Report published September 30, 2026

Novartis: GSe Broadly in Line for 3Q'26, Commentary on Post 2030 Outlook Remains Key – Goldman Sachs Equity Research

Goldman Sachs · September 30, 2026

Goldman Sachs reiterates its Sell rating on Novartis with a slightly raised price target of SFr113 ($136 ADR), anticipating 3Q26 results to be broadly in line with consensus. The analysts argue the market remains overly optimistic about the company's ability to offset heavy patent expirations between 2030 and 2036.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Goldman Sachs reiterates a Sell rating on Novartis with an updated 12-month price target of SFr113 ($136 ADR), implying around 6.5% to 7% downside.
2.Goldman Sachs forecasts 3Q26 net sales of $14,365m (in line with Visible Alpha consensus) and core EPS of $2.24 (-1% vs. consensus).
3.The November 19 Meet the Management event is the critical medium-term catalyst, as investors look for justification on how Novartis can overcome two major waves of patent expirations across 2030-2036.

3Q26 preview tables
Key focus areas for the call
Upcoming newsflow
Forecast changes
GSe vs. Consensus
Valuation and risks

Report data

Exhibit 1: 3Q26 GSe vs. Visible Alpha Consensus on key P&L metrics — as of September 29, 2026.

Metric	Estimate	Context
12-month Price Target (NOVN.S)	113.00 CHF	Raised from SFr110.00
3Q26 Net Sales Estimate	14,365 USD mn	Implies 3.3% cc growth, broadly in line with consensus of $14,397m
3Q26 Core Operating Income Estimate	5,490 USD mn	-1% vs consensus of $5,563m
3Q26 Basic Core EPS Estimate	2.24 USD	-1% below consensus of $2.26
FY26 Net Sales Estimate	56,571.7 USD mn	Revised up from $56,216.0m