Filing Flows › Novartis AG (NVS) › Q2 2025 › vs Q2 2024
Novartis AG (NVS) Q2 2025 vs Q2 2024 (year over year)
Novartis AG's revenue rose $1.5B (+12%) from $12.5B in Q2 2024 to $14.1B in Q2 2025. The biggest changes: US +$1.1B (+21%); Europe +$303M (+8%); Asia/Africa/Australasia +$119M (+5%). Gross margin 81.9% against 77.5% (+4.4 pts).
Novartis AG, Q2 2025: revenue $14.1B (+12% year over year), operating margin 34.6%, net earnings $4.0B, operating cash flow $6.7B. The chart draws each line against Q2 2024, the increases inside each band.
Margins
| Q2 2025 | Q2 2024 | Change | |
|---|---|---|---|
| Gross margin | 81.9% | 77.5% | +4.4 pts |
| Operating margin | 34.6% | 32.1% | +2.5 pts |
| Net margin | 28.8% | 25.9% | +2.8 pts |
| Free cash flow margin | 45.1% | 36.9% | +8.2 pts |
Every line
| Line | Q2 2025 | Q2 2024 | Change | % |
|---|---|---|---|---|
| US | $6.2B | $5.1B | $1.1B | +21% |
| Europe | $4.2B | $3.9B | $303M | +8% |
| Asia/Africa/Australasia | $2.7B | $2.6B | $119M | +5% |
| Canada and Latin America | $922M | $905M | $17.0M | +2% |
| Revenue | $14.1B | $12.5B | $1.5B | +12% |
| Gross profit | $11.5B | $9.7B | $1.8B | +19% |
| Cost of revenue | $2.5B | $2.8B | −$273M | -10% |
| Operating profit | $4.9B | $4.0B | $850M | +21% |
| Operating expenses | $6.7B | $5.7B | $965M | +17% |
| Pre-tax earnings | $4.5B | $3.8B | $690M | +18% |
| Other expense, net | $333M | $173M | $160M | +92% |
| Research & development | $2.7B | $2.4B | $360M | +15% |
| SG&A | $3.4B | $3.1B | $351M | +11% |
| Other operating costs | $481M | $227M | $254M | +112% |
| Loss borne by minority interests | $17.0M | $0 | $17.0M | — |
| Net earnings | $4.0B | $3.2B | $795M | +24% |
| Income tax | $507M | $595M | −$88.0M | -15% |
| Share-based compensation | $267M | $257M | $10.0M | +4% |
| Working capital & other | $2.4B | $1.4B | $984M | +72% |
| Operating cash flow | $6.7B | $4.9B | $1.8B | +37% |
| Free cash flow (OCF − capex) | $6.3B | $4.6B | $1.7B | +37% |
| Capital expenditures | $331M | $260M | $71.0M | +27% |
Questions
How much did Novartis AG's revenue grow year over year in Q2 2025?
Novartis AG's revenue rose $1.5B (+12%) from $12.5B in Q2 2024 to $14.1B in Q2 2025.
What drove Novartis AG's revenue change in Q2 2025?
US +$1.1B (+21%); Europe +$303M (+8%); Asia/Africa/Australasia +$119M (+5%).