Feature|Articles|December 26, 2025

JP Morgan 2026 Preview: Novartis’ History of Expansion

Author(s)Mike Hollan
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Key Takeaways

  • Novartis achieved a 12% sales increase and 22% core operating income growth in 2024, marking a strong financial performance.
  • Strategic acquisitions of Calypso Biotech and Argo enhance Novartis' portfolio in autoimmune and cardiovascular therapeutics.
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Ahead of the healthcare conference in January, Pharmaceutical Executive takes a look back at Novartis’ history at the conference.

While the company will be attending the conference, Novartis has not yet announced its plans for presentations at the 44th Annual JP Morgan Healthcare Conference.

2025 Conference

At the 2025 conference, the company discussed its expansions in China and Japan, which it planned to continue to build in the coming years.

In a statement detailing the company’s sales growth during 2024,1 Novartis CEO Vas Narasimhan said, “In our first full year as a pure-play innovative medicines company, Novartis delivered one of the strongest financial performances in our history, growing sales 12% cc and core operating income 22% cc. We also achieved important innovation milestones, including new approvals and readouts for many of the assets that will fuel our growth over the mid- to long-term. With the momentum we are seeing in the business, we expect to continue our strong sales growth with margin expansion in 2025 and we remain on track to deliver on our mid-term guidance. Looking ahead, we are focused on executing against our pipeline, including 15 submission-enabling readouts over the coming years and more than 30 assets with the potential to drive differentiated growth over the long term. We remain balanced in our capital allocation approach and committed to creating sustainable value for shareholders.”

2024

In 2024, Novartis used the conference to detail its recent acquisitions, including Calypso Biotech for roughly $250 million upfront and Argo for an agreement worth a potential $4.16 billion.

In a press release announcing the Calypso purchase,2 Calypso’s chief executive officer and co-founder Alain Vicari said, “We are excited for this transaction with Novartis, a company with relentless commitment to the development of innovative therapies for autoimmune conditions. As part of the Novartis portfolio, CALY-002 is in the best position to be developed effectively, so that it can promptly address unmet medical needs in multiple indications.”

Bernard Coulie, chairman at Calypso, also said, “The transaction with Novartis constitutes the high point in the development path of CALY-002 for the Calypso team. Calypso has established a significantly de-risked profile for CALY-002 as a potential best-in-class therapeutic anti-IL-15 antibody”

Novartis’ head of immunology research Richard Siegel also said, “Novartis is committed to bringing innovative treatment options forward for patients living with immunological diseases. We’re thrilled to add Calypso’s potential best-in-class antibody to our Immunology pipeline and explore it in a spectrum of autoimmune indications.”

In a press release announcing the Argo acquisition,3 Argo’s president and chief executive officer Dongxu Shu said, “This is the first significant overseas out-licensing transaction in the RNAi field from a Chinese biotech company. We are pleased that Novartis, a global leader in cardiovascular disease and RNAi therapeutics, recognizes the significant value that the Argo team has created with advanced RNAi platform technology and new generation CVM pipeline over the past two years. The proven development capabilities, global commercial reach, and breadth of experience Novartis has in CVM make it the ideal partner to accelerate the development of our drug candidates and bring these medicines to patients.”

"We believe the cardiovascular programs that Argo has developed using its state-of-the-art RNAi platform complement the Novartis pipeline of RNA-based therapeutics," said Shaun Coughlin, head of cardiovascular and metabolic disease area research at Novartis. "We look forward to working with Argo to bring these investigational therapies forward to help address unmet patient needs in cardiovascular medicine."

Sources

  1. Novartis continues strong momentum of sales growth with margin expansion, reaches key innovation milestones in 2024. Novartis. January 31, 2025. Accessed December 12, 2025. https://www.novartis.com/news/media-releases/novartis-continues-strong-momentum-sales-growth-margin-expansion-reaches-key-innovation-milestones-2024
  2. Calypso Enters into Agreement to Be Acquired by Novartis. Calypso Biotech. January 8, 2024. Accessed December 12, 2025. https://www.biotechnewswire.ai/202401082504/calypso-enters-into-agreement-to-be-acquired-by-novartis.html
  3. Shanghai Argo Announces Multi-Program RNAi Licenses and Strategic Collaborations with Novartis. Shanghai Argo Biopharmaceutical Co. January 7, 2024. Accessed December 12, 2025. https://www.prnewswire.com/news-releases/shanghai-argo-announces-multi-program-rnai-licenses-and-strategic-collaborations-with-novartis-302027699.html

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