诺华：2026年CEO电话会要点总结

研报英文原文证据摘录

J P M O R G A N

Europe Equity Research

16 September 2026

Novartis

Key Takeaways from the 2026 CEO Call

On Tuesday, September 8, 2026, we hosted a Conference Call with Novartis CEO

Vas Narasimhan (VN) as part of our 2026 CEO Conference Call Series (transcript

available on request). We summarise our key takeaways below.

Novartis reiterated its confidence in the mid-term outlook for 5-6% 202530 Sales CAGR: VN reiterated his confidence in Novartis’ 5-6% 2025-30

Sales CAGR, with his confidence in this target underpinned by the strength of

on-market drug performance as well as the recent remibrutinib RMS

REMODEL trial success, even after the removal of pelacarsen and revised

expectations for del-desiran.

Remibrutinib RMS data seen as compelling. VN highlighted that Novartis

aim to position remibrutinib as the leading oral in relapsing multiple sclerosis

on the basis of the REMODEL readout success (see our take here), where

despite Aubagio performing better than contemporary trials, remibrutinib

showed a strong clinically meaningful ARR reduction. On disability,

remibrutinib showed a strong trend in 3-month CDP, which just missed

statistical significance, and a strong clinically meaningful improvement on 6month CDP, which lines up well with the benefit seen for Kesimpta in the

ASCLEPIOS trial (34% 6-month CDP benefit). Based on these data, VN sees

remibrutinib as well positioned to take share in the 35% of US patients not on

CD20s, which increases to 65% or higher ex US. He also noted that there will

be a segment of patients who would prefer to start on an oral rather than a CD20.

On safety, VN reiterated that no liver signal was observed for remi and

expressed his confidence in a CSU-type label for remibrutinib in RMS. The

detailed remi MS data will be presented at MSToronto on October 21-23rd.

Remibrutinib pipeline-in-a-pill potential reiterated. VN highlighted that

Novartis continue to see chronic spontaneous urticaria (CSU) as a multi-billion

peak sales opportunity on its own, with CSU expected to ramp further in 2027

and additional indications, including chronic inducible urticaria (CindU),

expected to add.…