion in total. The calculation of this paper(Mariana 10.4 billion, Kate 4.3 billion, Regulus 8 billion, Avidity $1 billion total. Conditional additional payments are not included). This is the amount exceeding the R&D expenses for the20 year ending December 2025,Acquisition of a lot of the thickness of the three new technology foundationsI know.
6. Past Initiatives
| Time | Home | |
|---|---|---|
| No periods in the documents confirmed in this article | Leqvio (inclisiran) and pelacarsen’s worldwide rights under license with Alnylam | Introduction of xRNA key force from outside |
| May 2024 | Acquisition of Mariana Oncology(Multi-program of RLT in pre)ical stage) | Apply RLT candidates for solid cancer |
| October 2024 | Acquisition of Kate The)eutics (AAV gene therapy for muscle and heart disease) | Next-generation candidates for gene therapy |
| March 2025 | Pluvicto adaptation in the United States expands to metastatic castive prostate cancer before ch)therapy (PSMAfore trial). Explanation of expansion of RLT manufacturing base network | The company explains that the target patient is about triple |
| June 2025 | PSMAddition trial (hormonal sensitivity metastatic prostate cancer) achieved key evaluation items in intermediate analysis | RLT faster |
| 2025 years | Completed acquisition of Regulus TheRNAeutics, Anthos and Tourmaline | Added xRNA candidate (farabursen, polycystic renal) |
| October 2025 | Avidity Biosciences(about $120 billion) | [ |
| November 2025 | The U.S. FDA approves Itvisma (intrathenal administration of Onasemnogen Abeparbobek). Spinal myel atrophy (SMA) over 2 years | AAV gene therapy target spread to older patients |
| February 2026 | Completed acquisition of Avidity | Three AOC’s late development products (del-desiran, del-brax, del-zota) were added. |
| June 2026 | The biomarker cohort of the 1/2-phase trial of the del-brax (facial shoulder upper arm muscle dy)phy) achieves key evaluation items | Phase 3 |
| First half of 2026 | [ | First approval application as AOC |
| July 2026 | ADC’s Acquisition Agreement for Myricx Bio (ADC targeting NMT in)tors, B7-H3 and HER2) | Full-scale entry to ADC |
| September 2026 | [ | [ |
Main Clinical Trials (Results published by the Company)
| Test (NCT number) | Phase | Main evaluation items | Results published by the Company (at the time of comparison and evaluation) |
|---|---|---|---|
| PSMAfore（NCT04689828） | Phase 3 PSMA-positive and metastatic castive prostate cancer after ARPI treatment (Pluvicto) | Unexpected survival period on image (rPFS) | Reduced risk of progression or death on images by 59% compared to ARPI changes (0.41). 3rd intermediate analysis of data cutoff in February 2024. The final analysis of the overall survival period was tilted to thevical Pluvicto side, but not statistically significant. 60.3% switch from control group |
| PSMAddition（NCT04720157） | Phase 3 PSMA positive and metastatic hormone sensitivity prostate cancer (Pluvicto + hormone therapy) | rPFS | In comparison with hormone therapy alone, we achieved major evaluation items by intermediate analysis prescribed in advance (presented in June 2025).Numbers are not listed in the release confirmed in this article |
| HARBOR（NCT06411288） | Phase 3 Reinforced dy phy type 1 (del-desiran) | Time to open (vHOT) | Compared to placeboNo statistically significant improvement(Announced in September 2014) The company explained that there was a sign of clinical activity in sub-level evaluation items |
| Lp(a)HORIZON（NCT04023552） | Phase 3 Patients with high cardio) disease (pelacarsen) | Cardio Events | Compared to placeboNo major evaluation items(Announced in September 2014) Lp(a) drop was seen |
7. Future plans
(2025-2030)Permanent exchange. Company s. September 2026
del-brax regulatory consultationdel-desiran reexamines the development policy
Lung cancer and pancreatic cancer[
[10 or more years agoIt explains Facts[Home] For RLT, the first phase data of Ac225-PSMA-617 using ^ium 225 is presented at ASCO in 2026.
Both of the following are not listed in the primary material that has been confirmed in this article Undetermined / Future。
per technical baseR&D expenses and personnel/RLT per factoryInvestment and Production Capacity/Radioisotope (Lutetium 177, ^ium 225)/del-desiranFuture Development Policy/ Lp(a)HORIZON・PSMAdditionDetailed number(Presen。 and description) The RLT market does not adopt the estimate of the investigating company, such as USD X billion per year.
8. What is this company aiming for drug discovery and DDS?
This includes parts that the company does not directly state.Calculation in the range that can be read from primary informationand write with the basis.
| Read | Primary Information | |
|---|---|---|
| RLTCompetitive source of manufacturing and supply networksHome | In the approval release, the three U.S. bases have been established on the west coast, emphasizing repeatedly “Meeting Industry Leading Infrastructure” and “Meeting Supply Demand in Multiple U.S. RLT Plants.” | |
| xRNA"Next to the liver" = blood pressure to the muscleTake Away | Leqvio·pelacarsen is a drug that targets proteins made in the liver. Explanation of Avidity’s “Leading Technologies for Delivering RNA Drugs to Muscles” | |
| Technology base thicknessFaster acquisition than in-house research | The amount of cash payment for technical infrastructure acquisitions after 2024 exceeds the annual research and development costs. More than 10 years of promising product introduction and acquisition | |
| Join ADC | Acquisition of Myricx Bio (ADC) in July 2026. Explanation that the company "strengthen the study of oncology" | Facts |
RNA xRNA existing products and new products, there is a change in the target. Both Leqvio and pelacarsen areProtein made by the liver (LDL cholesterol, lipoprotein (a))Re drugs FactsHome For this, Avidity’s AOC combines antibody tissue selectivity and precision of nucleic acid,Delivering siRNA to “muscle cells that have been used to deliver”and the company explains. Nucleic acid drugs are relatively easy to deliver to the liver, and other organs are difficult. AvidityPre-investment in the following competition: “Liver targeting nucleic acids outside the liver”read Undetermined / FutureHome However, in September 2026, the third phase of del-desiran failed to achieve the main evaluation item,Another problem to deliver and show effects in clinical
9. Collaboration mapping of drug discovery and DDS
10. Technologies, Products and Services
| Technology Base | Main items (20-F・6-K) | Contact |
|---|---|---|
| Radioactive ligand therapy (RLT) | Pluvicto (Lutetium 177, PSMA target), Lutathera (Lutetium 177, Somatostatin receptor target), Ac225-PSMA-617 (Actinium 225) | Pluvicto and Lutathera have been approved (in 2025, net sales of $19,4 million, $8 billion). Ac225-PSMA-617 Phase 1 |
| xRNA | Leqvio (siRNA, LDL cholesterol drop, twice a year), pelacarsen (anti-s)), farabursen (micro RNA target), del-zota, del-brax, del-desiran (AOC) | Leqvio has been approved for net sales of $118 million in 2025. Other developments (pelacarsen and del-desiran have not received major evaluation items in the third phase in September 2026) |
| Therapy | Zolgensma (intravenous administration) / Itvisma (intravenous administration). Deliver SMN1 gene with AAV | Approved (Zolgensma Group's net sales of $212 billion) |
| Cell Therapy | Kymriah（CAR-T） | Approved ($38 million net sales in 2025, decreased by 14% year) |
| ADC | Two Myricx Bio items (B7-H3, HER2). NMT in)tor payload | ing the acquisition contract (s uled to be completed in the second half of 2026) |
Pluvicto joins Lutetium 177 into the ligand that joins PSMABeta Line20-F is a medicine that delivers cancer cells and their surroundings. FactsHome The radioisotope can not be made because it affects time. In addition to Milburn, Zaragoza, Ibra and Indianapolis, Nobaltis has established its third base in Carlsbad on the west coast. Fast delivery by making near patientsRead this article because it is necessary Undetermined / FutureHome 20-F is also a risk of supplying highly specialized raw materials, including radioisotopes, and some raw materialsSingle sourcedependent. In terms of material, the combination of chelate agents and ligands that capture metals, the specific radioactivity of the is。pe, the shielding container and the transportation affect quality and cost.
Avidity AOCBinding antibody and oligonucleic acidWe have a manufacturing process similar to ADC. The company explains AOC as “combining the specificity of antibodies and the precision of oligonucleic acid.” There is the same type of difficulty as ADC in terms of antibody tuning and refining antibody and nucleic acid solid phase properties. Please refer to the technical explanation of this series "Antibody Medicine and ADC" and "Nuclear Acid Medicine".
11. Risks that this company has
| Risks | ||
|---|---|---|
| xRNA | In September 2026, the third phase of pelacarsen (Lp(a)HORIZON) and del-desiran (HARBOR) failed to achieve primary evaluation items | Facts |
| Loss of acquisition assets | 20-F writes the risk that intangible assets recorded in the acquisition of Anthos, Regulus, and Tourmaline may result in significant losses if the value of the game decreases. Avidity $1.2 billion | Facts |
| Ration of main products | In the first half of the year of 2026, the competition with generic drugs dropped 14 points | Facts |
| Radioisotopic supply | 20-F risks the supply of special raw materials including radioisotopes and dependence on a single source | Facts |
| Reduction of cell therapy | Net sales of Kymriah decreased by 2024, 2025 and 2 years. | Facts |
| Dependency on Acquisition | The higher the acquisition price, the higher the impact of clinical failure on finance |
12. Glossary
- Radioactive ligand therapy (RLT)
- A treatment that binds radioisotope to a ligand that binds to the mark of cancer cells and emits radiation near cancer cells.
- Latex177
- Radioisotope emitting beta lines. Used in Pluvicto and Lutathera.
- xRNA
- The term NOVALTIS uses is a generic term for technology foundations that target RNA or use RNA as medicine.
- siRNA
- Nucleic acid drugs that reduce protein production by decom、 target mRNA with short RNA of two chains.
- AOC
- Antibody Oligonucleotide Conjugate A drug that binds oligonucleic acid to antibodies and delivers nucleic acid to specific tissues.
- AAV
- Adenos accompanying virus. Used as a carrier (vector) to deliver genes to cells with low pathogenicity.
- Intramyal administration
- How to inject medicine in the marrow that supports the spinal cord. Easy to deliver to the nerve.
- ARPI
- androgen receptor path in tor. A type of hormone therapy used to treat prostate cancer.
Concept diagram of AI generation13. Source
- Novartis AG Form 20-F for the) year ended December 31, 2025 Net sales, R&D costs, operating income, employees, sales by product, description of Pluvicto, Lutathera, Leqvio, Zolgensma/Itvisma, license with Alnylam, Ionis, acquisition of Mariana, Kate, Regulus and Avidity, risk factors. https://www.sec.gov/Archives/edgar/data/1114448/000111444826000004/nvs-20251231.htm
- Novartis AG Financial Report Q2 2026 Five technical foundations, the acquisition agreement of Myricx Bio, the data of Ac225-PSMA-617. https://www.sec.gov/Archives/edgar/data/1114448/000111444826000012/nvs-20260630-99_1.htm
- Novartis AG "Condensed Interim Financial Report Q2 and H1 2026" Acquisition of Avidity, Pikavation, and Excellergy, Myricx Bio's terms and conditions, research and development costs, and product list. https://www.sec.gov/Archives/edgar/data/1114448/000111444826000012/nvs-20260630-99_2.htm
- Novartis AG Form 6-K “Nov)s agrees to acquire Avidity Biosciences” (October 26, 2025). https://www.sec.gov/Archives/edgar/data/1114448/000117184325006660/f6k_102625.htm
- Novartis AG Form 6-K "Novartis provides update on del-desiran Phase III HARBOR study" (September 8, 2026). https://www.sec.gov/Archives/edgar/data/1114448/000117184326005908/f6k_090826.htm
- Novartis AG Form 6-K “Nov)s Announcements Lp(a)HORIZON Phase III topline results for resultslacarsen” (September 4, 2026). https://www.sec.gov/Archives/edgar/data/1114448/000117184326005896/f6k_090426.htm
- Novartis AG Form 6-K "del-brax Phase I/II study in FSHD meets primary biomarker endpoint" (June 11, 2026). Explanation of AOC in February 2026 https://www.sec.gov/Archives/edgar/data/1114448/000117184326004052/f6k_061126.htm
- Novartis AG Form 6-K "Nov s receives FDA approval for Itvisma" (November 24, 2025). https://www.sec.gov/Archives/edgar/data/1114448/000117184325007547/f6k_112425.htm
- Novartis AG Form 6-K "Nov s projects +5-6% cc sales CAGR 2025-2030" (November 20, 2025). https://www.sec.gov/Archives/edgar/data/1114448/000117184325007445/f6k_112025.htm
- Novartis AG Form 6-K "FDA approves Nov)s radioligand therapy Pluvicto for early use before ch)therapy" (March 28, 2025). RLT manufacturing base for PSMAfore results and data cutoff. https://www.sec.gov/Archives/edgar/data/1114448/000117184325001805/f6k_032825.htm
- Novartis AG Form 6-K "Pluvicto demonstrates statistically significant and clinically meaningful rPFS benefit in mHSPC" (June 2, 2025). https://www.sec.gov/Archives/edgar/data/1114448/000117184325003556/f6k_060225.htm
- ClinicalTrials.gov PSMAfore（NCT04689828）。 https://clinicaltrials.gov/study/NCT04689828
- ClinicalTrials.gov PSMAddition（NCT04720157）。 https://clinicaltrials.gov/study/NCT04720157
- ClinicalTrials.gov HARBOR（NCT06411288）。 https://clinicaltrials.gov/study/NCT06411288
- ClinicalTrials.gov Lp(a)HORIZON（NCT04023552）。 https://clinicaltrials.gov/study/NCT04023552
- Novartis AG Official website (name and logo) https://www.novartis.com/
14. Response table of claims and sources
| Content | ||
|---|---|---|
| Net sales, R&D expenses, operating income (fiscal year 2024, December 2025), 75,267 employees, 13,530 developers, 17,491 salesperson | Facts | Source 1 https://www.sec.gov/Archives/edgar/data/1114448/000111444826000004/nvs-20251231.htm |
| R&D cost is about 20.5% of net sales, and cash payment of technical infrastructure-related acquisitions is about $114 billion | The calculation of this paper | The number of source 1 to 3 is divided and combined. No conditional additional payments |
| Priority investment in the new technology base with five technical foundations (chemical and biopharmaceu、s, gene and cell therapy, RLT, xRNA) | Facts | Source 2 https://www.sec.gov/Archives/edgar/data/1114448/000111444826000012/nvs-20260630-99_1.htm |
| Net sales, R&D expenses, operating income, and financial conflict impact 14 points. | Facts | Source 2・3 https://www.sec.gov/Archives/edgar/data/1114448/000111444826000012/nvs-20260630-99_2.htm |
| 2025 net sales of Pluvicto-Lutathera-Leqvio-Zolgensma Group Kymriah | Facts | Source 1 https://www.sec.gov/Archives/edgar/data/1114448/000111444826000004/nvs-20251231.htm |
| Acquisition of worldwide rights from Alnylam (Leqvio) and Ionis (pelacarsen) | Facts | Source 1・6 https://www.sec.gov/Archives/edgar/data/1114448/000117184326005896/f6k_090426.htm |
| Acquisition of Mariana Oncology, Kate The Genetics, Regulus, Anthos, and Tourmaline. | Facts | Source 1 https://www.sec.gov/Archives/edgar/data/1114448/000111444826000004/nvs-20251231.htm |
| Agreement on Acquisition of Avidity (AOC and xRNA strategy) | Facts | Source 4 https://www.sec.gov/Archives/edgar/data/1114448/000117184325006660/f6k_102625.htm |
| Completion of Acquisition of Avidity (February 2026), Acquisition of Pikavation and Excellergy, Terms of Use of Myricx Bio | Facts | Source 3・7 https://www.sec.gov/Archives/edgar/data/1114448/000111444826000012/nvs-20260630-99_2.htm |
| HARBOR of del-desiran does not achieve key evaluation items, and del-zota priority screening | Facts | Source 5 https://www.sec.gov/Archives/edgar/data/1114448/000117184326005908/f6k_090826.htm |
| placarsen's Lp(a)HORIZON does not achieve key evaluation items | Facts | Source 6 https://www.sec.gov/Archives/edgar/data/1114448/000117184326005896/f6k_090426.htm |
| Biomarker cohort of the FORTITUDE trial of del-brax achieved key evaluation items | Facts | Source 7 https://www.sec.gov/Archives/edgar/data/1114448/000117184326004052/f6k_061126.htm |
| Itvisma’s U.S. approval (November 2025, intrathecal administration) | Facts | Source 8 https://www.sec.gov/Archives/edgar/data/1114448/000117184325007547/f6k_112425.htm |
| 2025–2030 year sales growth rate of 5–6% and 10 or more of promising products must be introduced and acquired in the past two years | Facts | Source 9 https://www.sec.gov/Archives/edgar/data/1114448/000117184325007445/f6k_112025.htm |
| Pluvicto expansion adaptation, PSMAfore results (hazard ratio 0.41, February 2024), RLT manufacturing base. | Facts | Source10 https://www.sec.gov/Archives/edgar/data/1114448/000117184325001805/f6k_032825.htm |
| PSMAddition achieves key evaluation items with intermediate analysis | Facts | Source11 https://www.sec.gov/Archives/edgar/data/1114448/000117184325003556/f6k_060225.htm |
| NCT number, phase, and key evaluation items for each test | Facts | Source 12-15 https://clinicaltrials.gov/study/NCT04689828 |
| PSMAddition・Lp(a)HORIZON's detailed technical value, R&D expenses and personnel by technical base, investment amount and production capacity of RLT plant, suppliers of isotope. | Undetermined / Future | Not specified in the source 1 to 11. This article does not estimate https://clinicaltrials.gov/study/NCT04023552 |
| Forecast of sales growth of 2025-2030 | Undetermined / Future | Source 9. Not a company's and track record https://www.sec.gov/Archives/edgar/data/1114448/000117184325007445/f6k_112025.htm |
| Drug discovery and DDS classification (pharmaceu company / drug discovery biotech / contract development manufacturing and research) | The calculation of this paper | This article. Company name is an example of a company handled by this series. |
| RLT reads that the manufacturing and supply network is used as a source of competitiveness. | Explanation of approval release and interpretation of this document from location | |
| The following of the liver with xRNA = reading to take care of muscles | Interpre of this document from the target of existing products and the explanation of Avidity acquisition | |
| Policy to obtain the thickness of the technical foundation faster than its own research, and risk of acquisition dependence | Interpre of this paper from comparison of acquisition and R&D costs |
Last Updated:September 26, 2026/Troy Technical
All figures in this document are based on the legal disclosure document (20-F・6-K) and ClinicalTrials.gov。 information submitted by Nov。s AG to the US Securities and Exchange Commission (SEC). We do not use estimates and media-based numbers of survey companies. The "、ulation" section is an interpretation that the article reads from the primary information and is not an announcement of the company. This article is not medical advice.