Novartis AG (NOVN.S): Q3'26 results: another solid quarter

Q3'26 results were another solid quarter for Novartis. Key beats were Cosentyx (+4%, with the US helped by a prior-year revenue deduction adjustment, underlying growth still ~5%), Zolgensma (+13%, continued Itvisma launch momentum), Rhapsido (+16%, strong US prescription growth and early launch uptake in Germany and China) and Leqvio (+4%, driven by the US, Europe and continued China uptake after NRDL inclusion). Notable misses were Pluvicto (-8%, as the ADDITION indication ramps with patient identification and treatment starts) and Xolair (-3%, continued biosimilar pressure). Novartis beat by 8% on core EBIT, driven by other revenue and stronger R&D and SG&A efficiencies, and by 7% on core EPS. FY26 guidance for sales growth at CC was reiterated at LSD%, while core EBIT guidance was raised from LSD% decline to "in-line to LSD% growth", implying a ~2% upgrade;