Novartis AG (NOVN.S): 2Q26 12% EPS beat likely aided by phasing with FY26 guide unchanged but above cons

Research evidence excerpt

Novartis AG (NOVN.S): 2Q26 12% EPS beat likely aided by phasing with FY26 guide unchanged but above cons

of this report are listed below (and their regulators are listed further herein). Non-US

research analysts who have prepared this report (i.e., all research analysts listed below other than those identified as employed

by Citigroup Global Markets Inc.) are not registered/qualified as research analysts with FINRA. Such research analysts may not

be associated persons of the member organization (but are employed by an affiliate of the member organization) and therefore

may not be subject to the FINRA Rule 2241 restrictions on communications with a subject company, public appearances and

trading securities held by a research analyst account.

Citigroup Global Markets India Private Limited Mahesh Mohankumar

Jelena Milovic; Leolie Telford-Cooke Ph.D.; Graham Parry; Amy YCitigroup Global Markets Limited

Mao

OTHER DISCLOSURES

Any price(s) of instruments mentioned in recommendations are as of the prior day’s market close on the primary market for the

instrument, unless otherwise stated.

The completion and first dissemination of any recommendations made within this research report are as of the Eastern date-

time displayed at the top of the Product. If the Product references views of other analysts then please refer to the price chart or

rating history table for the date/time of completion and first dissemination with respect to that view.

Regulations in various jurisdictions require that where a recommendation differs from any of the author’s previous

recommendations concerning the same financial instrument or issuer that has been published during the preceding 12-month

period that the change(s) and the date of that previous recommendation are indicated.