Novartis AG (NYSE:NVS) projects a stronger growth trajectory through 2030, lifting expectations for several key medicines and outlining a pipeline strategy it believes will sustain momentum well into the next decade.

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The company updated its mid-term outlook ahead of its Meet Novartis Management event in London, emphasizing higher confidence in long-term demand drivers and upcoming drug launches.

The drugmaker now anticipates a compound annual sales growth rate of 5% to 6% on a constant-currency basis from 2025 to 2030.

"As a pure-play medicines company, Novartis has delivered a strong track record of sales growth with core margin expansion," says Vas Narasimhan, CEO of Novartis.

"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. Over the past two years, we have executed more than 30 strategic deals, bolstering our pipeline and strengthening the outlook of the business in the mid-2030s and beyond. With more than 30 potential high-value medicines in our pipeline across four core therapeutic areas and advanced technology platforms, we are well positioned for long-term sustainable growth."

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Novartis raised peak sales projections for several core products. The company now expects Kisqali to generate more than $10 billion in peak sales, up from its prior estimate of over $8 billion.

Scemblix's potential also increases, with guidance lifted from above $3 billion to more than $4 billion. Management says the revised numbers underscore the durability and expanding adoption of these therapies.

The company highlights eight commercialized assets with de-risked multibillion-dollar potential, including Kisqali, Cosentyx, Kesimpta, Pluvicto, Scemblix, Leqvio, Fabhalta and Rhapsido.

Each is expected to deliver peak sales ranging from $3 billion to $10 billion, forming what Novartis views as a stable base for mid-term revenue growth.

Novartis is entering what it describes as a catalyst-heavy period with more than 15 potentially submission-enabling readouts are expected in the next two years.

The Swiss drugmaker also reported significant margin progress. Core operating income margin reached 41.2% for the first nine months of 2025 — two years ahead of schedule.

Management expects margins to remain above 40% beginning in 2029, even after accounting for dilution from the planned acquisition of Avidity Biosciences Inc (NASDAQ:RNA). That deal is expected to close in the first half of 2026, pending the separation of SpinCo and other standard conditions.

On Wednesday, Novartis announced plans to expand its operations in North Carolina as part of Novartis' $23 billion investment in U.S.-based infrastructure.

The facility is expected to open in 2027-2028, and is expected to create 700 new jobs at Novartis and more than 3,000 indirect jobs across the supply chain by the end of 2030. 

NVS Price Action: Novartis stock is down 2.05% at $124.70 at publication on Thursday.

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