Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2021 | |
Document Information [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Financial Statement Error Correction [Flag] | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | Novartis AG | |
Entity Central Index Key | 0001114448 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 2,044,033,986 | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
ICFR Auditor Attestation Flag | true | |
Auditor Name | KPMG AG | PricewaterhouseCoopers AG |
Auditor Location | Basel, Switzerland | Basel, Switzerland |
Auditor Firm ID | 3240 | 1358 |
Entity File Number | 1-15024 | |
Entity Incorporation, State or Country Code | V8 | |
Entity Address, Address Line One | Lichtstrasse 35 | |
Entity Address, City or Town | Basel | |
Entity Address, Postal Zip Code | 4056 | |
Entity Address, Country | CH | |
Document Registration Statement | false | |
Document Accounting Standard | International Financial Reporting Standards | |
American Depositary Shares each representing 1 share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | American Depositary Shares each representing 1 share | |
Trading Symbol | NVS | |
Security Exchange Name | NYSE | |
Ordinary shares, nominal value CHF 0.50 per share* | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Ordinary shares, nominal value CHF 0.49 per share | |
Trading Symbol | NOVN | |
Security Exchange Name | NYSE | |
Business Contact [Member] | ||
Document Information [Line Items] | ||
Entity Address, Address Line One | Lichtstrasse 35 | |
Entity Address, City or Town | Basel | |
Entity Address, Postal Zip Code | 4056 | |
Entity Address, Country | CH | |
Contact Personnel Name | Karen L. Hale | |
Country Region | 41 | |
City Area Code | 61 | |
Local Phone Number | 324-1111 | |
Contact Personnel Fax Number | 324-7826 |
Consolidated income statements
Consolidated income statements - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [line items] | |||
Net sales from continuing operations | $ 45,440 | $ 42,206 | $ 42,781 |
Other revenues | 1,220 | 1,255 | 1,193 |
Cost of goods sold | (12,472) | (11,582) | (11,735) |
Gross profit from continuing operations | 34,188 | 31,879 | 32,239 |
Selling, general and administration | (12,517) | (12,193) | (12,827) |
Research and development | (11,371) | (9,172) | (8,641) |
Other income | 1,772 | 696 | 1,620 |
Other expense | (2,303) | (3,264) | (2,335) |
Operating income from continuing operations | 9,769 | 7,946 | 10,056 |
(Loss)/income from associated companies | (13) | (11) | 15,337 |
Interest expense | (855) | (800) | (787) |
Other financial income and expense | 222 | 42 | (76) |
Income before taxes from continuing operations | 9,123 | 7,177 | 24,530 |
Income taxes | (551) | (1,128) | (1,625) |
Net income from continuing operations | 8,572 | 6,049 | 22,905 |
Net income from discontinued operations before gain on distribution | 422 | 906 | 1,113 |
Gain on distribution of Sandoz Group AG to Novartis AG shareholders | 5,860 | ||
Net income from discontinued operations | 6,282 | 906 | 1,113 |
Net income | 14,854 | 6,955 | 24,018 |
Attributable to | |||
Shareholders of Novartis AG | 14,850 | 6,955 | 24,021 |
Non-controlling interests | $ 4 | $ 0 | $ (3) |
Basic earnings per share [abstract] | |||
Basic earnings (loss) per share from continuing operation | $ 4.13 | $ 2.77 | $ 10.22 |
Basic earnings (loss) per share from discontinued operations | 3.02 | 0.42 | 0.49 |
Basic earnings per share | 7.15 | 3.19 | 10.71 |
Diluted earnings per share [abstract] | |||
Diluted earnings (loss) per share from continuing operations | 4.10 | 2.76 | 10.14 |
Diluted earnings (loss) per share from discontinued operations | 3 | 0.41 | 0.49 |
Diluted earnings per share | $ 7.10 | $ 3.17 | $ 10.63 |
Consolidated statements of comp
Consolidated statements of comprehensive income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [line items] | |||
Net income | $ 14,854 | $ 6,955 | $ 24,018 |
Other comprehensive income to be eventually recycled into the consolidated income statement | |||
Associated companies' movements in comprehensive income | 46 | ||
Net investment hedge | (50) | 91 | 216 |
Currency translation effects | 1,375 | (450) | (4,762) |
Total of items to eventually recycle | 1,325 | (359) | (4,500) |
Other comprehensive income never to be recycled into the consolidated income statement | |||
Actuarial gains/losses from defined benefit plans, net of taxes | (160) | (103) | 1,809 |
Fair value adjustments on equity securities, net of taxes | 37 | (382) | 194 |
Total of items never to be recycled | (123) | (485) | 2,003 |
Total comprehensive income | 16,056 | 6,111 | 21,521 |
Attributable to | |||
Shareholders of Novartis AG | 16,050 | 6,116 | 21,528 |
Comprehensive income, attributable to non-controlling interests | 6 | (5) | (7) |
Continuing operations | |||
Attributable to | |||
Shareholders of Novartis AG | 10,115 | 5,181 | 20,450 |
Discontinued operations | |||
Attributable to | |||
Shareholders of Novartis AG | $ 5,935 | $ 935 | $ 1,078 |
Consolidated balance sheets
Consolidated balance sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current assets [abstract] | ||
Property, plant and equipment | $ 9,514 | $ 10,764 |
Right-of-use assets | 1,410 | 1,431 |
Goodwill | 23,341 | 29,301 |
Intangible assets other than goodwill | 26,879 | 31,644 |
Investments in associated companies | 205 | 143 |
Deferred tax assets | 4,309 | 3,739 |
Financial assets | 2,607 | 2,411 |
Other non-current assets | 1,199 | 1,110 |
Total non-current assets | 69,464 | 80,543 |
Current assets [abstract] | ||
Inventories | 5,913 | 7,175 |
Trade receivables | 7,107 | 8,066 |
Income tax receivable | 426 | 268 |
Marketable securities, commodities, time deposits and derivative financial instruments | 1,035 | 11,413 |
Cash and cash equivalents | 13,393 | 7,517 |
Other current assets | 2,607 | 2,471 |
Total current assets | 30,481 | 36,910 |
Total assets | 99,945 | 117,453 |
Equity [abstract] | ||
Share capital | 825 | 890 |
Treasury shares | (41) | (92) |
Reserves | 45,883 | 58,544 |
Equity attributable to Novartis AG shareholders | 46,667 | 59,342 |
Non-controlling interests | 83 | 81 |
Total equity | 46,750 | 59,423 |
Non-current liabilities [abstract] | ||
Financial debts | 18,436 | 20,244 |
Lease liabilities | 1,598 | 1,538 |
Deferred tax liabilities | 2,248 | 2,686 |
Provisions and other non-current liabilities | 4,523 | 4,906 |
Total non-current liabilities | 26,805 | 29,374 |
Current liabilities [abstract] | ||
Trade payables | 4,926 | 5,146 |
Financial debts and derivative financial instruments | 6,175 | 5,931 |
Lease liabilities | 230 | 251 |
Current income tax liabilities | 1,893 | 2,533 |
Provisions and other current liabilities | 13,166 | 14,795 |
Total current liabilities | 26,390 | 28,656 |
Total liabilities | 53,195 | 58,030 |
Total equity and liabilities | $ 99,945 | $ 117,453 |
Consolidated statements of chan
Consolidated statements of changes in equity - USD ($) $ in Millions | Total | Equity attributable to owners of parent [member] | Share capital | Treasury shares | Retained earnings | Total value adjustments | Non-controlling interests [member] |
Equity | Restated Value Adjustments [member] | $ 56,666 | $ 56,598 | $ 913 | $ (53) | $ 57,157 | $ (1,419) | $ 68 |
Equity at beginning of period (Restated Value Adjustments [member]) at Dec. 31, 2020 | 56,666 | 56,598 | 913 | (53) | 57,157 | (1,419) | 68 |
Net income | 24,018 | 24,021 | 24,021 | (3) | |||
Other comprehensive income | (2,497) | (2,493) | 46 | (2,539) | (4) | ||
Total comprehensive income | 21,521 | 21,528 | 24,067 | (2,539) | (7) | ||
Dividends | (7,368) | (7,368) | (7,368) | ||||
Purchase of treasury shares | (2,920) | (2,920) | (18) | (2,902) | |||
Reduction of share capital | (12) | 18 | (6) | ||||
Exercise of options and employee transactions, equity impact | 39 | 39 | 0 | 39 | |||
Equity-based compensation | 745 | 745 | 5 | 740 | |||
Shares delivered to divested business employees, equity impact Alcon | 17 | 17 | 0 | 17 | |||
Taxes on treasury shares | 1 | 1 | 1 | ||||
(Increase)/decrease of treasury share repurchase obligation under a share buyback trading plan | (1,040) | (1,040) | (1,040) | ||||
Transaction costs recorded in equity | 12 | 12 | 12 | ||||
Fair value adjustments on equity securities sold, reclassified to retained earnings | 164 | (164) | |||||
Changes in non-controlling interests | (1) | (1) | |||||
Fair value adjustments related to divestments | 65 | (65) | |||||
Impact of change in ownership of consolidated entities | 102 | (5) | (5) | 0 | 107 | ||
Other movements | 48 | 48 | 48 | ||||
Total of other equity movements | (10,365) | (10,471) | (12) | 5 | (10,235) | (229) | 106 |
Equity at end of period at Dec. 31, 2021 | 67,822 | 67,655 | 901 | (48) | 70,989 | (4,187) | 167 |
Equity | 67,822 | 67,655 | 901 | (48) | 70,989 | (4,187) | 167 |
Net income | 6,955 | 6,955 | 6,955 | 0 | |||
Other comprehensive income | (844) | (839) | (839) | (5) | |||
Total comprehensive income | 6,111 | 6,116 | 6,955 | (839) | (5) | ||
Dividends | (7,506) | (7,506) | (7,506) | ||||
Purchase of treasury shares | (10,910) | (10,910) | (66) | (10,844) | |||
Reduction of share capital | (11) | 15 | (4) | ||||
Exercise of options and employee transactions, equity impact | 88 | 88 | 1 | 87 | |||
Equity-based compensation | 854 | 854 | 6 | 848 | |||
Shares delivered to divested business employees, equity impact Alcon | 5 | 5 | 0 | 5 | |||
Taxes on treasury shares | 14 | 14 | 14 | ||||
(Increase)/decrease of treasury share repurchase obligation under a share buyback trading plan | 2,809 | 2,809 | 2,809 | ||||
Fair value adjustments on equity securities sold, reclassified to retained earnings | 4 | (4) | |||||
Changes in non-controlling interests | (81) | (81) | |||||
Fair value adjustments related to divestments | (34) | 34 | |||||
Other movements | 217 | 217 | 217 | ||||
Total of other equity movements | (14,510) | (14,429) | (11) | (44) | (14,404) | 30 | (81) |
Equity at end of period at Dec. 31, 2022 | 59,423 | 59,342 | 890 | (92) | 63,540 | (4,996) | 81 |
Equity | 59,423 | 59,342 | 890 | (92) | 63,540 | (4,996) | 81 |
Net income | 14,854 | 14,850 | 14,850 | 4 | |||
Other comprehensive income | 1,202 | 1,200 | 1,200 | 2 | |||
Total comprehensive income | 16,056 | 16,050 | 14,850 | 1,200 | 6 | ||
Dividends | (7,255) | (7,255) | (7,255) | ||||
Dividend in kind | (13,962) | (13,962) | (13,962) | ||||
Purchase of treasury shares | (8,517) | (8,517) | (51) | (8,466) | |||
Reduction of share capital | (65) | 94 | (29) | ||||
Exercise of options and employee transactions, equity impact | 146 | 146 | 2 | 144 | |||
Equity-based compensation | 904 | 904 | 6 | 898 | |||
Shares delivered to divested business employees, equity impact Sandoz | 30 | 30 | 0 | 30 | |||
Taxes on treasury shares | 14 | 14 | 14 | ||||
Transaction costs recorded in equity | (214) | (214) | (214) | ||||
Fair value adjustments on equity securities sold, reclassified to retained earnings | (1) | 1 | |||||
Changes in non-controlling interests | (4) | (4) | |||||
Fair value adjustments related to divestments | (29) | 29 | |||||
Other movements | 129 | 129 | 129 | ||||
Total of other equity movements | (28,729) | (28,725) | (65) | 51 | (28,741) | 30 | (4) |
Equity at end of period at Dec. 31, 2023 | 46,750 | 46,667 | 825 | (41) | 49,649 | (3,766) | 83 |
Equity | $ 46,750 | $ 46,667 | $ 825 | $ (41) | $ 49,649 | $ (3,766) | $ 83 |
Consolidated cash flow statemen
Consolidated cash flow statements - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [line items] | |||
Net income from continuing operations | $ 8,572 | $ 6,049 | $ 22,905 |
Reversal of non-cash items and other adjustments | 10,369 | 10,631 | (6,430) |
Dividends received from associated companies and others | 2 | 1 | 523 |
Interest received | 645 | 252 | 11 |
Interest paid | (751) | (667) | (643) |
Other financial receipts | 90 | 71 | |
Other financial payments | (17) | (26) | (297) |
Income taxes paid | (2,787) | (1,702) | (1,856) |
Net cash flows from operating activities before working capital and provision changes | 16,123 | 14,609 | 14,213 |
Payments out of provisions and other net cash movements in non-current liabilities | (1,534) | (774) | (775) |
Change in net current assets and other operating cash flow items | (369) | (796) | (73) |
Net cash flows from operating activities from continuing operations | 14,220 | 13,039 | 13,365 |
Net cash flows from operating activities from discontinued operations | 238 | 1,197 | 1,706 |
Total net cash flows from operating activities | 14,458 | 14,236 | 15,071 |
Purchases of property, plant and equipment | (1,060) | (916) | (1,066) |
Proceeds from sale of property, plant and equipment | 237 | 158 | 211 |
Purchases of intangible assets | (1,693) | (1,323) | (1,490) |
Proceeds from sale of intangible assets | 1,955 | 170 | 686 |
Purchases of financial assets | (106) | (115) | (188) |
Proceeds from sale of financial assets | 348 | 133 | 440 |
Purchases of other non-current assets | (1) | (59) | |
Proceeds from sale of other non-current assets | 4 | ||
Acquisitions and divestments of interests in associated companies, net | (11) | (24) | 20,669 |
Acquisitions and divestments of businesses, net | (3,558) | (840) | (205) |
Purchases of marketable securities, commodities and time deposits | (641) | (34,695) | (16,403) |
Proceeds from sale of marketable securities, commodities and time deposits | 11,248 | 39,357 | 2,298 |
Net cash flows from investing activities from continuing operations | 6,719 | 1,904 | 4,897 |
Net cash flows used in investing activities from discontinued operations | (1,123) | (436) | (689) |
Total net cash flows from investing activities | 5,596 | 1,468 | 4,208 |
Dividends paid to shareholders of Novartis AG | (7,255) | (7,506) | (7,368) |
Acquisitions of treasury shares | (8,719) | (10,652) | (3,057) |
Proceeds from exercised options and other treasury share transactions, net | 153 | 100 | 53 |
Repayments of the current portion of non-current financial debts | (2,223) | (2,575) | (2,162) |
Change in current financial debts | 546 | 252 | (3,547) |
Payments of lease liabilities | (258) | (262) | (278) |
Impact of change in ownership of consolidated entities | (3) | ||
Other financing cash flows, net | 192 | (38) | 72 |
Net cash flows used in financing activities from continuing operations | (17,564) | (20,681) | (16,290) |
Net cash flows from financing activities from discontinued operations | 3,286 | 119 | 26 |
Total net cash flows used in financing activities | (14,278) | (20,562) | (16,264) |
Net change in cash and cash equivalents before effect of exchange rate changes | 5,776 | (4,858) | 3,015 |
Effect of exchange rate changes on cash and cash equivalents | 100 | (32) | (266) |
Net change in cash and cash equivalents | 5,876 | (4,890) | 2,749 |
Cash and cash equivalents at beginning of period | 7,517 | 12,407 | 9,658 |
Cash and cash equivalents at end of period | $ 13,393 | $ 7,517 | $ 12,407 |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of significant accounting policies [abstract] | |
Disclosure of material accounting policy information [text block] | 1. Accounting policies Novartis is a multinational group of companies (Novartis or Company) specializing in the research, development, manufacturing and marketing of a broad range of innovative pharmaceutical medicines. The Company is headquartered in Basel, Switzerland. The consolidated financial statements of the Company are prepared in accordance with International Financial Reporting Standards (IFRS) Accounting Standards as issued by the International Accounting Standards Board. They are prepared in accordance with the historical cost convention, except for items that are required to be accounted for at fair value. The Company’s financial year-end is December 31, which is also the annual closing date of the individual entities’ financial statements incorporated into the Company’s consolidated financial statements. The preparation of financial statements requires management to make certain estimates and assumptions, either at the balance sheet date or during the year, which affect the reported amounts of revenues, expenses, assets, liabilities, including the distribution liability and the non-cash, non-taxable gain recognized in connection with the distribution of Sandoz Group AG to Novartis AG shareholders, and contingent amounts. Estimates are based on historical experience and other assumptions that are considered reasonable under the given circumstances and are regularly monitored. Actual outcomes and results could differ from those estimates and assumptions. Revisions to estimates are recognized in the period in which the estimate is revised. At the Novartis AG Extraordinary General Meeting, held on September 15, 2023, our shareholders approved the spin-off of the Sandoz business. Following the shareholder approval, IFRS Accounting Standards require the Sandoz Division and selected portions of corporate activities attributable to Sandoz’s business, as well as certain expenses related to the spin-off (the “Sandoz business”) to be reported as discontinued operations in the consolidated financial statements. As a result, the Sandoz business has been presented as discontinued operations in the consolidated financial statements. This requires the year ended December 31, 2023 consolidated income statement, consolidated statement of comprehensive income and consolidated statement of cash flows to present separately continuing operations from discontinued operations, with comparative amounts in the prior years restated on a consistent basis. There is no requirement for the restatement of the December 31, 2022 consolidated balance sheet related to the assets and liabilities of the Sandoz business that were derecognized in 2023 as at the October 3, 2023 Distribution date. For further information and disclosures refer to the section Distribution of Sandoz Group AG to Novartis AG shareholders in this Note 1, Note 2 and Note 31. Listed below are the material accounting policies of significance to Novartis or, in cases where IFRS Accounting Standards provide alternatives, the option adopted by Novartis. Scope of consolidation The consolidated financial statements include all entities, including structured entities, over which Novartis AG, Basel, Switzerland, directly or indirectly has control (generally as a result of owning more than 50% of the entity’s voting interest). Consolidated entities are also referred to as “subsidiaries.” In cases where Novartis does not fully own a subsidiary, it has elected to value any remaining outstanding non-controlling interest at the time of acquiring control of the subsidiary at its proportionate share of the fair value of the net identified assets. Investments in associated companies (generally defined as investments in entities in which Novartis holds between 20% and 50% of voting shares or over which it otherwise has significant influence) and joint ventures are accounted for using the equity method, except for selected venture fund investments for which the Company has elected to apply the method of fair value through the consolidated income statement. Foreign currencies The consolidated financial statements of Novartis are presented in US dollars (USD). The functional currency of a subsidiary is generally the local currency of that entity. The functional currency used for the reporting of certain Swiss and foreign finance entities is USD instead of their respective local currencies. This reflects the fact that the cash flows and transactions of these entities are primarily denominated in this currency. For subsidiaries using a functional currency other than USD the subsidiary’s results, financial position and cash flows are translated into USD using the following exchange rates: • Income, expense and cash flows for each month using the average exchange rate, with the US dollar values for each month being aggregated during the year • Balance sheet using year-end exchange rates • Resulting exchange rate differences are recognized in other comprehensive income Distribution of Sandoz Group AG to Novartis AG shareholders At the Extraordinary General Meeting (EGM) of Novartis AG shareholders, held on September 15, 2023, the Novartis AG shareholders approved a special distribution by way of a dividend in kind to effect the spin-off of Sandoz Group AG. The September 15, 2023, shareholder approval for the spin-off required the Sandoz Division and selected portions of corporate activities attributable to Sandoz’s business, as well as certain expenses related to the spin-off (the “Sandoz business”) to be reported as discontinued operations. The shareholder approval on September 15, 2023, for the spin-off the Sandoz business, required the recognition of a distribution liability at the fair value of the Sandoz business. Novartis policy is to measure the distribution liability at the fair value of the Sandoz business net assets taken as a whole. The distribution liability was recognized through a reduction in retained earnings. It was required to be adjusted at each balance sheet date for changes in its estimated fair value, up to the date of the distribution to shareholders through retained earnings. Any resulting impairment of the business assets to be distributed would have been recognized in the consolidated income statements in “Other expense” of discontinued operations, at the date of initial recognition of the distribution liability or at subsequent dates resulting from changes of the distribution liability valuation. At the October 4, 2023, distribution settlement date, the resulting gain, which is measured as the excess amount of the distribution liability over the then-carrying value of the net assets of the business distributed, was recognized on the line “Gain on distribution of Sandoz Group AG to Novartis AG shareholders” within the income statement of discontinued operations. The recognition of the distribution liability required the use of valuation techniques for the purposes of impairment testing of the Sandoz business’ assets to be distributed and for the measurement of the fair value of the distribution liability. These valuations required the use of management assumptions and estimates related to the Sandoz business’ future cash flows, market multiples, opening share price of Sandoz Group AG on the first day of trading its shares on the SIX Swiss Exchange, to estimate day one market value, and control premiums to apply in estimating the Sandoz business fair value. These fair value measurements are classified as “Level 3” in the fair value hierarchy. The section “—Goodwill and intangible assets other than goodwill” in this Note 1 provides additional information on key assumptions that are highly sensitive in the estimation of fair values using valuation techniques. Transaction costs that are directly attributable to the Distribution (spin-off) of the Sandoz business to Novartis AG shareholders by way of a dividend in kind, and that would otherwise have been avoided, were accounted for as a deduction from equity (within retained earnings). Prior to the recognition of the distribution liability, these costs were recorded as prepaid expenses in the consolidated balance sheet. For additional disclosures, refer to “Note 2. Significant transactions—Significant transactions in 2023—Completion of the spin-off of the Sandoz business through a dividend in kind distribution to Novartis AG shareholders,” and “Note 31. Discontinued operations.” Acquisition of assets and businesses Assets separately acquired are recorded at cost, which includes the purchase price and any directly attributable costs for bringing the asset into the condition to operate as intended. Expected costs for obligations to dismantle and remove property, plant and equipment and restore the site when it is no longer used are included in their cost. Acquired businesses are accounted for by applying the acquisition method, unless the optional concentration test is applied. The optional concentration test allows for an election on a transaction-by-transaction basis to account for the acquired business as an asset separately acquired when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The acquisition method requires that the assets acquired and liabilities assumed be recorded at their respective fair values on the date the Company obtains control. The excess of the fair value of the total purchase consideration transferred over the fair value of the acquired assets and assumed liabilities is recognized as goodwill. The valuations are based on information available at the acquisition date. Acquisition related costs are expensed as incurred. The application of the acquisition method requires certain estimates and assumptions to be made, especially concerning the fair values of the acquired intangible assets, inventories, property, plant and equipment and the liabilities assumed at the acquisition date, and the useful lives of the intangible assets and property, plant and equipment. Estimates of fair value require the use of valuation techniques. These valuations require the use of management assumptions and estimates, including the value of comparable assets in the market, amount and timing of future cash flows, outcomes and costs of research and development activities, probability of obtaining regulatory approval, long-term sales forecasts, actions of competitors, discount rates and terminal growth rates. The section “—Impairment of goodwill and intangible assets” in this Note 1 provides additional information on key assumptions that are highly sensitive in the estimation of fair values using valuation techniques. Goodwill and intangible assets other than goodwill Goodwill arises on applying the acquisition method on the acquisition of a business and is the excess of the fair value of the consideration transferred to acquire the business over the underlying fair value of the net identified assets acquired. Goodwill is allocated to groups of cash-generating units (CGUs) that is expected to benefit from the synergies of the combination, which are usually represented by the operating segment. Goodwill is tested for impairment annually at the level of this group of CGUs, and any impairment charges are recorded under “Other expense” in the consolidated income statement. Purchased intangible assets other than goodwill are initially recorded at cost. Intangible assets that have been acquired through a business combination are initially recorded at fair value using the acquisition method of accounting. Intangible assets available for use with a definitive useful life (which includes the categories Currently marketed products and Other intangible assets) are amortized on a straight-line basis and evaluated for potential impairment whenever facts and circumstances indicate that their carrying value may not be recoverable. Acquired research and development intangible assets that have not yet obtained marketing approval are recognized as in-process research and development (IPR&D). IPR&D is not amortized as it is not yet available for use. It is evaluated for potential impairment on an annual basis or when facts and circumstances warrant. Once a project included in IPR&D has received marketing approval from a regulatory authority, it is transferred to the “Currently marketed products” category of intangible assets. An asset, a CGU or a grouping of CGUs is considered impaired when its balance sheet carrying amount exceeds its estimated recoverable amount, which is defined as the higher of its fair value less costs of disposal and its value in use. Usually, Novartis applies the fair value less costs of disposal method for its impairment assessment. In most cases, no directly observable market inputs are available to measure the fair value less costs of disposal. An estimate is therefore derived indirectly and is based on net present value techniques utilizing post-tax cash flows and discount rates. In the limited cases where the value-in-use method would be applied, net present value techniques would be applied using pre-tax cash flows and discount rates. Fair value less costs of disposal reflects estimates of assumptions that market participants would be expected to use when pricing the asset or CGU, and for this purpose, management considers the range of economic conditions that are expected to exist over the remaining useful life of the asset. These valuations are classified as “Level 3” in the fair value hierarchy. The estimates used in calculating the net present values are highly sensitive and depend on assumptions specific to the nature of the Company’s activities with regard to: • Amount and timing of projected future cash flows • Sales forecasts • Actions of competitors (launch of competing products, marketing initiatives, etc.) • Sales erosion rates after the end of patent or other intellectual property rights protection, and timing of the entry of generic competition • Outcome of research and development activities (compound efficacy, results of clinical trials, etc.) • Amount and timing of projected costs to develop IPR&D into commercially viable products • Profit margins • Probability of obtaining regulatory approval • Future tax rate • Appropriate terminal growth rate • Appropriate discount rate Generally, for intangible assets with a definite useful life, Novartis uses cash flow projections for the whole useful life of these assets. For goodwill, Novartis generally utilizes cash flow projections for a three-year period based on management forecasts, with a terminal value based on cash flow projections usually in line with inflation rates for later periods. Probability-weighted scenarios are typically used. Discount rates used consider the Company’s estimated weighted average cost of capital, adjusted for specific asset, country and currency risks associated with cash flow projections, to approximate the discount rate that market participants would use to value the asset. Due to the above factors, actual cash flows and values could vary significantly from forecasted future cash flows and related values derived using discounting techniques. Cash and cash equivalents Cash and cash equivalents include highly liquid investments with original maturities of three months or less, which are readily convertible to known amounts of cash. Bank overdrafts are presented within current financial debts on the consolidated balance sheet. Marketable securities and non-current financial assets Marketable securities are financial assets held for short-term purposes that are principally traded in liquid markets and are classified within current assets on the consolidated balance sheet. The financial impacts related to these financial assets are recorded in “Other financial income and expense” in the consolidated income statement. Non-current financial assets held for long-term strategic purposes are classified within non-current assets on the consolidated balance sheet. The financial impacts related to these financial assets are recorded in “Other income” and “Other expense” in the consolidated income statement. Marketable securities and non-current financial assets are initially recorded at fair value on their trade date, which is different from the settlement date when the transaction is ultimately effected. Quoted securities are remeasured at each reporting date to fair value based on current market prices. If the market for a financial asset is not active or no market is available, fair values are established using valuation techniques. The majority of non-quoted investments are initially valued at fair value through the purchase price established between a willing buyer and seller. Non-quoted investments are subsequently adjusted based on values derived from discounted cash flow analysis or other pricing models. These investment values are classified as “Level 3” in the fair value hierarchy. The Company classifies and accounts for its marketable securities and non-current financial assets in the following categories: • Debt securities are valued at fair value through other comprehensive income with subsequent recycling into the consolidated income statement, as they meet both the “solely payment of principal and interest” and the business model criteria. Unrealized gains and losses, except exchange gains and losses, are recorded as a fair value adjustment in the consolidated statement of comprehensive income. They are recognized in the consolidated income statement when the debt instrument is sold, at which time the gain is transferred to “Other financial income and expense.” Exchange gains and losses related to debt instruments are immediately recognized in the consolidated income statement in “Other financial income and expense.” • Fund investments and equity securities of the Novartis Venture Fund are valued at fair value through profit and loss (FVPL). Unrealized gains and losses, including exchange gains and losses, are recognized in the consolidated income statement in “Other income” for gains and “Other expense” for losses. • Equity securities held as strategic investments, typically held outside of the Novartis Venture Fund, are generally designated at the date of acquisition as financial assets valued at fair value through other comprehensive income with no subsequent recycling through profit and loss. Unrealized gains and losses, including exchange gains and losses, are recorded as a fair value adjustment in the consolidated statement of comprehensive income. They are reclassified to retained earnings when the equity security is sold. If these equity securities are not designated at the date of acquisition as financial assets valued at fair value through other comprehensive income, they are valued at FVPL, as described above. • Other non-current financial assets, such as loans and long-term receivables from customers, advances and other deposits, are valued at amortized cost, which reflects the time value of money less any allowances for expected credit losses. The Company assesses on a forward-looking basis the expected credit losses associated with its debt securities valued at fair value through other comprehensive income. Impairments on debt securities are recorded in “Other financial income and expense.” For other financial assets valued at amortized cost, impairments, which are based on their expected credit losses, and exchange rate losses are included in “Other expense” in the consolidated income statement. Exchange rate gains and interest income, using the effective interest rate method, are included in “Other income” or “Other financial income” in the consolidated income statement, depending on the nature of the item. Derivative financial instruments Derivative financial instruments are initially recognized in the balance sheet at fair value and are remeasured to their current fair value at the end of each subsequent reporting period. The valuation of a forward exchange rate contract is based on the discounted cash flow model, using interest rate curves and forward rates at the reporting date as observable inputs. Options are valued based on a modified Black-Scholes model using volatility and exercise prices as major observable inputs. The Company enters into certain derivative financial instruments for the purpose of hedging to reduce the volatility in the Company’s performance due to the exposure to various business-related risks. The risk mitigation is obtained because the derivative’s value or cash flows are expected, wholly or partly, to offset changes in the value or cash flows of the recognized assets or liabilities. The overall strategy is aiming to mitigate the currency and interest rate risk of positions that are contractually agreed, and to partially mitigate the exposure risk of selected anticipated transactions. Certain derivative financial instruments meet the criteria for hedge accounting treatment. A prerequisite for obtaining this accounting-hedge relationship is extensive documentation on inception and proving on a regular basis that the economic hedge is effective for accounting purposes. Other derivative financial instruments do not meet the criteria to qualify for hedge accounting or are not designated in a hedge relationship. Changes in the fair value of these derivative instruments are recognized immediately in “Other financial income and expense” in the consolidated income statement. In addition, the Company has designated certain long-term debt components as hedges of the translation risk arising on certain net investments in foreign operations. On consolidation, foreign currency differences arising on long-term debt designated as net investment hedges of a foreign operation are recognized in other comprehensive income and accumulated in currency translation effects, to the extent that the hedge is effective. The foreign currency differences arising from hedge ineffectiveness are recognized in the income statement in “Other financial income and expense.” When a hedged net investment is disposed of, the proportionate portion of the cumulative amount recognized in equity in relation to the hedged net investment is transferred to the consolidated income statement as an adjustment to the gain or loss on disposal. Inventories Inventory is valued at the lower of acquisition or production cost determined on a first-in, first-out basis and net realizable value. This value is used for the “Cost of goods sold” in the consolidated income statement. Unsaleable inventory is fully written off in the consolidated income statement under “Cost of goods sold.” Trade receivables Trade receivables are initially recognized at their invoiced amounts, including any related sales taxes less adjustments for estimated revenue deductions such as rebates, chargebacks and cash discounts. Provisions for doubtful trade receivables are established using a forward-looking expected credit loss model (ECL). Charges for doubtful trade receivables are recorded as marketing and selling costs recognized in the consolidated income statement within “Selling, general and administration” expenses. Legal and environmental liabilities Novartis and its subsidiaries are subject to contingencies arising in the ordinary course of business, such as patent litigation, environmental remediation liabilities and other product-related and commercial litigation, and governmental investigations and proceedings. A provision is recorded when there is a probable outflow of resources for which a reliable estimate can be made of the outcome of the legal or other disputes against the subsidiary. Contingent consideration In the acquisition or divestment of a business, it is necessary to recognize contingent future amounts due to previous owners, representing contractually defined potential amounts as a liability or an asset. Usually for Novartis, these are linked to milestone or royalty payments related to certain assets and are recognized as a financial liability or financial asset at fair value, which is then remeasured at each subsequent reporting date. These estimations typically depend on factors such as technical milestones or market performance, and are adjusted for the probability of their likelihood of payment, and are appropriately discounted to reflect the impact of time. Changes in the fair value of contingent consideration liabilities in subsequent periods are recognized in the consolidated income statement in “Cost of goods sold” for currently marketed products and in “Research and development” for IPR&D. Changes in contingent consideration assets are recognized in “Other income” or “Other expense,” depending on their nature. The effect of unwinding the discount over time is recognized for contingent consideration liabilities in “Interest expense” and for contingent consideration assets as interest income recognized in the consolidated income statement within “Other financial income and expense.” Defined benefit pension plans and other post-employment benefits The liability in respect of defined benefit pension plans and other post-employment benefits is the defined benefit obligation calculated annually by independent actuaries using the projected unit credit method. The current service cost for defined benefit pension plans and other post-employment benefit plans is included in the personnel expenses of the various functions in which employees are employed, and the net interest on the net defined benefit liability or asset is recognized as “Other expense” or “Other income.” Revenue recognition Revenue on the sale of Novartis products and services, which is recorded as “Net sales to third parties” in the consolidated income statement, is recognized when a contractual promise to a customer (performance obligation) has been fulfilled by transferring control over the promised goods and services to the customer, substantially all of which is at the point in time of shipment to or receipt of the products by the customer or when the services are performed. If contracts contain customer acceptance provisions, revenue is recognized upon the satisfaction of the acceptance criteria. If a contract contains more than one performance obligation, the consideration is allocated based on the standalone selling price of each performance obligation. The amount of revenue recognized is based on the consideration Novartis expects to receive in exchange for its goods and services, when it is highly probable that a significant reversal will not occur. The consideration Novartis receives in exchange for its goods or services may be fixed or variable. Variable consideration is recognized when it is highly probable that a significant reversal will not occur. The most common elements of variable consideration are listed below. • Rebates and discounts granted to wholesalers, retailers, government agencies (including US Medicaid and US Federal Medicare programs), government supported healthcare systems, private health systems, pharmacy benefit managers, managed healthcare organizations, purchasing organizations and other direct and indirect customers, as well as chargebacks are provisioned and recorded as revenue deductions at the time the related revenues are recorded, or when the incentives are offered. The provision represents estimates of the related obligations, requiring the use of judgment when estimating the effect of these revenue deductions. These rebates and discounts, applied using provision rates, are estimated based on the terms and conditions in the individual government agencies, states, plans and customer agreements (which may be subject to challenge or change in interpretative guidance by government authorities and customers), historical experience, product sales and growth rate, population growth, product pricing including inflation impacts, the mix of contracts and products, the level of inventory in the distribution channel, regulations, contracts, channels and payers, as appropriate to the individual rebate and discount arrangements. These rebate provisions are adjusted based on established processes and experiences, for example from filing data with individual government agencies, states, and plans. There is often a time lag between recording of revenue deductions and the final accounting for them. • Refunds granted to healthcare providers under innovative pay-for-performance agreements (i.e. outcome based arrangements) are provisioned and recorded as a revenue deduction at the time the related sales are recorded. The provision represents estimates of the related obligations, requiring the use of judgment when estimating the effect of these revenue deductions. They are calculated on the basis of historical experience and clinical data available for the product, as well as specific terms of the individual agreements. In cases where historical experience and clinical data are not sufficient for a reliable estimation of the outcome, revenue recognition is deferred until the uncertainty is resolved, until such history is available or the period when the refund right has expired. The provisions for revenue deductions under the innovative pay-for-performance agreements are adjusted periodically based on established processes and actual experience, including the products actual outcomes achieved compared with the anticipated predefined targets. • Cash discounts are offered to customers to encourage prompt payment and are provisioned and recorded as revenue deductions at the time the related sales are recorded. • Sales returns provisions are recognized and recorded as revenue deductions when there is historical experience of Novartis agreeing to customer returns and Novartis can reasonably estimate expected future returns. The provision represents estimates of the related obligations, requiring the use of judgment when estimating the effect of these revenue deductions. In doing so, the estimated rate of return is applied, determined on the basis of historical experience of customer returns and considering any other relevant factors. This is applied to the amounts invoiced, also considering the amount of returned products to be destroyed versus products that can be placed back in inventory for resale. Where shipments are made on a resale or return basis, without sufficient historical experience for estimating sales returns, revenue is only recorded when there is evidence of consumption or when the right of return has expired. The provisions for sales returns are adjusted periodically based on established processes and actual experience, Net sales to third parties and provisions for revenue deductions are adjusted periodically to reflect experience and to reflect actual amounts as rebates, refunds, discounts and returns are processed. There is often a time lag between recording of revenue deductions and the final accounting for them. The provision represents estimates of the related obligations, requiring the use of judgment when estimating the effect of these revenue deductions. “Other revenue” includes income from profit-sharing arrangements with our collaboration partners, and royalty and milestone income from the out-licensing of intellectual property when Novartis retains an interest in the intellectual property through a license. Royalty income earned from a license is recognized when the underlying sales have occurred. Milestone income is recognized at the point in time when it is highly probable that the relevant milestone event criteria are met, and the risk of reversal of revenue recognition is remote. “Other revenue” also includes revenue from activities such as manufacturing or other services rendered, to the extent such revenue is not recorded under net sales, and is recognized when control transfers to the third party and our performance obligations are satisfied. Research and development Internal research and development (R&D) costs are fully charged to “Research and development” in the consolidated income statement in the period in which they are incurred. The Company considers that regulatory and other uncertainties inherent in the development of new products preclude the capitalization of internal development expenses as an intangible asset until marketing approval from a regulatory authority is obtained in a major market such as the United States, the European Union, Switzerland or Japan. Payments made to third parties, such as contract research and development organizations in compensation for subcontracted R&D, that are deemed not to transfer intellectual property to Novartis are expensed as internal R&D expenses in the period in which they are |
Significant transactions
Significant transactions | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of significant transactions [abstract] | |
Significant transactions | 2. Significant transactions The Company applied the acquisition method of accounting for businesses acquired, and did not elect to apply the optional concentration test to account for acquired business as an asset separately acquired. Significant transactions in 2023 Completion of the spin-off of the Sandoz business through a dividend in kind distribution to Novartis AG shareholders On July 18, 2023, Novartis announced that its Board of Directors had unanimously endorsed the proposed separation of the Sandoz business to create an independent company by way of a spin-off and to seek shareholder approval for the spin-off of the Sandoz business into a separately traded standalone company, following the complete structural separation of the Sandoz business into a standalone company (the Sandoz business or Sandoz Group AG) and subject to the satisfaction of certain conditions and Novartis AG shareholders’ approval. At the EGM held on September 15, 2023, Novartis AG shareholders approved a special distribution by way of a dividend in kind to effect the spin-off of Sandoz Group AG, subject to the completion of certain conditions precedent to the distribution. Upon shareholder approval, the Sandoz business was reported as discontinued operations and the distribution liability was recognized at its fair value, which exceeded the carrying value of the Sandoz business net assets. The conditions precedent to the spin-off were met and on October 3, 2023 the spin-off of the Sandoz business was effected by way of a distribution of a dividend in kind of Sandoz Group AG shares to Novartis AG shareholders and American Depositary Receipt (ADR) holders (the Distribution). Through the Distribution, each Novartis AG shareholder received 1 Sandoz Group AG share for every 5 Novartis AG shares and each Novartis ADR holder received 1 Sandoz ADR for every 5 Novartis ADR that they held at the close of business on October 3, 2023. As of October 4, 2023, the shares of Sandoz Group AG have been listed on the SIX Swiss Exchange (SIX) under the stock symbol “SDZ”. On September 18, 2023, the Sandoz business entered into financing arrangements with a group of banks under which on September 28, 2023, it borrowed a total amount of USD 3.3 billion. These borrowings consisted of a bridge loan in EUR (EUR 2.4 billion) and term loans in EUR (EUR 0.2 billion) and USD (USD 0.5 billion). In addition, the Sandoz business borrowed approximately USD 0.4 billion under a number of local bilateral facilities in different countries. This resulted in a total gross debt of USD 3.7 billion. These outstanding borrowings of the Sandoz business legal entities were recognized in the September 30, 2023 consolidated balance sheet within Liabilities related to discontinued operations and within financing activities cash flows from discontinued operations. Prior to the Distribution on October 3, 2023, Sandoz business legal entities paid approximately USD 3.3 billion in cash to Novartis and its affiliates through a series of intercompany transactions. At the Distribution date on October 3, 2023, the dividend in kind distribution liability to effect the Distribution (spin-off) of the Sandoz business amounted to USD 14.0 billion, measured by reference to the October 4, 2023 opening Sandoz Group AG share price and applying a control premium. The dividend in kind distribution liability was recorded as a reduction to equity (retained earnings) and remained in excess of the then carrying value of the Sandoz business net assets, which amounted to USD 8.6 billion (see Note 31). Certain consolidated foundations own Novartis AG dividend-bearing shares that restricts their availability for use by Novartis. These Novartis AG shares are accounted for as treasury shares. Through the Distribution, these foundations received Sandoz Group AG shares representing an approximate 4.31% The total non-taxable, non-cash gain recognized at the Distribution date of the spin-off of the Sandoz business amounted to USD 5.9 billion, which consists of: Oct 3, Net assets derecognized 1 -8 647 Derecognition of distribution liability 13 962 Difference between net assets and distribution liability 5 315 Recognition of Sandoz Group AG shares obtained through consolidated foundations 492 Currency translation gains recycled into the consolidated income statement 357 Transaction costs and other items recognized in the consolidated income statement -304 Gain on distribution of Sandoz Group AG to Novartis AG shareholders 5 860 1 |
Operating segment
Operating segment | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Operating segment | 3. Operating segment Prior to the September 15, 2023, shareholders’ approval of the spin-off of the Sandoz business (refer to Note 1 and Note 2 for additional information), the businesses of Novartis were divided operationally on a worldwide basis into two identified reporting segments: Innovative Medicines Division and the Sandoz Division. In addition, we separately reported Corporate activities. Following the September 15, 2023, shareholders’ approval of the spin-off of the Sandoz business (see Note 1 and Note 2), the Company reported its consolidated financial statements for the current and prior years as “continuing operations” and “discontinued operations” (see Note 1). Continuing operations include the retained business activities of Novartis, comprising the innovative medicines business (previously the Innovative Medicines Division) and the continuing corporate activities. Discontinued operations include the Sandoz generic pharmaceuticals and biosimilars business (the Sandoz Division) and certain corporate activities attributable to Sandoz’s business, as well as certain expenses related to the spin-off. Included in 2023 is also the IFRS Accounting Standards non-cash, non-taxable net gain on the Distribution of Sandoz Group AG to Novartis AG shareholders. For further details and disclosures on discontinued operations, refer to Note 1, Note 2 and Note 31. Effective January 1, 2023, the Sandoz business bio-technology manufacturing services to other companies’ activities and the Coartem The Company’s continuing operations is engaged in the research, development, manufacturing, distribution, and commercialization and sale of innovative medicines, with a focus on the core therapeutic areas: cardiovascular, renal and metabolic; immunology; neuroscience; oncology; and established brands. Following the spin-off of the Sandoz business, on October 3, 2023, Novartis operates as a single global operating segment innovative medicines company that is engaged in the research, development, manufacturing, distribution and commercialization and sale of innovative medicines. The Company’s research, development manufacturing and supply of products and functional activities are managed globally on a vertically integrated basis. Commercial efforts that coordinate marketing, sales and distribution of these products are organized by geographic region, therapeutic area and established brands. The Executive Committee of Novartis (ECN), chaired by the CEO, is the governance body responsible for allocating resources and assessing the business performance of the operating segment of the Company on a global basis and is the chief operating decision-maker (CODM) for the Company. The determination of a single operating segment is consistent with the financial information regularly reviewed by the CODM for purposes of assessing performance and allocating resources. See Note 4 for revenues and geographic information disclosures. |
Revenues and geographic informa
Revenues and geographic information | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of revenues and geographic information [abstract] | |
Revenues and geographic information | 4. Revenues and geographic information Net sales information Net sales from continuing operations comprise the following: (USD millions) 2023 2022 2021 Net sales to third parties from continuing operations 44 635 41 385 41 976 Sales to discontinued operations 805 821 805 Net sales from continuing operations 45 440 42 206 42 781 Geographic information The following table shows countries that accounted for more than 5% of net sales from continuing operations or more than 5% of total of selected non-current assets, for the years ended December 31, 2023, 2022 and 2021, and for selected non-current assets for the years ended December 31, 2023 and 2022: Net sales from continuing operations 1 Total of selected non-current assets 2 (USD millions) 2023 % 2022 % 2021 % 2023 % 2022 % Country Switzerland 1 308 3 1 036 2 926 2 19 396 32 23 708 32 United States 17 959 40 15 935 38 14 923 35 34 059 55 35 353 48 Germany 3 367 7 3 101 7 3 595 8 88 2 229 3 China 3 267 7 2 948 7 2 849 7 547 1 599 1 Japan 1 924 4 1 883 4 2 259 5 120 165 France 1 749 4 1 754 4 1 955 5 3 085 5 3 188 4 Other 15 866 35 15 549 38 16 274 38 4 269 7 8 241 12 Total 45 440 100 42 206 100 42 781 100 61 564 100 73 483 100 1 2 Net sales from continuing operations by region 1 The following table shows net sales from continuing operations by region for the years ended December 31, 2023, 2022 and 2021: Change Change US 17 959 15 935 13 14 923 7 Europe 14 997 14 371 4 15 721 -9 Asia/Africa/Australasia 9 308 8 978 4 9 355 -4 Canada and Latin America 3 176 2 922 9 2 782 5 Total 45 440 42 206 8 42 781 -1 Of which in established markets 33 725 31 386 7 32 183 -2 Of which in emerging growth markets 11 715 10 820 8 10 598 2 1 Information about major customers The Company’s largest, second-largest and third-largest customers account for approximately 15% 13% 8% 16% 12% 8% 14% 13% 7% The highest amounts of trade receivables outstanding were for these same three customers and amounted to approximately 17% 13% 8% 16% 14% 7% Net sales from continuing operations by core therapeutic area and established brands 1 Change 1 Change Cardiovascular, renal and metabolic Entresto 6 035 4 644 30 3 548 31 Leqvio 355 112 217 12 nm Other 1 nm 1 nm Total cardiovascular, renal and metabolic 6 391 4 756 34 3 561 34 Immunology Cosentyx 4 980 4 788 4 4 718 1 Xolair 2 1 463 1 365 7 1 428 -4 Ilaris 1 355 1 133 20 1 059 7 Other 1 nm 1 0 Total immunology 7 798 7 287 7 7 206 1 Neuroscience Kesimpta 2 171 1 092 99 372 194 Zolgensma 1 214 1 370 -11 1 351 1 Mayzent 392 357 10 281 27 Aimovig 266 218 22 215 1 Other 1 nm 1 0 Total neuroscience 4 043 3 038 33 2 220 37 Oncology Promacta/Revolade 2 269 2 088 9 2 016 4 Kisqali 2 080 1 231 69 937 31 Tafinlar Mekinist 1 922 1 770 9 1 693 5 Tasigna 1 848 1 923 -4 2 060 -7 Jakavi 1 720 1 561 10 1 595 -2 Pluvicto 980 271 262 nm Lutathera 605 471 28 475 -1 Kymriah 508 536 -5 587 -9 Piqray/Vijoice 505 373 35 329 13 Scemblix 413 149 177 7 nm Votrient 390 474 -18 577 -18 Adakveo 195 194 1 164 18 Tabrecta 154 133 16 90 48 Other 1 2 nm 2 0 Total oncology 13 590 11 176 22 10 532 6 Total promoted brands 31 822 26 257 21 23 519 12 1 Change 1 Change Established brands Lucentis 1 475 1 874 -21 2 160 -13 Sandostatin 1 314 1 238 6 1 413 -12 Gilenya 925 2 013 -54 2 787 -28 Exforge 713 743 -4 901 -18 Galvus 692 859 -19 1 092 -21 Diovan 613 652 -6 773 -16 Gleevec/Glivec 561 745 -25 1 024 -27 Afinitor/Votubia 408 512 -20 938 -45 Contract manufacturing 3 1 490 1 200 24 1 083 11 Other 3 5 427 6 113 -11 7 091 -14 Total established brands 3 13 618 15 949 -15 19 262 -17 Total net sales from continuing operations 45 440 42 206 8 42 781 -1 1 2 Xolair 3 Coartem nm = not meaningful Net sales from continuing operations of the top 20 brands in 2023 Brands Brand classification by therapeutic area or established brands Key indications US USD m Rest of world USD m Total USD m Entresto Cardiovascular, renal and metabolic Chronic heart failure, hypertension 3 067 2 968 6 035 Cosentyx Immunology Psoriasis (PsO), ankylosing spondylitis (AS), psoriatic arthritis (PsA), non-radiographic axial spondyloarthritis (nr-axSPA), hidradenitis suppurativa (HS) 2 636 2 344 4 980 Promacta/Revolade Oncology Immune thrombocytopenia (ITP), severe aplastic anemia (SAA) 1 205 1 064 2 269 Kesimpta Neuroscience Relapsing-remitting multiple sclerosis (RRMS) 1 528 643 2 171 Kisqali Oncology HR+/HER2- metastatic breast cancer 1 032 1 048 2 080 Tafinlar Mekinist Oncology BRAF V600+ metastatic adjuvant melanoma, advanced non-small cell lung cancer (NSCLC), tumor agnostic with BRAF mutation indication 791 1 131 1 922 Tasigna Oncology Chronic myeloid leukemia (CML) 884 964 1 848 Jakavi Oncology Myelofibrosis (MF), polycytomia vera (PV), graft-versus-host disease (GvHD) 1 720 1 720 Lucentis 1 Established brands Age-related macular degeneration (AMD), diabetic macular edema (DME), retinal vein occlusion (RVO) 1 475 1 475 Xolair 2 Immunology Severe allergic asthma (SAA), chronic spontaneous urticaria (CSU), nasal polyps 1 463 1 463 Ilaris Immunology Auto-inflammatory (CAPS, TRAPS, HIDS/MKD, FMF, SJIA, AOSD, gout) 686 669 1 355 Sandostatin Established brands Carcinoid tumors, acromegaly 829 485 1 314 Zolgensma Neuroscience Spinal muscular atrophy (SMA) 372 842 1 214 Pluvicto Oncology PSMA-positive mCRPC patients post-ARPI, post-Taxane 921 59 980 Gilenya 1 Established brands Relapsing multiple sclerosis (RMS) 359 566 925 Exforge Established brands Hypertension 13 700 713 Galvus Established brands Type 2 diabetes 692 692 Diovan Established brands Hypertension 52 561 613 Lutathera Oncology GEP-NETs gastroenteropancreatic neuroendocrine tumors 427 178 605 Gleevec/Glivec Established brands Chronic myeloid leukemia (CML), gastrointestinal stromal tumors (GIST) 150 411 561 Top 20 brands total 14 952 19 983 34 935 Rest of portfolio 3 007 7 498 10 505 Total net sales from continuing operations 17 959 27 481 45 440 1 Lucentis Gilenya 2 Xolair Net sales from continuing operations of the top 20 brands in 2022 Brands Brand classification by therapeutic area or established brands 1 Key indications US USD m Rest of world USD m Total USD m Cosentyx Immunology Psoriasis (PsO), ankylosing spondylitis (AS), psoriatic arthritis (PsA), non-radiographic axial spondyloarthritis (nr-axSPA) 2 770 2 018 4 788 Entresto Cardiovascular, renal and metabolic Chronic heart failure, hypertension 2 354 2 290 4 644 Promacta/Revolade Oncology Immune thrombocytopenia (ITP), severe aplastic anemia (SAA) 1 083 1 005 2 088 Gilenya 2 Established brands Relapsing multiple sclerosis (RMS) 1 153 860 2 013 Tasigna Oncology Chronic myeloid leukemia (CML) 877 1 046 1 923 Lucentis 2 Established brands Age-related macular degeneration (AMD), diabetic macular edema (DME), retinal vein occlusion (RVO) 1 874 1 874 Tafinlar Mekinist Oncology BRAF V600+ metastatic adjuvant melanoma, advanced non-small cell lung cancer (NSCLC), tumor agnostic with BRAF mutation indication 678 1 092 1 770 Jakavi Oncology Myelofibrosis (MF), polycytomia vera (PV), graft-versus-host disease (GvHD) 1 561 1 561 Zolgensma Neuroscience Spinal muscular atrophy (SMA) 434 936 1 370 Xolair 3 Immunology Severe allergic asthma (SAA), chronic spontaneous urticaria (CSU), nasal polyps 1 365 1 365 Sandostatin Established brands Carcinoid tumors, acromegaly 800 438 1 238 Kisqali Oncology HR+/HER2- metastatic breast cancer 472 759 1 231 Ilaris Immunology Auto-inflammatory (CAPS, TRAPS, HIDS/MKD, FMF, SJIA, AOSD, gout) 570 563 1 133 Kesimpta Neuroscience Relapsing-remitting multiple sclerosis (RRMS) 921 171 1 092 Galvus Established brands Type 2 diabetes 859 859 Gleevec/Glivec Established brands Chronic myeloid leukemia (CML), gastrointestinal stromal tumors (GIST) 205 540 745 Exforge Established brands Hypertension 14 729 743 Diovan Established brands Hypertension 55 597 652 Kymriah Oncology r/r pediatric and young adults acute lymphoblastic leukemia (ALL), diffuse large B-cell lymphoma (DLBCL) follicular lymphoma (FL) 196 340 536 Afinitor/Votubia Established brands Breast cancer/ tuberous sclerosis complex (TSC) 171 341 512 Top 20 products total 12 753 19 384 32 137 Rest of portfolio 4 3 182 6 887 10 069 Total net sales from continuing operations 4 15 935 26 271 42 206 1 2 Lucentis Gilenya 3 Xolair 4 Coartem Net sales from continuing operations of the top 20 brands in 2021 Brands Brand classification by therapeutic area or established brands 1 Key indications US USD m Rest of world USD m Total USD m Cosentyx Immunology Psoriasis (PsO), ankylosing spondylitis (AS), psoriatic arthritis (PsA), non-radiographic axial spondyloarthritis (nr-axSPA) 2 883 1 835 4 718 Entresto Cardiovascular, renal and metabolic Chronic heart failure 1 712 1 836 3 548 Gilenya 2 Established brands Relapsing multiple sclerosis (RMS) 1 427 1 360 2 787 Lucentis 2 Established brands Age-related macular degeneration (AMD) 2 160 2 160 Tasigna Oncology Chronic myeloid leukemia (CML) 882 1 178 2 060 Promacta/Revolade Oncology Immune thrombocytopenia (ITP), severe aplastic anemia (SAA) 947 1 069 2 016 Tafinlar Mekinist Oncology BRAF V600+ metastatic adjuvant melanoma, advanced non-small cell lung cancer (NSCLC) 606 1 087 1 693 Jakavi Oncology Myelofibrosis (MF), polycythemia vera (PV) 1 595 1 595 Xolair 3 Immunology Severe allergic asthma (SAA), chronic spontaneous urticaria (CSU), nasal polyps 1 428 1 428 Sandostatin Established brands Carcinoid tumors, acromegaly 843 570 1 413 Zolgensma Neuroscience Spinal muscular atrophy (SMA) 469 882 1 351 Galvus Established brands Type 2 diabetes 1 092 1 092 Ilaris Immunology Auto-inflammatory (CAPS, TRAPS, HIDS/MKD, FMF, SJIA, AOSD gout) 501 558 1 059 Gleevec/Glivec Established brands Chronic myeloid leukemia (CML), gastrointestinal stromal tumors (GIST) 263 761 1 024 Afinitor/Votubia Established brands Breast cancer/ tuberous sclerosis complex (TSC) 521 417 938 Kisqali Oncology HR+/HER2- metastatic breast cancer 339 598 937 Exforge Established brands Hypertension 14 887 901 Diovan Established brands Hypertension 51 722 773 Kymriah Oncology r/r pediatric and young adults acute lymphoblastic leukemia (ALL), diffuse large B-cell lymphoma (DLBCL) 230 357 587 Ultibro Established brands Chronic obstructive pulmonary disease (COPD) 584 584 Top 20 products total 11 688 20 976 32 664 Rest of portfolio 4 3 235 6 882 10 117 Total net sales from continuing operations 4 14 923 27 858 42 781 1 2 Lucentis Gilenya 3 Xolair 4 Coartem Other revenues (USD millions) 2023 2022 2021 Profit-sharing income 941 921 873 Royalty income 87 35 85 Milestone income 45 145 127 Other 1 147 154 108 Total other revenues 1 220 1 255 1 193 1 |
Associated companies
Associated companies | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of associates [abstract] | |
Associated companies | 5. Associated companies Net income statement effect Other comprehensive income effect 1 Total comprehensive income effect (USD millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Roche Holding AG, Switzerland 15 341 46 15 387 Others -13 -11 -4 -13 -11 -4 Associated companies -13 -11 15 337 46 -13 -11 15 383 1 In 2021, Novartis share of other comprehensive income recognized by associated companies, net of taxes of USD 3 million was recycled into the consolidated income statement as a result of the divestment of the investment in Roche Holding AG. No Novartis share of other comprehensive income recognized by associated companies was recycled to the consolidated income statement in 2023 and 2022. Novartis has certain non-significant investments and had a significant investment in Roche Holding AG, Basel (Roche), which was divested to Roche on December 6, 2021, that are accounted for as associated companies. Roche Holding AG On November 3, 2021, Novartis entered into an agreement with Roche Holding AG to divest its 33.3% 6.2% The divestment transaction closed on December 6, 2021, and Novartis realized a gain of USD 14.6 billion, recorded in income from associated companies. For more information, see Note 2. Since full-year financial data for Roche is not available when Novartis produces its consolidated financial results, a survey of analyst estimates is used to estimate the Company’s share of Roche’s net income. Any differences between these estimates and actual results were adjusted in the Company’s consolidated financial statements when available. As Novartis discontinued the use of equity method accounting starting from November 3, 2021, and the divestment closed on December 6, 2021, no such adjustment has been made to the 2023 and 2022 Company’s consolidated financial statements. The consolidated income statement effects from applying Novartis accounting principles for this investment in 2021 are as follows: (USD millions) 2021 Novartis share of Roche's estimated current-year consolidated net income 815 Prior-year adjustment 40 Amortization of fair value adjustments relating to intangible assets, net of taxes of USD 10 million -70 Gain on divestment of the investment in Roche 1 14 556 Net income effect 15 341 1 The gain on divestment of the investment in Roche includes the recycling of currency translation effects (see Note 9.1) and other comprehensive income effects totaling USD 3.2 billion. |
Interest expense and other fina
Interest expense and other financial income and expense | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Interest Expense and Other Financial Income and Expense [abstract] | |
Interest expense and other financial income and expense | 6. Interest expense and other financial income and expense Interest expense (USD millions) 2023 2022 2021 Interest expense -730 -642 -633 Interest expense on lease liabilities -62 -57 -59 Expense arising from discounting long-term liabilities and capitalized borrowing costs -63 -101 -95 Total interest expense from continuing operations -855 -800 -787 Other financial income and expense (USD millions) 2023 2022 2021 Interest income 627 377 70 Other financial income 21 19 12 Monetary loss from hyperinflation accounting -194 -137 -48 Financial expense -18 -33 -41 Currency result, net -214 -184 -69 Total other financial income and expense from continuing operations 222 42 -76 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Income Tax [abstract] | |
Income taxes | 7. Income taxes Income before taxes (USD millions) 2023 2022 2021 Switzerland 1 9 719 5 751 21 830 Foreign 2 -596 1 426 2 700 Income before taxes from continuing operations 9 123 7 177 24 530 1 The 2021 income before taxes from continuing operations in Switzerland includes a USD 14.6 billion non-taxable gain on the divestment of the Company’s investment in Roche Holding AG (see Note 2 and Note 5). 2 Current and deferred income tax expense The significant components of the provision for income taxes from continuing operations are as follows: (USD millions) 2023 2022 2021 Switzerland -1 136 -598 -949 Foreign -1 290 -1 155 -973 Current income tax expense -2 426 -1 753 -1 922 Switzerland 355 -131 39 Foreign 1 520 756 258 Deferred tax income 1 875 625 297 Income tax expense from continuing operations -551 -1 128 -1 625 Analysis of tax rate Novartis has a substantial business presence in many countries and is therefore subject to income taxes in different tax jurisdictions. This leads to differences in income and expense items that are non-taxable or non-deductible (permanent differences) or are taxed at different statutory tax rates in those tax jurisdictions. As a result, there is a difference between our applicable tax rate and effective tax rate. The applicable tax rate changes from year to year due to changes in the mix of the Company’s pre-tax income and changes in statutory tax rates since it is calculated as the weighted average tax rate based on the pre-tax income of each subsidiary. The main elements contributing to the difference between the Company’s overall applicable tax rate and the effective tax rate are shown in the following table: (As a percentage) 2023 2022 2021 Applicable tax rate 15.0 15.3 14.2 Effect of disallowed expenditures 1.4 2.6 1.0 Effect of income taxed at reduced rates -0.6 -0.4 -0.1 Effect of income not subject to tax 1 -2.5 -0.1 -7.9 Effect of tax credits and allowances -3.9 -4.1 -1.5 Effect of release of contingent consideration liability -0.3 -0.5 -0.1 Effect of tax rate change on current and deferred tax assets and liabilities -1.6 0.0 0.0 Effect of derecognition and reversals of derecognition of deferred tax assets 0.9 1.3 0.0 Effect of write-down of investments in subsidiaries -3.0 0.0 0.0 Effect of prior-year items 0.0 -0.3 0.1 Effect of changes in uncertain tax positions 0.1 1.7 1.0 Effect of other items 0.5 0.2 -0.1 Effective tax rate from continuing operations 6.0 15.7 6.6 1 2021 includes the effect of income not subject to tax ( -7.7 The effective tax rate of Novartis fluctuates primarily as a result of, among other factors, changes in pre-tax income between countries with varying statutory tax rates and the effects of disallowed expenditures, income not subject to tax, tax credits and allowances, tax rate changes on current and deferred tax assets and liabilities, write-down of investments in subsidiaries, and changes in uncertain tax positions. The table above provides the details of the significant items that impact the comparability of the effective tax rate between years. In December 2021, the OECD issued model rules for a new global minimum tax framework (Pillar Two). Novartis is within the scope of the OECD Pillar Two model rules. A number of governments in countries in which Novartis operates are in the process of enacting or have enacted tax legislation to comply with Pillar Two. Of the major countries in which we operate, only the enactment of Pillar Two tax legislation in Switzerland is expected to have an impact to our income tax provision as from 2024. In December 2023, Switzerland decided to partially implement Pillar Two, whereby effective from January 1, 2024, a 15% |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Earnings per share | 8. Earnings per share 2023 2022 2021 Net income attributable to shareholders of Novartis AG (USD millions) - Continuing operations 8 568 6 049 22 908 - Discontinued operations 6 282 906 1 113 Net income attributable to shareholders of Novartis AG (USD millions) 14 850 6 955 24 021 Number of shares (in millions) Weighted average number of shares outstanding used in basic earnings per share 2 077 2 181 2 243 Adjustment for vesting of restricted shares, restricted share units and dilutive shares from options 15 16 17 Weighted average number of shares in diluted earnings per share 2 092 2 197 2 260 Basic earnings per share (USD) - Continuing operations 4.13 2.77 10.22 - Discontinued operations 3.02 0.42 0.49 Total basic earnings per share (USD) 7.15 3.19 10.71 Diluted earnings per share (USD) - Continuing operations 4.10 2.76 10.14 - Discontinued operations 3.00 0.41 0.49 Total diluted earnings per share (USD) 7.10 3.17 10.63 Basic earnings per share (EPS) is calculated by dividing net income attributable to shareholders of Novartis AG by the weighted average number of shares outstanding in a reporting period. This calculation excludes the average number of issued shares purchased by the Company and held as treasury shares. For diluted EPS, the weighted average number of shares outstanding is adjusted to assume the vesting of all restricted shares, restricted share units, and in 2022 and 2021 the conversion of all potentially dilutive shares arising from options on Novartis shares that have been issued. At December 31, 2023, there were no options on Novartis shares issued or outstanding. No options were excluded from the calculation of diluted EPS in 2022 or 2021, as all options were dilutive in both years. |
Changes in consolidated stateme
Changes in consolidated statements of comprehensive income | 12 Months Ended |
Dec. 31, 2023 | |
Comprehensive income [abstract] | |
Changes in consolidated statements of comprehensive income | 9. Changes in consolidated statements of comprehensive income The consolidated statements of comprehensive income include the Company’s net income for the year as well as all other valuation adjustments recorded in the Company’s consolidated balance sheet, which under IFRS Accounting Standards are not recorded in the consolidated income statement. These include fair value adjustments on financial instruments, actuarial gains or losses on defined benefit pension plans, and currency translation effects, all net of taxes. Total value Value adjustments at December 31, 2020 220 -5 773 4 134 -1 419 -29 -1 448 Fair value adjustments on equity securities, net of taxes of USD -44 1 194 194 194 Net investment hedge, net of taxes of USD 33 million 216 216 216 Defined benefit plans, net of taxes of USD -323 1 808 1 808 1 1 809 Currency translation effects, net of taxes of USD 17 million 9.1 -4 757 -4 757 -5 -4 762 Total value adjustments in 2021 194 1 808 -4 541 -2 539 -4 -2 543 Fair value adjustments on equity securities sold, reclassified to retained earnings net of taxes of USD 48 million -164 -164 -164 Value adjustments related to divestments -62 -3 -65 -65 Value adjustments at December 31, 2021 188 -3 968 -407 -4 187 -33 -4 220 Fair value adjustments on equity securities, net of taxes of USD 81 million 1 -382 -382 -382 Net investment hedge, net of taxes of USD -30 91 91 91 Defined benefit plans, net of taxes of USD -104 -104 -104 1 -103 Currency translation effects, net of taxes of USD 18 million 9.1 -444 -444 -6 -450 Total value adjustments in 2022 -382 -104 -353 -839 -5 -844 Fair value adjustments on equity securities sold, reclassified to retained earnings net of taxes of nil -4 -4 -4 Value adjustments related to divestments, net of taxes of USD -4 34 34 34 Value adjustments at December 31, 2022 -198 -4 038 -760 -4 996 -38 -5 034 Fair value adjustments on equity securities, net of taxes of USD -6 1 37 37 37 Net investment hedge, net of taxes of USD 19 million -50 -50 -50 Defined benefit plans, net of taxes of USD 16 million -160 -160 -160 Currency translation effects, net of taxes of USD -6 9.1 1 373 1 373 2 1 375 Total value adjustments in 2023 37 -160 1 323 1 200 2 1 202 Fair value adjustments on equity securities sold, reclassified to retained earnings net of taxes of USD -7 1 1 1 Value adjustments related to divestments, net of taxes of USD -4 2 27 29 29 Value adjustments at December 31, 2023 -158 -4 171 563 -3 766 -36 -3 802 1 9.1) In 2023, net cumulative currency translation gains of USD 358 million were recycled through the income statement, consisting of USD 357 million as a result of the spin-off of the Sandoz business through a dividend in kind distribution to Novartis AG shareholders (see Note 2), and of USD 1 million as a result of the divestment of subsidiaries. In 2022, net cumulative currency translation gains of USD 13 million were recycled through the income statement as a result of the divestments of subsidiaries. In 2021, net cumulative currency translation gains of USD 3.2 billion were recycled through the income statement as a result of the divestment of the investment in Roche. See Notes 2 and 5. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, plant and equipment | 10. Property, plant and equipment The following table summarizes the movements of property, plant and equipment during 2023: Machinery At January 1, 2023 Cost 451 11 396 1 184 11 842 24 873 Accumulated depreciation and impairment -9 -5 903 -27 -8 170 -14 109 Net book value 442 5 493 1 157 3 672 10 764 At January 1, 2023 442 5 493 1 157 3 672 10 764 Costs and accumulated depreciation/impairments on assets related to discontinued operations 1 -54 -422 -280 -588 -1 344 Impact of acquisitions of businesses 12 1 5 18 Reclassifications 197 -420 223 Additions 1 85 734 245 1 065 Disposals and derecognitions -16 -261 -20 -63 -360 Depreciation charge -343 -573 -916 Impairment charge -3 -36 -10 -57 -106 Reversal of impairment charge 3 9 4 16 Currency translation effects 25 162 44 146 377 At December 31, 2023 398 4 896 1 206 3 014 9 514 At December 31, 2023 Cost 403 10 147 1 213 9 630 21 393 Accumulated depreciation and impairment -5 -5 251 -7 -6 616 -11 879 Net book value 398 4 896 1 206 3 014 9 514 Commitments for purchases of property, plant and equipment 744 Capitalized borrowing costs 3 1 The following table summarizes the movements of property, plant and equipment during 2022: Machinery At January 1, 2022 Cost 492 11 819 1 508 13 328 27 147 Accumulated depreciation and impairment -7 -5 744 -65 -9 786 -15 602 Net book value 485 6 075 1 443 3 542 11 545 At January 1, 2022 485 6 075 1 443 3 542 11 545 Impact of acquisitions of businesses 13 13 Reclassifications 297 -964 667 Additions 1 3 124 780 312 1 219 Disposals and derecognitions -28 -49 -33 -45 -155 Depreciation charge 2 -437 -726 -1 163 Impairment charge 2 -7 -351 -13 -43 -414 Reversal of impairment charge 2 1 1 5 7 Currency translation effects -12 -166 -57 -53 -288 At December 31, 2022 442 5 493 1 157 3 672 10 764 At December 31, 2022 Cost 451 11 396 1 184 11 842 24 873 Accumulated depreciation and impairment -9 -5 903 -27 -8 170 -14 109 Net book value 442 5 493 1 157 3 672 10 764 Commitments for purchases of property, plant and equipment 549 Capitalized borrowing costs 5 1 Additions in continuing operations were USD 930 million. Note 31 provides disclosure of discontinued operations additions. 2 Government grants obtained for construction activities, including any related equipment, are deducted from the gross acquisition cost to arrive at the balance sheet carrying value of the related assets. Property, plant and equipment is depreciated on a straight-line basis in the consolidated income statement over the estimated useful life of the individual asset. The related depreciation expense is included in the costs of the functions using the asset. The following table shows the estimated useful life by major categories for property, plant and equipment: Useful life Buildings 20 to 40 years Machinery and other equipment Machinery and equipment 7 to 20 years Furniture and vehicles 5 to 10 years Computer hardware 3 to 7 years Property, plant and equipment is assessed for impairment whenever there is an indication that the balance sheet carrying amount may not be recoverable using cash flow projections over the useful life. The following table shows the property, plant and equipment depreciation charge, impairment charge and reversals of impairment charge for continuing operations for the years ended December 31, 2023, 2022 and 2021 1 (USD millions) 2023 2022 2021 Depreciation charge -916 -967 -1 005 Impairment charge -106 -411 -316 Impairment reversals 16 4 44 1 |
Right-of-use assets and lease l
Right-of-use assets and lease liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Lease liabilities and Right of use assets Disclosure Abstract | |
Disclosure of leases [text block] | 11. Right-of-use assets and lease liabilities The Company recognizes a right-of-use asset and a corresponding lease liability for all arrangements in which it is a lessee, except for leases with a term of 12 months or less (short-term leases) and low-value leases. For these short-term and low-value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. The Company allocates the consideration in the lease contract to the lease and non-lease components on the basis of the relative standalone price of each component. The portion of the lease payments attributable to the repayment of lease liabilities is recognized in cash flows used in financing activities, and the portion attributable to the payment of interest is included in cash flows from operating activities. Right-of-use assets are depreciated on a straight-line basis from the commencement date of the lease over the shorter of the useful life of the right-of-use asset or the end of the lease term. Right-of-use assets are assessed for impairment whenever there is an indication that the balance sheet carrying amount may not be recoverable using cash flow projections for the useful life. The following table summarizes the movements of the right-of-use assets: (USD millions) 2023 2022 Right-of-use assets at January 1 1 431 1 561 Costs and accumulated depreciation/impairments on assets related to discontinued operations 1 -117 Impact of acquisitions of businesses 16 12 Additions 2 421 247 Depreciation charge -259 -300 Impairment charge 3 -4 -3 Lease contract terminations 4 -93 -34 Currency translation effects 15 -52 Total right-of-use assets at December 31 1 410 1 431 1 2 Additions in continuing operations were USD 216 million in 2022. 3 Impairment charge in continuing operations was USD 3 million in 2022 and nil in 2021. 4 The following table shows the right-of-use assets carrying value at December 31, 2023 and 2022, and the continuing operations depreciation charge for years 2023, 2022 and 2021, by underlying class of asset 1 December 31, December 31, Depreciation Depreciation Depreciation Land 483 505 12 16 11 Buildings 749 745 156 162 174 Vehicles 112 117 80 82 89 Machinery and equipment, and other assets 66 64 11 7 5 Total right-of-use assets 1 410 1 431 259 267 279 1 The following table shows the lease liabilities by maturity at December 31, 2023 and 2022: Lease liabilities Lease liabilities Less than one year 230 284 251 297 Between one and two years 203 248 190 232 Between two and three years 170 211 167 201 Between three and four years 149 184 137 172 Between four and five years 113 142 122 154 After five years 963 2 173 922 2 149 Total lease liabilities 1 828 3 242 1 789 3 205 Less current portion of lease liabilities -230 -284 -251 -297 Non-current portion of lease liabilities 1 598 2 958 1 538 2 908 Commitments for leases not yet commenced 89 83 |
Goodwill and intangible assets
Goodwill and intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Goodwill and intangible assets | 12. Goodwill and intangible assets other than goodwill Novartis has the following classes of available for use intangible assets other than goodwill: Currently marketed products and Other intangible assets. Currently marketed products represent the composite value of acquired intellectual property (IP), patents, distribution rights and product trade names. Other intangible assets include capitalized internally developed and acquired computer software and technologies, which represent identified and separable acquired know- how used in research, development, and production. The following table summarizes the movements of goodwill and intangible assets other than goodwill in 2023: Goodwill Intangible assets other than goodwill In-process Currently Other At January 1, 2023 Cost 29 596 7 092 58 249 4 343 69 684 Accumulated amortization and impairment -295 -2 671 -32 736 -2 633 -38 040 Net book value 29 301 4 421 25 513 1 710 31 644 At January 1, 2023 29 301 4 421 25 513 1 710 31 644 Costs and accumulated amortization/impairments on assets related to discontinued operations 1 -7 445 -235 -1 026 -199 -1 460 Impact of acquisitions of businesses 1 094 2 931 15 2 946 Reclassifications -235 23 212 Additions 770 290 516 1 576 Disposals and derecognitions 2 -1 842 -3 -1 845 Amortization charge -3 319 -641 -3 960 Impairment charge -2 544 -310 -194 -3 048 Currency translation effects 391 221 688 117 1 026 At December 31, 2023 23 341 5 329 20 017 1 533 26 879 At December 31, 2023 Cost 23 391 7 822 46 909 3 588 58 319 Accumulated amortization and impairment -50 -2 493 -26 892 -2 055 -31 440 Net book value 23 341 5 329 20 017 1 533 26 879 1 2 Xiidra The following table summarizes the movements of goodwill and intangible assets other than goodwill in 2022: Goodwill Intangible assets other than goodwill In-process Currently Other At January 1, 2022 Cost 29 900 8 013 56 213 3 985 68 211 Accumulated amortization and impairment -305 -2 514 -29 107 -2 408 -34 029 Net book value 29 595 5 499 27 106 1 577 34 182 At January 1, 2022 29 595 5 499 27 106 1 577 34 182 Impact of acquisitions of businesses 161 1 209 1 209 Reclassifications 1 -1 429 1 403 26 Additions 2 330 1 175 588 2 093 Disposals and derecognitions 3 -28 -95 -3 -2 -100 Amortization charge 4 -3 603 -379 -3 982 Impairment charge 4 -917 -322 -87 -1 326 Currency translation effects -427 -176 -243 -13 -432 At December 31, 2022 29 301 4 421 25 513 1 710 31 644 At December 31, 2022 Cost 29 596 7 092 58 249 4 343 69 684 Accumulated amortization and impairment -295 -2 671 -32 736 -2 633 -38 040 Net book value 29 301 4 421 25 513 1 710 31 644 1 2 Additions in continuing operations were USD 1 930 million. Note 31 provides disclosure of discontinued operations additions. 3 4 As at December 31, 2023, the most significant intangible assets within currently marketed products category are Leqvio Zolgensma Leqvio Zolgensma The following table shows the estimated useful life by category for intangible assets available for use and the line in the consolidated income statement in which the amortization and any potential impairment charge is recognized: Income statement line Currently marketed products 5 to 20 years "Cost of goods sold" Other (including software and technologies) 3 to 15 years In the relevant functional expense, and for technologies in "Cost of goods sold" or "Research and Development" Any impairment charge for IPR&D is recorded in the consolidated income statement under “Research and development.” The Company has no indefinite useful life intangible asset other than goodwill. The Company’s cash-generating units to which goodwill is allocated is at the level of the operating segment, which is comprised of a group of smaller cash-generating units. The valuation method of the recoverable amount of the operating segment to which goodwill is allocated is based on the fair value less costs of disposal. Any impairment charges are recorded under “Other expense” in the consolidated income statement. The following assumptions were used in the goodwill impairment testing calculation: (As a percentage) Terminal growth rate 1.3 Discount rate (post-tax) 8.0 The discount rates consider the Company’s weighted average cost of capital, adjusted to approximate the weighted average cost of capital of a comparable market participant. The fair value less costs of disposal, for all cash-generating units containing goodwill, is reviewed for the impact of reasonably possible changes in key assumptions. In particular, we considered an increase in the discount rate, a decrease in the terminal growth rate, and certain negative impacts on the forecasted cash flows. These reasonably possible changes in key assumptions did not indicate an impairment. “Note 1. Accounting policies—Goodwill and intangible assets other than goodwill” provides additional disclosures on how the Company performs goodwill and intangible asset impairment testing. The following table shows the intangible asset amortization charge and impairment charges for continuing operations for the years ended December 31, 2023, 2022 and 2021 1 (USD millions) 2023 2022 2021 Amortization charge -3 960 -3 760 -3 665 Impairment charge 2 -3 048 -1 301 -376 1 2 2023 impairment charge includes the write-down of IPR&D on the cessation of clinical development programs, including PPY988 (USD 1.0 billion), which was acquired with the 2022 acquisition of Gyroscope Therapeutics Holdings plc (see Note 2), VDT482 (USD 0.4 billion), and MBG453 (USD 0.3 billion), and the clinical research program NIZ985 (USD 0.3 billion); as well as the write-down of a currently marketed product by USD 0.3 billion to reflect the reduction in its recoverable amount. 2022 intangible asset impairment charges include the write-down of IPR&D on the cessation of clinical development programs, including UNR844 (USD 0.6 billion). 2021 intangible asset impairment charges includes the write down of IPR&D on the cessation of clinical development programs, including GTX312 (USD 0.2 billion). In 2023, 2022 and 2021, there were no reversals of impairment charges on intangible assets. |
Deferred tax assets and liabili
Deferred tax assets and liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Deferred Tax Assets and Liabilities [abstract] | |
Deferred tax assets and liablities | 13. Deferred tax assets and liabilities Pensions and Gross deferred tax assets at January 1, 2023 158 1 726 739 2 214 425 2 789 8 051 Gross deferred tax liabilities at January 1, 2023 -343 -4 785 -420 -138 -1 312 -6 998 Net deferred tax balance at January 1, 2023 -185 -3 059 319 2 076 425 1 477 1 053 At January 1, 2023 -185 -3 059 319 2 076 425 1 477 1 053 Net deferred tax balance related to discontinued operations 1 60 120 -36 -311 -13 -233 -413 Credited/(charged) to income -13 1 344 32 386 173 -47 1 875 Credited/(charged) to other comprehensive income -3 16 -34 -21 Impact of acquisitions of businesses -2 -530 111 -19 -440 Other movements -50 85 13 -28 17 -30 7 Net deferred tax balance at December 31, 2023 -193 -2 040 344 2 123 713 1 114 2 061 Gross deferred tax assets at December 31, 2023 117 2 188 764 2 200 713 2 206 8 188 Gross deferred tax liabilities at December 31, 2023 -310 -4 228 -420 -77 -1 092 -6 127 Net deferred tax balance at December 31, 2023 -193 -2 040 344 2 123 713 1 114 2 061 After offsetting the following amount of deferred tax assets and liabilities within the same tax jurisdiction, the balance amounts to: 3 879 Deferred tax assets at December 31, 2023 4 309 Deferred tax liabilities at December 31, 2023 -2 248 Net deferred tax balance at December 31, 2023 2 061 Gross deferred tax assets at January 1, 2022 125 1 307 1 026 2 273 374 2 727 7 832 Gross deferred tax liabilities at January 1, 2022 -381 -4 704 -591 -148 -1 335 -7 159 Net deferred tax balance at January 1, 2022 -256 -3 397 435 2 125 374 1 392 673 At January 1, 2022 -256 -3 397 435 2 125 374 1 392 673 Credited/(charged) to income 2 69 628 -5 -43 5 1 655 Charged to equity 1 1 Credited/(charged) to other comprehensive income 2 -2 -104 63 -43 Impact of acquisitions of businesses -300 55 1 -244 Other movements 2 4 10 -7 -6 -9 19 11 Net deferred tax balance at December 31, 2022 -185 -3 059 319 2 076 425 1 477 1 053 Gross deferred tax assets at December 31, 2022 158 1 726 739 2 214 425 2 789 8 051 Gross deferred tax liabilities at December 31, 2022 -343 -4 785 -420 -138 -1 312 -6 998 Net deferred tax balance at December 31, 2022 -185 -3 059 319 2 076 425 1 477 1 053 After offsetting the following amount of deferred tax assets and liabilities within the same tax jurisdiction, the balance amounts to: 4 312 Deferred tax assets at December 31, 2022 3 739 Deferred tax liabilities at December 31, 2022 -2 686 Net deferred tax balance at December 31, 2022 1 053 1 2 In 2022 the total related to continuing operations for the charge to income was USD 625 million, for the charge to other comprehensive income was USD -20 Deferred tax liabilities have not been recognized for the withholding tax and other taxes that would be payable on the remittance of earnings of foreign subsidiaries, insofar as the Company has the ability to control any future reversal and the unremitted earnings are retained in the foreign subsidiaries for reinvestment. The total unremitted earnings retained for reinvestment in the Company’s foreign subsidiaries that would be subject to withholding tax or other taxes if remitted to the Company were estimated to be approximately USD 34 billion in 2023, (2022: USD 32 billion). The gross value of tax-loss carry-forwards that have or have not been recognized as deferred tax assets, with their expiry dates, is as follows: (USD millions) Unrecognized Recognized 2023 total One year 23 44 67 Two years 12 15 27 Three years 67 79 146 Four years 22 569 591 Five years 1 569 580 2 149 More than five years 2 891 2 975 5 866 Not subject to expiry 687 2 258 2 945 Total 5 271 6 520 11 791 (USD millions) Unrecognized Recognized 2022 total One year 18 0 18 Two years 37 5 42 Three years 25 5 30 Four years 138 0 138 Five years 79 688 767 More than five years 3 880 2 380 6 260 Not subject to expiry 433 452 885 Total 4 610 3 530 8 140 (USD millions) 2023 2022 2021 Tax losses carried forward that expired 8 6 18 Deferred tax assets related to carry-forwards of taxable losses and tax credits of relevant Company entities are recognized to the extent that it is considered probable that future taxable profits will be available in the respective tax jurisdictions against which such losses and credits can be utilized. |
Financial and other non-current
Financial and other non-current assets | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of financial and other non-current assets [abstract] | |
Financial and other non-current assets | 14. Financial and other non-current assets Financial assets (USD millions) 2023 2022 Equity securities 1 403 1 145 Debt securities 29 37 Fund investments 190 281 Total financial investments 1 622 1 463 Long-term receivables from finance subleases 104 59 Other long-term receivables 214 197 Contingent consideration receivables 1 553 607 Long-term loans, advances and security deposits 114 85 Total financial assets 2 607 2 411 1 Other non-current assets (USD millions) 2023 2022 Deferred compensation plans 439 419 Prepaid post-employment benefit plans 1 545 491 Other non-current assets 215 200 Total other non-current assets 1 199 1 110 1 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories Disclosure [abstract] | |
Inventories | 15. Inventories (USD millions) 2023 2022 Raw material, consumables 963 934 Work in progress 3 502 3 673 Finished products 1 448 2 568 Total inventories 5 913 7 175 The following table shows the amount of inventory recognized as an expense in “Cost of goods sold” in the consolidated income statements from continuing operations: (USD billions) 2023 2022 2021 Cost of goods sold -5.8 -5.2 -5.4 The following table shows the recognized amount of inventory provision and reversals of inventory provision recorded in the consolidated income statements from continuing operations: (USD millions) 2023 2022 2021 Inventory provisions -467 -373 -283 Reversals of inventory provisions 111 121 97 The reversals mainly result from the release of products initially requiring additional quality control inspections and from the reassessment of inventory values manufactured prior to regulatory approval but for which approval was subsequently received. |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of trade receivables [abstract] | |
Trade receivables | 16. Trade receivables (USD millions) 2023 2022 Total gross trade receivables 7 158 8 128 Provisions for doubtful trade receivables -51 -62 Total trade receivables 7 107 8 066 The following table shows the trade receivables that are not overdue as specified in the payment terms and conditions established with Novartis customers, as well as an analysis of overdue amounts and related provisions for doubtful trade receivables: (USD millions) 2023 2022 Not overdue 6 791 7 664 Past due for not more than one month 146 190 Past due for more than one month but less than three months 66 110 Past due for more than three months but less than six months 64 62 Past due for more than six months but less than one year 38 23 Past due for more than one year 53 79 Provisions for doubtful trade receivables -51 -62 Total trade receivables 7 107 8 066 Trade receivable balances represent amounts due from our customers, which are mainly drug wholesalers, retailers, private health systems, government agencies, managed care providers, pharmacy benefit managers and government-supported healthcare systems. In particular, we monitor the level of trade receivables in countries deemed to have an elevated credit risk. We consider macroeconomic environment, historical experience, country and political risk, in addition to other relevant information when assessing risk. These risk factors are monitored regularly to determine any adjustments in risk classification. The majority of the past due trade receivables from elevated credit risk countries are due from local governments or from government-funded entities. Deteriorating credit and economic conditions as well as other factors in these elevated credit risk countries have resulted in, and may continue to result in, an increase in the average length of time that it takes to collect these trade receivables, and may require the Company to re-evaluate the expected credit loss amount of these trade receivables in future periods. At December 31, 2023, amounts past due for more than one year are not significant in elevated credit risk countries. Total trade receivables include amounts denominated in the following major currencies: (USD millions) 2023 2022 US dollar (USD) 3 520 3 709 Euro (EUR) 1 138 1 426 Japanese yen (JPY) 288 177 Russian ruble (RUB) 240 430 Chinese yuan (CNY) 231 155 British pound (GBP) 146 176 Brazilian real (BRL) 130 145 Australian dollar (AUD) 96 137 Swiss franc (CHF) 84 108 Canadian dollar (CAD) 75 151 Other currencies 1 159 1 452 Total trade receivables 7 107 8 066 |
Marketable securities, commodit
Marketable securities, commodities, time deposits, derivative financial instruments and cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of marketable securities commodities deposits derivative instruments and cash [abstract] | |
Disclosure of marketable securities commodities deposits derivative instruments and cash | 17. Marketable securities, commodities, time deposits, derivative financial instruments, and cash and cash equivalents Marketable securities, commodities, time deposits and derivative financial instruments (USD millions) 2023 2022 Commodities 111 111 Debt securities 9 Time deposits and short-term investments with original maturity more than 90 days 569 11 089 Derivative financial instruments 355 204 Total marketable securities, commodities, time deposits and derivative financial instruments 1 035 11 413 The vast majority of debt securities, time deposits and short-term investments with an original maturity of more than 90 days was denominated in USD as at December 31, 2023, and 2022. Cash and cash equivalents (USD millions) 2023 2022 Current accounts 3 207 2 877 Time deposits and short-term investments with original maturity less than 90 days 10 186 4 640 Total cash and cash equivalents 13 393 7 517 |
Other current assets
Other current assets | 12 Months Ended |
Dec. 31, 2023 | |
Other current assets [abstract] | |
Other current assets | 18. Other current assets (USD millions) 2023 2022 VAT receivable 462 509 Withholding tax recoverable 64 50 Prepaid expenses 764 911 Contingent consideration receivable 1 65 43 Other receivables and current assets 1 252 958 Total other current assets 2 607 2 471 1 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of equity [abstract] | |
Equity | 19. Equity The following table shows the movement in the share capital: Movement Movement Movement Share capital 1 913 -12 901 -11 890 -65 825 Treasury shares -53 5 -48 -44 -92 51 -41 Outstanding share capital 860 -7 853 -55 798 -14 784 1 At December 31, 2023, the Novartis AG share capital consists of registered shares with a nominal value of CHF 0.49 each. Prior to the 2023 capital decrease (see Note 19.3), Novartis AG share capital at December 31, 2022 and 2021 consists of registered shares with a nominal value of CHF 0.50 each. No authorized and conditional capital exists. The following table shows the movement in the shares: 2023 2022 2021 Total Total 1 Total Total Total 1 Total Total Total 1 Total Balance at beginning of year 2 403.7 -284.1 2 119.6 2 434.4 -199.5 2 234.9 2 467.0 -210.2 2 256.8 Shares canceled for capital reduction 2 -126.2 126.2 -30.7 30.7 -32.6 32.6 Shares acquired to be canceled 3 -87.5 -87.5 -126.2 -126.2 -30.7 -30.7 Other share purchases 4 -1.6 -1.6 -1.4 -1.4 -1.5 -1.5 Exercise of options and employee transactions 5 19.9 2.8 2.8 1.9 1.9 0.6 0.6 Equity-based compensation 5 10.4 10.4 10.4 10.4 9.6 9.6 Shares delivered to Alcon employees 0.0 0.0 0.1 0.1 Shares delivered to Sandoz employees 0.3 0.3 Total movements -126.2 50.6 -75.6 -30.7 -84.6 -115.3 -32.6 10.7 -21.9 Balance at end of year 2 277.5 -233.5 2 044.0 2 403.7 -284.1 2 119.6 2 434.4 -199.5 2 234.9 1 Approximately 93.8 2 3 Shares repurchased on the SIX Swiss Exchange second trading line under a CHF 10 billion share buyback authority approved at the 2019 Annual General Meeting (AGM) for transactions after February 28, 2019, until March 2, 2021. Transactions after March 2, 2021, were executed under the CHF 10 billion share buyback authority approved at the 2021 AGM and the additional CHF 10 billion authority approved at the 2022 AGM. 4 5 19.1) The amount available for distribution as a dividend to shareholders is based on the available distributable retained earnings of Novartis AG determined in accordance with the legal provisions of the Swiss Code of Obligations. 2023 2022 2021 Dividend per share (in CHF) 3.20 3.10 3.00 Total dividend payment (in USD billion) 7.3 7.5 7.4 19.2) Treasury shares are initially recorded at fair value on their trade date, which is different from the settlement date, when the transaction is ultimately effected. Treasury shares are deducted from consolidated equity at their nominal per share value. Differences between the nominal amount and the transaction price on purchases or sales of treasury shares with third parties, or the value of services received for the shares allocated to employees as part of share-based compensation arrangements, are recorded in “Retained earnings” in the consolidated statement of changes in equity. The following table summarizes the treasury shares movements: 2023 2022 2021 Number of Number of Number of Shares acquired to be canceled 1 -87.5 -8 369 -126.2 -10 787 -30.7 -2 775 Other share purchases 2 -1.6 -148 -1.4 -123 -1.5 -145 Purchase of treasury shares -89.1 -8 517 -127.6 -10 910 -32.2 -2 920 Exercise of options and employee transactions 3 19.9 2.8 146 1.9 88 0.6 39 Equity-based compensation 4 10.4 904 10.4 854 9.6 745 Shares delivered to Alcon employees 0.0 5 0.1 17 Shares delivered to Sandoz employees 0.3 30 Total -75.6 -7 437 -115.3 -9 963 -21.9 -2 119 1 Shares repurchased on the SIX Swiss Exchange second trading line under a CHF 10 billion share buyback authority approved at the 2019 Annual General Meeting (AGM) for transactions after February 28, 2019, until March 2, 2021. Transactions after March 2, 2021, were executed under the CHF 10 billion share buyback authority approved at the 2021 AGM and the additional CHF 10 billion authority approved at the 2022 AGM. 2 3 4 19.3) In 2023, in connection with the Distribution (spin-off) of Sandoz business, Novartis AG shareholders approved at the EGM held on September 15, 2023, a decrease in Novartis AG share capital in the amount of CHF 22.8 million (USD 17.1 million). The capital decrease resulted in a reduction of the nominal value of the Novartis AG shares by CHF 0.01 from CHF 0.50 per share to CHF 0.49 per share. 19.4) In December 2021, Novartis entered into an irrevocable, non-discretionary arrangement with a bank to repurchase Novartis shares on the second trading line under its up-to USD 15.0 billion share buyback. The arrangement was updated in July 2022, December 2022, and May 2023, and concluded in June 2023. Novartis was able to cancel this arrangement at any time but could have been subject to a 90-day waiting period. As of December 31, 2022, these waiting period conditions were not applicable and as a result, there was no requirement to record a liability under this arrangement as of December 31, 2022. The liability under this arrangement amounted to USD 2.8 billion as at December 31, 2021. In June 2023, Novartis entered into an irrevocable, non-discretionary arrangement with a bank to repurchase 11.7 million Novartis shares on the second trading line, which concluded in July 2023. In July 2023, Novartis entered into a new irrevocable, non-discretionary arrangement with a bank to repurchase Novartis shares on the second trading line under its new up-to USD 15.0 billion share buyback. Novartis is able to cancel this arrangement but may be subject to a 90-day waiting period under certain conditions. As of December 31, 2023, these waiting period conditions were not applicable and as a result, there was no requirement to record a liability under this arrangement as of December 31, 2023. In June 2021, Novartis entered into an irrevocable, non-discretionary arrangement with a bank to repurchase Novartis shares to mitigate dilution related to participation plans of employees. Novartis would have been able to cancel this arrangement at any time but would have been subject to a 90-day waiting period. This trading plan commitment was fully executed and expired in June 2021, and as a consequence, there was no In November 2020, Novartis entered into an irrevocable, non-discretionary arrangement with a bank to repurchase Novartis shares on the second trading line under its up-to USD 2.5 billion share buyback. Novartis would have been able to cancel this arrangement at any time, but would have been subject to a 90-day waiting period. This trading plan commitment was fully executed and expired in March 2021, and as a consequence, there was no liability related to this plan recognized as of December 31, 2021. 19.5) The impact of change in ownership of consolidated entities represents the excess of the amount paid to non-controlling interest over their carrying value and equity allocation to non-controlling interest due to change in ownership percentage. 19.6) Changes in non-controlling interests represent the impact on the non-controlling interest of transactions with minority shareholders, such as change in ownership percentage, dividend payments and other equity transactions. 19.7) Other movements include, for subsidiaries in hyperinflationary economies, the impact of the application of IAS 29 “Financial reporting in Hyperinflation Economies”. See Note 30 for additional disclosures. 19.8) Transaction costs in 2023 of USD 214 million, net of tax of USD 29 million, that are directly attributable to the Distribution (spin-off) of Sandoz business to Novartis AG shareholders and that would otherwise have been avoided, are recorded as a deduction from equity (retained earnings). See Note 1. In 2021, transaction costs that were directly attributable to the distribution (spin-off) of Alcon Inc. to Novartis AG shareholders and that would otherwise have been avoided, were recorded to equity. 19.9) At December 31, 2022, the market maker held 3 million (2021: 3 million) written call options, originally issued as part of the share-based compensation for employees, that have not yet been exercised. The weighted average exercise price of these options at December 31, 2022, was USD 66.07 (2021: USD 61.45), and they had contractual lives of 10 years, with remaining lives less than one year (2021: two years). In the first quarter of 2023, the market maker exercised 3 million written call options and as a result there are no written call options outstanding at December 31, 2023. |
Non-current financial debt
Non-current financial debt | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of financial liabilities [abstract] | |
Disclosure of financial liabilities [text block] | 20. Non-current financial debt (USD millions) 2023 2022 Straight bonds 20 585 22 341 Liabilities to banks and other financial institutions 1 42 144 Total, including current portion of non-current financial debt 20 627 22 485 Less current portion of non-current financial debt -2 191 -2 241 Total non-current financial debt 18 436 20 244 1 Average interest rate during the year 2023 2.6% (2022: 2.3%) All bonds are initially recorded at the amount of proceeds received, net of transaction costs. They are subsequently carried at amortized cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognized as a charge to the consolidated income statement over the period of the relevant bond. Financial debts, including current financial debts, contain only general default covenants. The Company is in compliance with these covenants. The percentage of fixed-rate financial debt to total financial debt was 84% 86% The average interest rate on total financial debt in 2023 was 2.9% 2.4% Note 30 contains a maturity table of the Company’s future contractual interest payments commitments. The following table provides a breakdown of straight bonds: Notional 2023 2022 3.700% USD 500 2012 2042 Novartis Capital Corporation, New York, United States 98.325% 491 490 3.400% USD 2 150 2014 2024 Novartis Capital Corporation, New York, United States 99.287% 2 150 2 147 4.400% USD 1 850 2014 2044 Novartis Capital Corporation, New York, United States 99.196% 1 828 1 827 1.625% EUR 600 2014 2026 Novartis Finance S.A., Luxembourg, Luxembourg 99.697% 663 638 0.250% CHF 500 2015 2025 Novartis AG, Basel, Switzerland 100.640% 595 541 0.625% CHF 550 2015 2029 Novartis AG, Basel, Switzerland 100.502% 654 595 1.050% CHF 325 2015 2035 Novartis AG, Basel, Switzerland 100.479% 387 352 3.000% USD 1 750 2015 2025 Novartis Capital Corporation, New York, United States 99.010% 1 745 1 742 4.000% USD 1 250 2015 2045 Novartis Capital Corporation, New York, United States 98.029% 1 222 1 221 0.125% EUR 1 250 2016 2023 Novartis Finance S.A., Luxembourg, Luxembourg 99.127% 1 330 0.625% EUR 500 2016 2028 Novartis Finance S.A., Luxembourg, Luxembourg 98.480% 549 528 3.100% USD 1 000 2017 2027 Novartis Capital Corporation, New York, United States 99.109% 995 994 1.125% EUR 600 2017 2027 Novartis Finance S.A., Luxembourg, Luxembourg 99.874% 662 638 0.500% EUR 750 2018 2023 Novartis Finance S.A., Luxembourg, Luxembourg 99.655% 798 1.375% EUR 750 2018 2030 Novartis Finance S.A., Luxembourg, Luxembourg 99.957% 828 797 1.700% EUR 750 2018 2038 Novartis Finance S.A., Luxembourg, Luxembourg 99.217% 823 792 1.750% USD 1 000 2020 2025 Novartis Capital Corporation, New York, United States 99.852% 999 998 2.000% USD 1 250 2020 2027 Novartis Capital Corporation, New York, United States 99.909% 1 247 1 246 2.200% USD 1 500 2020 2030 Novartis Capital Corporation, New York, United States 99.869% 1 495 1 494 2.750% USD 1 250 2020 2050 Novartis Capital Corporation, New York, United States 97.712% 1 216 1 215 0.000% 1 EUR 1 850 2020 2028 Novartis Finance S.A., Luxembourg, Luxembourg 99.354% 2 036 1 958 Total straight bonds 20 585 22 341 1 The EUR 1 850 million bond issued in 2020 features a coupon step-up of 0.25% The following tables provide a breakdown of total non-current financial debt, including current portion by maturity and currency: Breakdown by maturity: (USD millions) 2023 2022 2023 2 241 2024 2 191 2 147 2025 3 338 3 281 2026 663 638 2027 2 906 2 909 2028 2 585 2 485 After 2028 8 944 8 784 Total 20 627 22 485 Breakdown by currency: (USD millions) 2023 2022 US dollar (USD) 13 388 13 376 Euro (EUR) 5 563 7 478 Japanese yen (JPY) 76 Swiss franc (CHF) 1 635 1 488 Others 41 67 Total 20 627 22 485 The following table shows the comparison of balance sheet carrying value and fair value of total non-current financial debt, including current portion: 2023 2023 2022 2022 Straight bonds 20 585 19 194 22 341 20 277 Others 42 42 144 144 Total 20 627 19 236 22 485 20 421 The fair values of straight bonds are determined by quoted market prices. Other financial debts are recorded at notional amounts, which are a reasonable approximation of the fair values. |
Provisions and other non-curren
Provisions and other non-current liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about provisions and non-current liabilities [abstract] | |
Provisions and other non-current liabilities | 21. Provisions and other non-current liabilities (USD millions) 2023 2022 Accrued liability for employee benefits: Defined benefit pension plans 1 1 815 1 723 Other long-term employee benefits and deferred compensation 546 554 Other post-employment benefits 1 369 362 Environmental remediation provisions 518 535 Provisions for product liabilities, governmental investigations and other legal matters 82 154 Contingent consideration 2 389 704 Other non-current liabilities 804 874 Total provisions and other non-current liabilities 4 523 4 906 1 2 Novartis believes that its total provisions are adequate based upon currently available information. However, given the inherent difficulties in estimating liabilities in this area, Novartis may incur additional costs beyond the amounts provided. Management believes that such additional amounts, if any, would not be material to the Company’s financial condition but could be material to the results of operations or cash flows in a given period. Environmental remediation provisions The following table shows the movements in the environmental liability provisions: (USD millions) 2023 2022 2021 January 1 588 616 809 Provisions related to discontinued operations 1 -53 Cash payments 2 -4 -6 -169 Releases of provisions 3 -54 - 18 -105 Additions to provisions 4 14 6 105 Currency translation effects 47 -10 -24 December 31 538 588 616 Less current provision -20 -53 -49 Non-current environmental remediation provisions at December 31 518 535 567 1 2 Cash payments from continuing operations were USD 5 million in 2022, and USD 169 million in 2021. 3 Releases of provisions credited to the consolidated income statement from continuing operations were USD 18 million in 2022, and USD 105 million in 2021. 4 Additions to provisions charged to the consolidated income statement from continuing operations were USD 6 million in 2022, and USD 105 million in 2021. The significant components of the environmental remediation provisions consist of costs to sufficiently clean and refurbish contaminated sites to the extent necessary, and to continue surveillance at sites where the environmental remediation exposure is less significant. A substantial portion of the environmental remediation provisions relate to the remediation of Basel regional landfills in the adjacent border areas in Switzerland, Germany and France. The provisions are reassessed on an annual basis and adjusted as necessary. In the United States, Novartis has been named under federal legislation (the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended) as a potentially responsible party (PRP) in respect of certain sites. Novartis actively participates in, or monitors, the cleanup activities at the sites in which it is a PRP. The provision takes into consideration the number of other PRPs at each site as well as the identity and financial position of such parties in light of the joint and several nature of the liability. The expected timing of the related cash outflows as of December 31, 2023, is currently projected as follows: Expected Due within two years 82 Due later than two years, but within five years 158 Due later than five years, but within 10 years 217 Due after 10 years 81 Total environmental remediation provisions 538 Provisions for product liabilities, governmental investigations and other legal matters Novartis has established provisions for certain product liabilities, governmental investigations and other legal matters where a potential cash outflow is probable, and Novartis can make a reliable estimate of the amount of the outflow. These provisions represent the Company’s current best estimate of the total financial effect for the matters described below and for other less significant matters. Potential cash outflows reflected in a provision might be fully or partially offset by insurance in certain circumstances. Novartis has not established provisions for potential damage awards for certain additional legal claims against its subsidiaries if Novartis currently believes that a payment is either not probable or cannot be reliably estimated. These not-provisioned-for matters include individual product liability cases and certain other legal matters. Plaintiffs have alleged claims in these matters and the Company does not believe that information about the amount sought by plaintiffs, if that is known, would be meaningful with respect to those legal proceedings. This is due to a number of factors, including, but not limited to, the stage of proceedings, the entitlement of parties to appeal a decision and clarity as to theories of liability, damages and governing law. It is therefore, not practicable to provide information about the potential financial impact of these matters. In addition, in some of these matters there are claims for punitive or multiple (treble) damages, civil penalties and disgorgement of profits that in the view of Novartis are either wholly or partially unspecified, or wholly or partially unquantifiable at present; the Company believes that information about these amounts claimed by plaintiffs generally is not meaningful for purposes of determining a reliable estimate of a loss that is probable or more than remote. A number of other legal matters are in such early stages or the issues presented are such that the Company has not made any provisions since it cannot currently estimate either a potential outcome or the amount of any potential losses. For these reasons, among others, the Company generally is unable to make a reliable estimate of possible loss with respect to such cases. It is therefore not practicable to provide information about the potential financial impact of those cases. There might also be cases for which the Company was able to make a reliable estimate of the possible loss or the range of possible loss, but the Company believes that publication of such information on a case-by-case basis would seriously prejudice the Company’s position in ongoing legal proceedings or in any related settlement discussions. Accordingly, in such cases, information has been disclosed with respect to the nature of the contingency, but no disclosure is provided as to an estimate of the possible loss or range of possible loss. Note 29 contains additional information on contingent liabilities. Summary of significant legal proceedings The following is a summary of significant legal proceedings to which Novartis or its subsidiaries are currently a party, or were a party and that concluded in 2023. Investigations and related litigations Southern District of New York (S.D.N.Y.) Gilenya marketing practices investigation and litigation In 2013, Novartis Pharmaceuticals Corporation (NPC) received a civil investigative demand from the United States Attorney’s Office (USAO) for the S.D.N.Y. requesting the production of documents and information relating to marketing practices for Gilenya Lucentis/Avastin® matters In 2019, the French Competition Authority (FCA) issued a Statement of Objections against Novartis entities, alleging anti-competitive practices on the French market for anti-vascular endothelial growth factor treatments for wet age-related macular degeneration from 2008 to 2013. In 2020, the FCA issued a decision finding that the Novartis entities had infringed competition law by abusing a dominant position and imposing a fine equivalent to approximately USD 452 million. Novartis paid the fine, again subject to recoupment, and appealed the FCA’s decision. In February 2023, the Paris Court of Appeal (Court) overturned the FCA’s decision which triggered the reimbursement of the originally paid fine (recorded as “Other income” in the Company’s consolidated income statement), and, in March 2023, the FCA appealed the Court’s decision. Novartis is the subject of similar investigations and proceedings involving the competition authority in Greece and is currently in an appeal process in Turkey. Novartis continues to vigorously contest all claims in both countries. Novartis is also challenging policies and regulations allowing off-label/unlicensed use and reimbursement for economic reasons in Turkey. Greece investigation The Greek authorities are investigating legacy allegations of potentially inappropriate economic benefits to healthcare providers (HCPs), government officials and others in Greece. These authorities include the Greek Coordinating Body for Inspection and Control, and the Greek Body of Prosecution of Financial Crime (SDOE), from which the Company received a summons in 2018 and 2020. Novartis has cooperated in these investigations. In 2021, SDOE imposed on Novartis Hellas a fine equivalent to approximately USD 1.2 million; Novartis Hellas appealed the fine and, in September 2023, the Court overturned the decision and fine. The Greek State filed an appeal. In 2022, the Greek State served a civil lawsuit on Novartis Hellas, seeking approximately USD 225 million for moral damages allegedly arising from the conduct that was the subject of the Company’s 2020 settlement with the US Department of Justice (DOJ) regarding allegations of inappropriate economic benefits in Greece that was disclosed in the 2020 Annual Report and the 2020 Form 20-F. The claims are being vigorously contested. 340B Drug Pricing Program investigations In 2021, NPC received a notification from the US Health Resources and Services Administration (HRSA) which stated that HRSA believes NPC’s contract pharmacy policy violates the 340B statute, and threatened potential enforcement action. NPC subsequently sued HRSA in the U.S. District Court (USDC) for the District of Columbia to challenge HRSA’s determination and to enjoin HRSA from taking action with respect to NPC’s contract pharmacy policy. HRSA then referred the matter regarding NPC’s contract pharmacy policy to the Office of Inspector General of the US Department of Health and Human Services, which could result in the imposition of civil monetary penalties on NPC. The USDC issued a decision rejecting HRSA’s interpretation of the 340B statute, vacating the violation notification and remanding the matter to HRSA. HRSA appealed, and the United States Court of Appeals for the DC Circuit heard argument on the case in 2022. In addition, in 2021 and 2023, two medical centers filed Administrative Dispute Resolution (ADR) proceedings against NPC, seeking the return of alleged overcharges resulting from NPC’s contract pharmacy policy. NPC has moved to dismiss these proceedings pending resolution of the HRSA litigation. Also in 2021, NPC received a civil investigative subpoena from the Office of the Attorney General of the State of Vermont (Vermont AG) requesting the production of documents and information concerning NPC’s participation in the 340B Drug Pricing Program in Vermont. NPC responded by providing documents and information to the Vermont AG. Swiss and EU investigation In September 2022, the Swiss Competition Commission (COMCO) initiated an investigation of the acquisition of certain patents by Novartis from Genentech in April 2020 and their subsequent enforcement against Eli Lilly and other parties, allegedly in an attempt to protect Cosentyx Inflation Reduction Act (IRA) litigation In 2023, following the U.S. government’s selection of Entresto for the first round of the IRA’s “Medicare Drug Price Negotiation Program,” NPC filed a complaint in the USDC for the District of New Jersey on the grounds that those drug price-setting provisions are unconstitutional under the First, Fifth and Eighth Amendments to the U.S. Constitution. Product liability litigation Tasigna NPC is a defendant in more than 400 US product liability actions involving Tasigna caused various cardiovascular effects and that NPC failed to provide adequate warnings about those alleged side effects. State court actions are pending in a multicounty litigation in Bergen County, New Jersey, and federal cases are pending in a multidistrict litigation in the Middle District of Florida. The claims are being vigorously contested. Other matters Shareholder derivative lawsuit In 2021, NPC, Sandoz Inc., Novartis Capital Corporation and certain present and former directors and officers of Novartis were named as defendants, and Novartis was named as a nominal defendant, in a purported shareholder derivative lawsuit filed in New York State Court. The plaintiffs, derivatively as purported Novartis shareholders on behalf of Novartis, seek damages and other remedies based on alleged conduct by the corporate and individual defendants. In 2022, the court granted Novartis motion to dismiss the lawsuit, which the plaintiffs have appealed. Concluded legal matters Exforge – Concluded matter Since 2018, Novartis companies as well as other pharmaceutical companies were sued by various direct and indirect purchasers of Exforge Lucentis/Avastin® (Italian and Belgian Competition Authorities) – Concluded matter In connection with an investigation into whether Novartis entities, F. Hoffmann-La Roche AG, Genentech Inc. and Roche S.p.A. colluded to artificially preserve the market positions of Avastin ® Lucentis South Korea investigation – Concluded matter In 2016, the Seoul Western District Prosecutor initiated a criminal investigation into, among other things, allegations that Novartis Korea utilized medical journals to provide inappropriate economic benefits to HCPs. This resulted in a non-material fine, which the prosecutor appealed. In 2021, the appellate court upheld the fine, and the prosecutor appealed that decision. In 2023, the Supreme Court dismissed the appeal. This matter is now concluded. U.S. Government Foreign Corrupt Practices Act (FCPA) investigations – Concluded matter As previously disclosed in Note 20 to the Consolidated Financial Statements in our 2020 Annual Report, Novartis reached settlements with the US Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC) that resolved all FCPA investigations into historical conduct by Novartis and its subsidiaries. To resolve the DOJ investigation, Novartis Hellas S.A.C.I. entered into a deferred prosecution agreement (DPA) with the DOJ. To resolve the SEC investigation, Novartis AG reached an agreement that resulted in an Order issued by the SEC. The DPA and the Order each contained certain reporting and compliance obligations for a three-year term, which ended on June 26, 2023. On December 21, 2023 the court formally dismissed the Information filed against Novartis Hellas S.A.C.I at the request of the DOJ. This matter is now concluded. Summary of product liability, governmental investigations and other legal matters provision movements (USD millions) 2023 2022 2021 January 1 702 397 487 Provisions related to discontinued operations 1 -97 Impact of acquisitions of businesses 4 Cash payments 2 -448 -105 -292 Releases of provisions 3 -219 -52 -44 Additions to provisions 4 170 466 251 Currency translation effects 16 -8 -5 December 31 124 702 397 Less current portion -42 -548 -56 Non-current product liabilities, governmental investigations and other legal matters provisions at December 31 82 154 341 1 2 Cash payments from continuing operations were USD 67 million in 2022, and USD 64 million in 2021. 3 Releases of provisions credited to the consolidated income statement from continuing operations were USD 38 million in 2022, and USD 18 million in 2021. 4 Additions to provisions charged to the consolidated income statement from continuing operations were USD 435 million in 2022, and USD 190 million in 2021. Novartis believes that its total provisions for investigations, product liability, arbitration and other legal matters are adequate based upon currently available information. However, given the inherent difficulties in estimating liabilities, there can be no assurance that additional liabilities and costs will not be incurred beyond the amounts provided. Discontinued operations On October 4, 2023, the separation and spin-off of the Sandoz business was completed (Note 2). Pursuant to the Separation and Distribution Agreement that Novartis and Sandoz entered into in connection with that separation and spin-off, Sandoz and Novartis agreed, subject to certain limitations, exclusions and conditions, that Sandoz would retain or assume (as applicable) liabilities, including pending and future claims that relate to the spun-off Sandoz business (whether arising prior to, at or after the date of execution of the Separation and Distribution Agreement). Additionally, pursuant to the Separation and Distribution Agreement, Sandoz agreed to indemnify Novartis and each of its directors, officers, managers, members, agents and employees against liabilities incurred in connection with the spun-off Sandoz business. |
Current financial debt and deri
Current financial debt and derivative financial instruments | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of current financial debt and derivative instruments [abstract] | |
Current financial debt and derivative financial instruments | 22. Current financial debt and derivative financial instruments (USD millions) 2023 2022 Bank and other financial debt 1 624 863 Commercial paper 3 269 2 772 Current portion of non-current financial debt 2 191 2 241 Derivative financial instruments 91 55 Total current financial debt and derivative financial instruments 6 175 5 931 1 Weighted average interest rate during the year 2023 13.2% (2022: 9.7%) The carrying amounts of current financial debt, other than the current portion of non-current financial debt, approximate the estimated fair value due to the short-term nature of these instruments. Details on commercial papers and short-term borrowings are provided under “Liquidity risk” in Note 30. |
Provisions and other current li
Provisions and other current liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of provisions and other current liabilities [abstract] | |
Provisions and other current liabilities | 23. Provisions and other current liabilities (USD millions) 2023 2022 Taxes other than income taxes 516 836 Restructuring provisions 703 1 131 Accrued expenses for goods and services received but not invoiced 1 026 1 059 Accruals for royalties 844 767 Accrued interests on financial debt 116 116 Provisions for deductions from revenue 6 315 6 732 Accruals for compensation and benefits, including social security 2 330 2 321 Environmental remediation provisions 20 53 Deferred income 98 123 Provisions for product liabilities, governmental investigations and other legal matters 1 42 548 Accrued share-based payments 322 235 Contingent consideration 2 14 131 Other payables 820 743 Total provisions and other current liabilities 13 166 14 795 1 2 Provisions are based upon management’s best estimate and adjusted for actual experience. Such adjustments to historic estimates have not been material. Provisions for deductions from revenue The following table shows the movement of the provisions for deductions from revenue: (USD millions) 2023 2022 2021 January 1 6 732 6 481 6 256 Provisions related to discontinued operations 1 -1 415 Effect of currency translation, business combinations 68 -210 -218 Payments/utilizations 2 -16 703 -22 261 -19 838 Adjustments of prior years charged to income statement 3 -206 -322 -245 Current year income statement charge 4 17 798 23 072 20 413 Change in provisions offset against gross trade receivables 5 41 -28 113 December 31 6 315 6 732 6 481 1 2 Payments/utilizations from continuing operations were USD 14 691 million in 2022 and USD 12 473 million in 2021. 3 Adjustments of prior years charged to income statement from continuing operations were USD 218 million in 2022, and USD 251 million in 2021. 4 Current year income statement charge from continuing operations were USD 15 231 million in 2022 and USD 13 084 million in 2021. 5 Change in provisions offset against gross trade receivables from continuing operations were USD 2 million in 2022 and USD -44 The provisions for deductions from revenue include specific healthcare plans and program rebates as well as non-healthcare plans and program-related rebates, returns and other deductions. The provisions for deductions from revenue are adjusted to reflect experience and to reflect actual amounts as rebates, refunds, discounts and returns are processed. The provision represents estimates of the related obligations, requiring the use of judgment when estimating the effect of these deductions from revenue. Restructuring provisions movements (USD millions) 2023 2022 2021 January 1 1 131 345 459 Provisions related to discontinued operations 1 -51 Additions to provisions 2 658 1 368 328 Cash payments 3 -816 -468 -344 Releases of provisions 4 -193 -42 -54 Transfers 5 -57 -53 - 27 Currency translation effects 31 -19 -17 December 31 703 1 131 345 1 2 Additions to provisions charged to the consolidated income statement from continuing operations were USD 1.3 billion in 2022 and USD 266 million in 2021. 3 Cash-payments from continuing operations were USD 421 million in 2022 and USD 259 million in 2021. 4 Releases of provisions credited to the consolidated income statement from continuing operations were USD 33 million in 2022 and USD 29 million in 2021. 5 Transfers from continuing operations were USD 53 million in 2022 and USD 24 million in 2021. Restructuring provisions are recognized for the direct expenditure arising from the restructuring, where the plans are sufficiently detailed and where appropriate communication to those affected has been made. Charges to increase restructuring provisions are included in “Other expense” in the consolidated income statements. In 2023, additions to provisions of USD 658 million were mainly related to the continuation of the initiative announced in April 2022 to implement a new streamlined organizational model designed to support innovation, growth and productivity. In 2022, additions to provisions of USD 1.4 billion were mainly related to the following reorganizations: • Initiative announced in April 2022 to implement a new streamlined organizational model designed to support innovation, growth and productivity. • The continuation of the 2021 restructuring initiatives. In 2021, additions to provisions of USD 328 million were mainly related to the following reorganizations: • The commencement of a plan to restructure the field force and supporting functions in response to changes in the Company’s go-to-market structure with increased utilization of digital technology. • Company-wide initiatives to streamline manufacturing platforms and manufacturing functions and implement new technologies continued. In addition, the Operations unit (formerly Customer & Technology Solutions) continued the phased implementation of the new operating model to transition activities to service centers. |
Details to the consolidated sta
Details to the consolidated statements of cash flows | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of details to the consolidated statements of cash flows [abstract] | |
Details to the consolidated statements of cash flows | 24. Details to the consolidated statements of cash flows 24.1) Non-cash items and other adjustments from continuing operations The following table shows the reversal of non-cash items and other adjustments in the consolidated statements of cash flows. (USD millions) 2023 2022 2021 Depreciation, amortization and impairments on: Property, plant and equipment 1 006 1 374 1 277 Right-of-use assets 263 270 279 Intangible assets 7 008 5 061 4 041 Financial assets 1 106 260 -38 Change in provisions and other non-current liabilities 61 1 318 806 Gains on disposal and other adjustments on property, plant and equipment; intangible assets; financial assets and other non-current assets, net -180 -308 -646 Equity-settled compensation expense 865 791 700 Loss/(income) from associated companies 2 13 11 -15 337 Income taxes 551 1 128 1 625 Net financial expense 633 758 863 Other 43 -32 Total 10 369 10 631 -6 430 1 2 2021 included the gain of USD 14.6 billion recognized from the divestment of the Company's investment in Roche (see Notes 2 and 5). In 2023, other than through business combinations, there were no additions to intangible assets with deferred payments (2022: USD 635 million, 2021: nil). In 2023, there were USD 421 million (2022: USD 216 million, 2021: USD 295 million) additions to right-of-use assets recognized. 24.2) Total amount of income taxes paid In 2023, the total amount of income taxes paid by continuing operations was USD 2 787 million and by discontinued operations was USD 162 million, which was included within “Net cash flows from operating activities from discontinued operations.” In 2023, the total amount of income taxes paid by the Company was USD 2 949 million. In 2022, the total amount of income taxes paid by continuing operations was USD 1 702 million and by discontinued operations was USD 273 million, which was included within “Net cash flows from operating activities from discontinued operations.” In 2022, the total amount of income taxes paid by the Company was USD 1 975 million. In 2021, the total amount of income taxes paid by continuing operations was USD 1 856 million and by discontinued operations was USD 486 million, which was included within “Net cash flows from operating activities from discontinued operations.” In 2021, the total amount of income taxes paid by the Company was USD 2 342 million. 24.3) Cash flows from changes in working capital and other operating items included in the net cash flows from operating activities from continuing operations (USD millions) 2023 2022 2021 Increase in inventories -546 -560 -102 Increase in trade receivables -1 504 -397 -352 Increase/(decrease) in trade payables 479 -181 -111 Change in other current and non-current assets -125 -84 -179 Change in other current liabilities 1 327 426 671 Total -369 -796 -73 24.4) Cash flows arising from acquisitions and divestments of interests in associated companies, net In 2021, acquisitions and divestments of interests in associated companies, net included USD 20.7 billion proceeds from the divestment of the Company’s investment in Roche (see Notes 2 and 5). 24.5) Cash flows arising from acquisitions and divestments of businesses, net The following table is a summary of the cash flow impact of acquisitions and divestments of businesses. The most significant transactions are described in Note 2. (USD millions) Note 2023 2022 2021 Net assets recognized as a result of acquisitions of businesses 25 -3 699 -1 077 -320 Fair value of previously held equity interests 26 21 42 Contingent consideration payables, net 146 224 18 Payments, deferred consideration and other adjustments, net -34 0 1 Cash flows used for acquisitions of businesses -3 561 -832 -259 Cash flows from/(used for) divestments of businesses, net 1 3 -8 54 Cash flows used for acquisitions and divestments of businesses, net -3 558 -840 -205 1 In 2023, USD 3 million represented net cash inflows from divestments in previous years. In 2022, USD 8 million net cash outflows from divestments of businesses included USD 20 million reduction to cash and cash equivalents due to the derecognized cash and cash equivalents following a loss of control of a company upon expiry of an option to purchase the company, partly offset by USD 12 million net cash inflows from business divestments in 2022 and in prior years. In 2022, the net identifiable assets of divested businesses amounted to USD 139 million, comprised of non-current assets of USD 127 million, current assets of USD 70 million, including USD 62 million cash and cash equivalents and of non-current and current liabilities of USD 58 million. The deferred sale price receivable and other adjustments amounted to USD 19 million. In 2021, USD 54 million included net cash inflows from divestments in previous years. Notes 2 and 25 provide further information regarding acquisitions and divestments of businesses. All acquisitions were for cash. 24.6) Reconciliation of liabilities arising from financing activities 2023 2022 2021 Derivative Derivative Derivative January 1 26 120 55 1 789 29 129 68 1 896 35 850 194 2 005 Financial debts, derivative financial instruments and lease liabilities related to discontinued operations 1 -214 -1 -98 Increase in non-current financial debts 2 16 16 Repayments of the current portion of non-current financial debts 3 -2 223 -2 575 -2 162 Change in current financial debts 4 546 295 -3 524 Payments of lease liabilities 5 -258 -295 -316 Interest payments for amounts included in lease liabilities classified as cash flows from operating activities 6 -52 -51 -52 New, modified and terminated leases, net 349 222 253 Impact of acquisitions and divestments of businesses, net 51 12 1 Changes in fair values, lease interest and other changes, net -2 37 28 -13 60 1 -125 62 Amortization of bonds discount 17 22 29 Currency translation effects 276 19 -767 -55 -1 082 -1 -56 December 31 24 520 91 1 828 26 120 55 1 789 29 129 68 1 896 Non-current 7 18 436 1 598 20 244 1 538 22 902 1 621 Current 7 6 084 91 230 5 876 55 251 6 227 68 275 1 2 Increases in non-current financial debts included in the consolidated statements of cash flows from continuing operations were nil in 2022 and 2021. 3 4 Changes in current financial debts included in the consolidated statements of cash flows from continuing operations were USD 252 million in 2022 (2021: USD 3 547 million) which included net cash outflows from interest-bearing accounts of employees payable on demand amounting to USD 1.7 billion. 5 Payments of lease liabilities included in the consolidated statements of cash flows from continuing operations were USD 262 million in 2022 (2021: USD 278 million). 6 Interest payments for amounts included in lease liabilities classified as cash flows from operating activities within the consolidated statements of cash flows from continuing operations were USD 48 million in 2022 (2021: USD 48 million). 7 |
Acquisitions of businesses
Acquisitions of businesses | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of acquisition of businesses [abstract] | |
Acquisition of businesses | 25. Acquisitions of businesses Fair value of assets and liabilities arising from acquisitions of businesses: (USD millions) 2023 2022 2021 Property, plant and equipment 18 13 Right-of-use assets 16 12 Currently marketed products 292 Acquired research and development 2 931 1 209 262 Other intangible assets 15 98 Deferred tax assets 34 56 28 Non-current financial and other assets 164 Trade receivables and financial and other current assets 183 5 1 Cash and cash equivalents 226 89 10 Deferred tax liabilities -474 -300 -74 Current and non-current financial debts -1 Current and non-current lease liabilities -51 -12 Trade payables and other liabilities -231 -67 -4 Net identifiable assets acquired 2 831 1 005 612 Acquired cash and cash equivalents -226 -89 -10 Non-controlling interests -105 Goodwill 1 094 161 238 Net assets recognized as a result of acquisitions of businesses 1 3 699 1 077 735 1 In 2023 and 2022 all net assets recognized relate to business combinations of continuing operations. In 2021, net assets recognized as a result of acquisitions of businesses from continuing operations were USD 320 million. Note 2 details significant acquisitions of businesses by continuing operations, specifically the acquisition of DTx Pharma and Chinook Therapeutics in 2023, and of Gyroscope in 2022. Note 31 details significant acquisitions by discontinued operations, specifically the cephalosporin antibiotics business from GSK by Sandoz in 2021. The goodwill arising out of these acquisitions is attributable to the synergies, the accounting for deferred tax liabilities on the acquired assets and the assembled workforce. In 2023, no goodwill (2022: nil; 2021: USD 107 million) is tax deductible. |
Post-employment benefits for em
Post-employment benefits for employees | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of defined benefit plans [abstract] | |
Post-employment benefits for employees | 26. Post-employment benefits for employees Defined benefit plans In addition to the legally required social security schemes, the Company has numerous independent pension and other post-employment benefit plans. In most cases, these plans are externally funded in entities that are legally separate from the Company. For certain Company entities, however, no independent plan assets exist for the pension and other post-employment benefit obligations of employees. In these cases, the related unfunded liability is included in the balance sheet. The defined benefit obligations (DBOs) of all major pension and other post-employment benefit plans are reappraised annually by independent actuaries using the projected unit credit method. Plan assets are recognized at fair value. The major plans are based in Switzerland, the United States, the United Kingdom, Germany and Japan, which represent 96% 84% Swiss-based pension plans represent the most significant portion of the Company’s total DBO and plan assets. For the active insured members the benefits are linked to contributions paid into the plan, interest credits granted and conversion rates applied. All benefits granted under Swiss-based pension plans are vested, and Swiss legislation prescribes that the employer has to contribute a fixed percentage of an employee’s pay to an external pension fund. Additional employer contributions may be required whenever the plan’s statutory funding ratio falls below a certain level. The employee also contributes to the plan. The pension plans are run by separate legal entities, each governed by a board of trustees that – for the principal plans – consists of representatives nominated by Novartis and the active insured employees. The boards of trustees are responsible for the plan design and asset investment strategy. The United States pension plans represent the second-largest component of the Company’s total DBO and plan assets. The principal plans (Qualified Plans) are funded, whereas plans providing additional benefits for executives (Restoration Plans) are unfunded. Employer contributions are required for Qualified Plans whenever the statutory funding ratio falls below a certain level. Furthermore, in certain countries, employees are covered under other post-employment benefit plans and post-retirement medical plans. In the US, other post-employment benefit plans consist primarily of post-employment healthcare benefits, which have been closed to new members since 2015. Part of the costs of these plans is reimbursable under the Medicare Prescription Drug, Improvement, and Modernization Act of 2003. There is no statutory funding requirement for these plans. The Company is funding these plans to the extent that it is tax efficient. The following tables are a summary of the funded and unfunded defined benefit obligation for pension and other post-employment benefit plans of employees at December 31, 2023 and 2022: Pension plans Other post-employment benefit plans (USD millions) 2023 2022 2023 2022 Benefit obligation at January 1 17 533 23 583 422 560 Benefit obligations related to discontinued operations 1 -529 -26 Current service cost 260 348 9 12 Interest cost 504 249 22 17 Past service costs and settlements 28 -40 1 Administrative expenses 25 23 Remeasurement gains arising from changes in financial assumptions 2 1 350 -5 046 13 -94 Remeasurement (gains)/losses arising from changes in demographic assumptions -303 -53 -14 Experience-related remeasurement losses/(gains) 23 199 44 -28 Currency translation effects 1 304 -650 4 -2 Benefit payments -1 384 -1 253 -34 -44 Contributions of employees 174 174 Effect of acquisitions, divestments or transfers 52 -1 Benefit obligation at December 31 19 037 17 533 440 422 Fair value of plan assets at January 1 18 945 22 420 60 73 Plan assets related to discontinued operations 1 -386 Interest income 514 220 2 2 Return on plan assets excluding interest income 175 -2 500 10 -12 Currency translation effects 1 524 -539 Novartis contributions 408 424 33 41 Contributions of employees 174 174 Settlements -35 -1 Benefit payments -1 384 -1 253 -34 -44 Effect of acquisitions, divestments or transfers -1 Fair value of plan assets at December 31 19 934 18 945 71 60 Funded status 897 1 412 -369 -362 Limitation on recognition of fund surplus at January 1 -2 644 -62 Limitation on recognition of fund surplus at January 1, related to discontinued operations 6 Change in limitation on recognition of fund surplus 740 -2 504 Currency translation effects -209 -76 Interest income on limitation of fund surplus -60 -2 Limitation on recognition of fund surplus at December 31 3 -2 167 -2 644 Net liability in the balance sheet at December 31 -1 270 -1 232 -369 -362 1 2 3 The most significant pension plans where the asset ceiling was required to be applied were in Switzerland and amounted to USD 2 112 million (2022: USD 2 587 million). The reconciliation of the net liability from January 1 to December 31 is as follows: Pension plans Other post-employment benefit plans (USD millions) 2023 2022 2023 2022 Net liability at January 1 -1 232 -1 225 -362 -487 Less: net liability related to discontinued operations 1 149 26 Current service cost -260 -348 -9 -12 Net interest expense -50 -31 -20 -15 Administrative expenses -25 -23 Past service costs and settlements -63 39 -1 Remeasurements -895 2 400 -33 110 Currency translation effects 11 35 -4 2 Novartis contributions 408 424 33 41 Effect of acquisitions, divestments or transfers -53 1 Change in limitation on recognition of fund surplus 740 -2 504 Net liability at December 31 -1 270 -1 232 -369 -362 Amounts recognized in the consolidated balance sheet Prepaid benefit cost 545 491 Accrued benefit liability -1 815 -1 723 -369 -362 1 The following table shows a breakdown of the DBO for pension plans by geography and type of member, and the breakdown of plan assets into the geographical locations in which they are held: 2023 2022 United Rest of United Rest of Benefit obligation at December 31 13 453 2 574 3 010 19 037 11 824 2 746 2 963 17 533 Thereof unfunded 538 390 928 556 363 919 By type of member Active 5 557 389 847 6 793 4 799 431 931 6 161 Deferred pensioners 770 912 1 682 830 861 1 691 Pensioners 7 896 1 415 1 251 10 562 7 025 1 485 1 171 9 681 Fair value of plan assets at December 31 15 892 1 835 2 207 19 934 14 701 1 978 2 266 18 945 Funded status 2 439 -739 -803 897 2 877 -768 -697 1 412 The following table shows a breakdown of the DBO for other post-employment benefit plans by geography and type of member, and the breakdown of plan assets into the geographical locations in which they are held: 2023 2022 United Rest of United Rest of Benefit obligation at December 31 356 84 440 346 76 422 Thereof unfunded 285 84 369 286 76 362 By type of member Active 30 10 40 30 18 48 Deferred pensioners 1 0 1 8 0 8 Pensioners 325 74 399 308 58 366 Fair value of plan assets at December 31 71 0 71 60 0 60 Funded status -285 -84 -369 -286 -76 -362 The following table shows the principal weighted average actuarial assumptions used for calculating defined benefit plans and other post-employment benefits of employees: Pension plans Other post-employment benefit plans 2023 2022 2021 2023 2022 2021 Weighted average assumptions used to determine benefit obligations at December 31 Discount rate 2.2% 3.0% 0.9% 5.5% 6.3% 3.3% Expected rate of pension increase 0.3% 0.4% 0.5% Expected rate of salary increase 3.0% 2.9% 2.7% Interest on savings account 1.3% 2.2% 0.5% Current average life expectancy for a 65-year-old male in years 22 22 22 21 21 21 Current average life expectancy for a 65-year-old female in years 24 24 24 23 23 23 Changes in the aforementioned actuarial assumptions can result in significant volatility in the accounting for the Company’s pension plans in the consolidated financial statements. This can result in substantial changes in the Company’s other comprehensive income, long-term liabilities and prepaid pension assets. The DBO is significantly impacted by assumptions regarding the rate that is used to discount the actuarially determined post-employment benefit liability. This rate is based on yields of high-quality corporate bonds in the country of the plan. Decreasing corporate bond yields decrease the discount rate, so that the DBO increases and the funded status decreases. In Switzerland, an increase in the DBO due to lower discount rates is slightly offset by lower future benefits expected to be paid on the employee’s savings account where the assumption on interest accrued often changes broadly in line with the discount rate. The impact of decreasing interest rates on a plan’s assets is more difficult to predict. A significant part of the plan assets is invested in bonds. Bond values usually rise when interest rates decrease and may therefore partially compensate for the decrease in the funded status. Furthermore, pension assets also include significant holdings of equity instruments. Share prices usually tend to rise when interest rates decrease and therefore often counteract the negative impact of the rising defined benefit obligation on the funded status (although the correlation of interest rates with equities is not as strong as with bonds, especially in the short term). The expected rate for pension increases significantly affects the DBO of most plans in Switzerland, Germany and the United Kingdom. Such pension increases also decrease the funded status, although there is no strong correlation between the value of the plan assets and pension/inflation increases. Assumptions regarding life expectancy significantly impact the DBO. An increase in longevity increases the DBO. There is no offsetting impact from the plan assets, as no longevity bonds or swaps are held by the pension funds. The Company’s actuaries use mortality tables that take into account historic patterns and expected changes, such as further increases in longevity. In 2023 the mortality assumptions used for the pension plans in Switzerland were based on BVG 2020 tables with future improvements based on the Continuous Mortality Investigation (‘CMI’) model (2022: based on the BVG generational model). For the pension and postretirement medical benefit plans in the US, the Society of Actuaries Pri-2012 mortality tables with generational improvements based on Scale MP-2021 are used. The following table shows the sensitivity of the defined benefit pension obligation to the principal actuarial assumptions for the major plans in Switzerland, the United States, the United Kingdom, Germany and Japan on an aggregated basis: Change in 2023 Change in 2022 25 basis point increase in discount rate -528 -466 25 basis point decrease in discount rate 557 491 One-year increase in life expectancy 644 535 25 basis point increase in rate of pension increase 366 316 25 basis point decrease in rate of pension increase -61 -63 25 basis point increase of interest on savings account 43 38 25 basis point decrease of interest on savings account -42 -37 25 basis point increase in rate of salary increase 41 37 25 basis point decrease in rate of salary increase -42 -37 The healthcare cost trend rate assumptions used for other post-employment benefits are as follows: 2023 2022 2021 Healthcare cost trend rate assumed for next year 6.3% 6.5% 6.0% Rate to which the cost trend rate is assumed to decline 4.5% 4.5% 4.5% Year that the rate reaches the ultimate trend rate 2031 2031 2028 The following table shows the weighted average plan asset allocation of funded defined benefit pension plans at December 31, 2023 and 2022: Pension plans Long-term Long-term Equity securities 15 40 25 24 Debt securities 20 60 34 31 Real estate 5 30 19 21 Alternative investments 0 20 17 18 Cash and other investments 0 15 5 6 Total 100 100 Cash and most of the equity and debt securities have a quoted market price in an active market. Real estate and alternative investments, which include hedge fund, private equity, infrastructure and commodity investments, usually have a quoted market price or a regularly updated net asset value. The strategic allocation of assets of the different pension plans is determined with the objective of achieving an investment return that, together with the contributions paid by the Company and its employees, is sufficient to maintain reasonable control over the various funding risks of the plans. Based upon local requirement, the market and economic environments, actual asset allocations may be permitted to deviate from policy targets. The asset allocation currently includes investments in shares of Novartis AG as per the below table: December 31, December 31, Investment in shares of Novartis AG Number of shares (in millions) 2.3 2.3 Market value (in USD billions) 0.2 0.2 The weighted average duration of the defined benefit pension obligation is 12.3 years (2022: 11.8 years). The Company’s ordinary contribution to the various pension plans is based on the rules of each plan. Additional contributions are made whenever this is required by statute or law (i.e., usually when statutory funding levels fall below predetermined thresholds). The only significant plan that requires additional funding is in Germany. The expected future cash flows over the upcoming 10 years in respect of pension and other post-employment benefit plans at December 31, 2023, were as follows: Other post- Company contributions 2024 (estimated) 388 39 Expected future benefit payments 2024 1 434 40 2025 1 317 40 2026 1 186 40 2027 1 159 39 2028 1 132 38 2029–2033 5 316 175 Defined contribution plans In many subsidiaries, employees are covered by defined contribution plans. Contributions charged to the consolidated income statement for continuing operations for the defined contribution plans were: (USD millions) 2023 2022 2021 Contributions for defined contribution plans continuing operations 477 483 484 The Company’s total personnel costs for continuing operations amounted to USD 12.7 billion in 2023 (2022: USD 13.1 billion). |
Equity-based participation plan
Equity-based participation plans for employees | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Equity-based participation plans for employees | 27. Equity-based participation plans for employees The equity-based compensation expense from continuing operations related to all equity-based participation plans and the liabilities arising from equity-based payment transactions were as follows: (USD millions) 2023 2022 2021 Expense related to equity-based participation plans 1 142 982 910 Liabilities arising from equity-based payment transactions 322 235 253 Equity-based participation plans can be separated into the following plans: Annual Incentive The Annual Incentive for the Novartis Company CEO and other Executive Committee members (ECN) is paid 50% in cash and 50% in Novartis restricted shares (RSs) or restricted share units (RSUs). For a select portion of Novartis management leadership team, the Annual Incentive is paid 70% in cash and 30% in RSs or RSUs. Both the ECN and a select portion of Novartis management leadership team can opt to invest up to the maximum cash portion of their Annual Incentive to receive further RSs or RSUs. Any cash is paid out during March in the year following the end of the performance period, and the shares are granted during January in the year following the end of the performance period. Employee share savings plan Novartis operates employee share savings and purchase plans in certain countries. The most significant is described below. The Employee Share Ownership Plan (ESOP) in Switzerland offers participants to choose to receive their Annual Incentive (i) 100% in shares, (ii) 50% in shares and 50% in cash, or (iii) 100% in cash. After the expiration of a three-year holding period for Novartis shares invested under the ESOP, participants receive one matching share for every two invested shares. Employees eligible for the equity plan “Select” are not eligible to receive ESOP matching shares. The Novartis Company CEO, the other Executive Committee members and a select portion of Novartis management leadership team are not eligible to participate in this plan. Novartis Employee share purchase plan In 2022 Novartis started to grant shares under the Employee Share Purchase Plan (ESPP). The ESPP enables employees to voluntarily purchase Novartis AG shares through payroll deductions at a discounted price. While the ESPP is global in scope, the first phase covers employees in North America (the US, Puerto Rico and Canada). Other countries employees will become eligible to participate in the ESPP commencing in 2024, according to a multi-year phased implementation plan. The shares are not subject to a vesting period. Novartis equity plan “Select” The equity plan “Select” is a global equity incentive plan under which eligible employees may annually be awarded a grant subject to a three-year, and for eligible employees of selected Company units a four-year, staggered vesting period. No awards are granted for performance ratings below a certain threshold. Executive Committee members and a select portion of Novartis management leadership team are not eligible to participate in the equity plan “Select.” The equity plan “Select” currently allows participants employed and living in Switzerland to choose the form of their equity compensation in RSs or RSUs. In all other jurisdictions, RSs or RSUs are granted unilaterally. Until 2013, participants could also choose to receive part or the entire grant in the form of tradable share options. All tradable share options expired on their 10 th th Options under Novartis equity plan “Select” outside North America The following table shows the activity associated with the share options during the period. The weighted average prices in the table below are translated from Swiss francs into USD at historical rates. 2023 2022 Weighted Weighted Options outstanding at January 1 0.5 66.0 1.7 63.6 Sold or exercised -0.5 66.0 -1.2 62.6 Outstanding at December 31 0.0 0.5 66.0 Exercisable at December 31 0.0 0.5 66.0 All share options were granted at an exercise price that was equal to the closing market price of the Company’s shares at the grant date. The weighted average share price at the dates of sale or exercise was USD 92.61. Options under Novartis equity plan “Select” for North America The following table shows the activity associated with the ADR options during the period: 2023 2022 Weighted Weighted Options outstanding at January 1 1.1 66.1 4.0 64.4 Sold or exercised -1.1 66.1 -2.9 63.7 Outstanding at December 31 0.0 1.1 66.1 Exercisable at December 31 0.0 1.1 66.1 All ADR options were granted at an exercise price that was equal to the closing market price of the ADRs at the grant date. The weighted average share price at the dates of sale or exercise was USD 91.68. Long-Term Performance Plan The Long-Term Performance Plan (LTPP) is an equity plan for the ECN, a select portion of Novartis management leadership team and employees of Company units with specific targets. Participants are granted a target number of performance share units (PSUs) at the beginning of every performance period, which are converted into unrestricted Novartis shares after the performance period. The actual payout depends on the achievement of the performance measures and ranges between 0% and 200% of the granted amount. PSUs granted under the LTPP do not carry voting rights, but do carry dividend equivalents that are paid in unrestricted Novartis shares at the end of the performance period. The LTPP awards are subject to a three-year performance and vesting period. The performance criteria for the ECN are based on both Novartis internal performance metrics and variables that can be observed in the market, which is the ranking of the Novartis total shareholder return (TSR) relative to a global healthcare peer group of 14 other companies, over rolling three-year performance periods. Only ECN members, as from performance cycle 2023, are subject to the TSR performance metric under the LTPP. TSR for Novartis and the peer companies is calculated as the change in the company share price, which is translated to USD at the relevant exchange rate, including the reinvestment return of dividends, over the three-year performance period. The calculation is based on Bloomberg standard published TSR data, which is publicly available. The position of Novartis in the peer group determines the payout range based on a payout matrix. Other share awards Selected employees may exceptionally receive Special Share Awards of RSs or RSUs. These Special Share Awards provide an opportunity to reward outstanding achievements or exceptional performance, and aim to retain key contributors. They are based on a formal internal selection process, through which the individual performance of each candidate is thoroughly assessed at several management levels. Special Share Awards had a minimum three-year vesting period before 2021 and mainly three years thereafter. In exceptional circumstances, Special Share Awards may be awarded to attract special expertise and new talents to the organization. Externally recruited ECN members are eligible only for special awards that are “buyouts” in the case that it is to replace equity forfeited with their former employer. The equity is provided on a like-for-like basis as the forfeited equity, at the same value with the same vesting period, and with or without a performance condition. Worldwide, employees at different levels in the organization were awarded RSs and RSUs in 2023, 2022 and 2021. In addition, in 2023, 2022 and 2021, Board members received unrestricted shares as part of their regular compensation. Summary of share grants The table below provides a summary of share grants (shares, RSs, RSUs and PSUs) for all plans. At the Sandoz Distribution date, all RSU and PSU holders, who were not entitled to the dividend in kind in the form of Sandoz Group AG shares received keep whole awards in Novartis AG shares to compensate for the loss of the Sandoz value from their Novartis AG shares. These keep whole awards were accounted for as a modification, which did not significantly change the fair value of the original grant. The change in fair value was measured by comparing the fair value of the grant before the spin against the fair value of the grant plus keep whole award right after spin. 2023 2022 Weighted Weighted Annual Incentive – RSU 0.3 74.2 0.2 74.7 – Restricted shares 0.1 92.3 0.1 85.0 Share savings plans – RSU 0.4 71.3 0.4 75.0 – Shares 1.0 92.3 1.2 85.0 Novartis Employee Share Purchase Plan 0.9 96.2 0.8 82.8 Select North America (RSU) 4.5 73.9 4.9 74.5 Select outside North America – RSU 1.9 73.3 2.0 75.1 – Restricted shares 0.6 92.3 0.7 85.0 Long-Term Performance Plan (PSU) 1.8 80.6 1.7 82.0 Other share awards – RSU 0.6 75.9 0.5 76.3 – Restricted shares 0.1 86.9 – Shares 0.1 86.1 |
Transactions with related parti
Transactions with related parties | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Transactions with related parties | 28. Transactions with related parties Roche Holding AG Novartis has two agreements with Genentech, Inc., United States (Genentech), and one agreement with Spark Therapeutics, Inc., United States (Spark). Both companies are subsidiaries of Roche Holding AG (Roche), which were indirectly included in the consolidated financial statements using equity accounting until November 3, 2021, when Novartis entered into an agreement with Roche to divest its 33.3% Lucentis Novartis has licensed from Genentech/Roche the exclusive rights to develop and market Lucentis Lucentis Lucentis Xolair Novartis and Genentech/Roche are co-promoting Xolair Novartis markets Xolair Xolair Luxturna In 2018, Novartis entered into an exclusive licensing and commercialization agreement and a supply agreement with Spark for Luxturna The net income for royalties, cost sharing and profit sharing arising out of the Lucentis Xolair Luxturna Furthermore, Novartis has several patent license, supply and distribution agreements with Roche. Novartis Pension Fund In 2018, a Company subsidiary provided an uncommitted overnight credit facility to the Novartis Pension Fund, Switzerland, for up to USD 500 million with interest at the US Federal Funds Rate. This credit facility was not utilized during the current and past years. Executive Officers and Non-Executive Directors compensation As at December 31, 2023, there were 11 Executive Committee members (“Executive Officers”). During 2023, 1 Executive Officer stepped down. As at December 31, 2022, there were 11 Executive Officers. During 2022, 5 Executive Officers stepped down. As at December 31, 2021, there were 12 Executive Officers. During 2021, 3 Executive Officers stepped down. The total compensation for Executive Committee members and the 14 Non-Executive Directors (15 in 2022 and 14 in 2021) using the Company’s accounting policies for equity-based compensation and pension benefits was as follows: Executive Officers Non-Executive Directors Total (USD millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Cash and other compensation 18.0 25.0 20.3 4.9 4.6 4.7 22.9 29.6 25.0 Post-employment benefits 2.1 2.8 2.5 2.1 2.8 2.5 Equity-based compensation 62.2 42.6 37.3 5.0 4.8 5.2 67.2 47.4 42.5 Total 82.3 70.4 60.1 9.9 9.4 9.9 92.2 79.8 70.0 During 2023, there was an increase in the IFRS Accounting Standards compensation expense for Executive Officers compared to 2022, primarily driven by higher equity-based compensation, mainly due to higher realized and expected payouts on the achievement of the defined performance criteria, partly offset by lower cash and other compensation, due to lower accelerated expenses from stepped down Executive Officers compared to 2022. During 2022, there was an increase in the IFRS Accounting Standards compensation expense for Executive Officers compared to 2021, driven by accelerated expenses (cash and other compensation and equity-based compensation) required under IFRS Accounting Standards for the executive members who stepped down in 2022, in accordance with their employment contracts and the relevant incentive plan terms, compared to the accelerated expenses due to executive officers who stepped down in 2021. During 2021, the IFRS Accounting Standards compensation expense decreased due to one role less at the ECN, and lower cash and equity compensation attributable to former ECN members, partially offset by the net increase of the IFRS Accounting Standards compensation expense of current ECN members. The Annual Incentive award, which is fully included in equity-based compensation even when paid out in cash, is granted in January in the year following the reporting period. The disclosures on Board and executive compensation required by the Swiss Code of Obligations and in accordance with the Swiss Ordinance against Excessive Compensation in Stock Exchange Listed Companies are shown in the Compensation Report of the Company. Transactions with a former member of the Board of Directors Dr. Alex Krauer, was an Honorary Chairman of Novartis and was entitled to an amount of CHF 60 000 for annual periods from one AGM to the next. This amount was fixed in 1998 upon his departure from the Board in 1999. The last payment under this arrangement was in 2021. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and contingencies [abstract] | |
Commitments and contingencies | 29. Commitments and contingent liabilities Research and development commitments The Company has entered into long-term research and development agreements with various institutions related to intangible assets. These agreements provide for potential milestone payments by Novartis, which are dependent on successful clinical development, or meeting specified sales targets, or other conditions that are specified in the agreements. As of December 31, 2023, the amount and estimated timing of the Company’s commitments to make payments under those agreements, which are shown without risk adjustment and on an undiscounted basis, were as follows: (USD millions) 2023 2024 202 2025 269 2026 493 2027 316 2028 597 Thereafter 4 206 Total 6 083 Commitments for capital calls The Company holds investments in funds in which it has committed to invest further upon future capital calls. As at December 31, 2023, the total uncalled capital commitments for the Company’s investments in funds amounts to USD 80 million. Note 30 contains further information on the Company’s investments in funds. Other commitments The Company has entered into various purchase commitments for services and materials as well as for equipment in the ordinary course of business. These commitments are generally entered into at current market prices and reflect normal business operations. For the disclosure of property, plant and equipment purchase commitments, see Note 10. The Company routinely acquires businesses and interests in intellectual property focused on key disease areas and indications that the Company expects to be growth drivers in the future. The Company has commitments through to the date the consolidated financial statements were approved for publication (see Note 32), totaling USD 3.8 billion (of which USD 3.4 billion may become payable in 2024) related to the acquisition of businesses and interests in intellectual property, the majority of which is subject to the satisfaction of conditions precedent in the arrangements. Guarantees issued The Company has issued guarantees to third parties in the ordinary course of business, mostly for tax, customs or other governmental agencies. Contingent liabilities Novartis companies have to observe the laws, government orders and regulations of the country in which they operate. A number of Novartis companies are, and will likely continue to be, subject to various legal proceedings and investigations that arise from time to time, including proceedings pertaining to: pricing; bribery and corruption; trade regulation and embargo legislation; product liability; commercial disputes; employment and wrongful discharge; antitrust and competition; securities; government benefit programs; reimbursement; rebates; healthcare fraud; sales and marketing practices; insider trading; occupational health and safety; environmental regulations; tax; cyber and data security; use of technologies, including AI; data privacy; regulatory interactions; disclosure compliance; and intellectual property. As a result, the Company may become subject to substantial liabilities that may not be covered by insurance and that could affect our business, financial position and reputation. While Novartis does not believe that any of these legal proceedings will have a material adverse effect on its financial position, litigation is inherently unpredictable and large judgments sometimes occur. Consequently, we may in the future incur judgments that could involve large payments, including the potential repayment of amounts allegedly obtained improperly, and other penalties, including treble damages, any of which could have a material adverse effect on our results of operations or cash flow. Governments and regulatory authorities around the world have been stepping up their compliance and law enforcement activities in recent years in key areas, including marketing practices, pricing, corruption, trade restrictions, embargo legislation, insider trading, antitrust, cyber security and data privacy. Furthermore, when a government or regulatory authority undertakes an investigation, it is not uncommon for other governments or regulators to undertake investigations regarding the same or similar matters. Responding to such investigations is costly and requires an increasing amount of management’s time and attention. In addition, such investigations may affect our reputation, create a risk of potential exclusion from government reimbursement programs in the United States and other countries, and lead to (or arise from) litigation. These factors have contributed to decisions by Novartis and other companies in the healthcare industry, when deemed in their interest, to enter into settlement agreements with governmental authorities around the world prior to any formal decision by the authorities or a court. These government settlements have involved and may in the future involve large cash payments, sometimes in the hundreds of millions of dollars or more, including the potential repayment of amounts allegedly obtained improperly and other penalties, including treble damages. In addition, settlements of government healthcare fraud cases and antitrust cases often require companies to enter into corporate integrity agreements, which are intended to regulate company behavior for a period of years. Our affiliate Novartis Corporation is party to such an agreement, which will expire in 2025. In addition, matters underlying governmental investigations and settlements may be the subject of separate private litigation. While provisions have been made for probable outflows of economic resources, which management deems to be reasonable or appropriate, there are uncertainties connected with these estimates. Note 21 contains additional information on these matters. A number of Novartis companies are involved in legal proceedings concerning intellectual property rights. The inherent unpredictability of such proceedings means that there can be no assurances as to their ultimate outcome. A negative result in any such proceeding could potentially adversely affect the ability of certain Novartis companies to sell their products, or require the payment of substantial damages or royalties. The timing and the outcome of legal proceedings and their potential financial effect are not predictable. In the opinion of management, however, the outcome of these actions will not materially affect the Company’s financial position but could be material to the results of operations or cash flow in a given period. The Company’s potential environmental remediation liability is assessed based on a risk assessment and investigation of the various sites identified by the Company as at risk for environmental remediation exposure. The Company’s future remediation expenses are affected by a number of uncertainties. These uncertainties include, but are not limited to, the method and extent of remediation, the percentage of material attributable to the Company at the remediation sites relative to that attributable to other parties, and the financial capabilities of the other potentially responsible parties. Note 21 contains additional information on environmental liabilities. |
Financial instruments - additio
Financial instruments - additional disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments - additional disclosure [abstract] | |
Disclosure of detailed information about financial instruments [text block] | 30. Financial instruments – additional disclosures The following tables show the carrying values of financial instruments by measurement category as at December 31, 2023 and 2022. Except for straight bonds (see Note 20), the carrying values are equal to, or a reasonable approximation of, the fair values. 2023 Financial Cash and cash equivalents 17 13 343 50 Time deposits and short-term investments with original maturity more than 90 days 17 569 Trade receivables 16 7 107 Other receivables and current assets 18 1 127 124 1 Long-term financial investments - equity securities 14 1 086 317 Long-term financial investments - debt securities 14 29 Long-term financial investments - fund investments 14 190 Long-term loans, advances, security deposits and other long-term receivables 14 432 Associated companies at fair value through profit and loss 101 Derivative financial instruments 17 355 Contingent consideration receivables 14/18 618 Total financial assets 22 578 1 289 1 582 Bank and other short-term financial debt 22 624 Commercial paper 22 3 269 Straight bonds 20 20 585 Long-term liabilities to banks and other financial institutions 20 42 Trade payables 4 926 Contingent consideration liabilities (see Note 21/23) and other financial liabilities 491 Derivative financial instruments 22 91 Lease liabilities 11 1 828 Total financial liabilities 29 446 582 1 828 2022 Financial Cash and cash equivalents 17 7 517 Time deposits and short-term investments with original maturity more than 90 days 17 11 089 Trade receivables 16 8 066 Other receivables and current assets 18 958 Marketable securities - debt securities 17 9 Long-term financial investments - equity securities 14 828 317 Long-term financial investments - debt securities 14 37 Long-term financial investments - fund investments 14 281 Long-term loans, advances, security deposits and other long-term receivables 14 341 Associated companies at fair value through profit and loss 129 Derivative financial instruments 17 204 Contingent consideration receivables 14 650 Total financial assets 27 971 874 1 581 Bank and other short-term financial debt 22 863 Commercial paper 22 2 772 Straight bonds 20 22 341 Long-term liabilities to banks and other financial institutions 20 144 Trade payables 5 146 Contingent consideration liabilities (see Note 21/23) and other financial liabilities 1 067 Derivative financial instruments 22 55 Lease liabilities 11 1 789 Total financial liabilities 31 266 1 122 1 789 Derivative financial instruments The following tables show the contract or underlying principal amounts and fair values of derivative financial instruments analyzed by type of contracts as at December 31, 2023 and 2022. Contract or underlying principal amounts indicate the gross volume of business outstanding at the consolidated balance sheet date and do not represent amounts at risk. The fair values are determined by reference to market prices or standard pricing models that use observable market inputs as at December 31, 2023 and 2022. Contract or underlying principal amounts Positive fair values Negative fair values (USD millions) 2023 2022 2023 2022 2023 2022 Forward foreign exchange rate contracts 11 944 7 907 335 189 -91 -41 Commodity purchase contracts 76 97 20 15 Options on equity securities 39 -14 Total derivative financial instruments included in marketable securities and in current financial debts 12 020 8 043 355 204 -91 -55 The following table shows a breakdown by currency of the contract or underlying principal amounts of derivative financial instruments as at December 31, 2023 and 2022: 2023 (USD millions) EUR USD Other Total Forward foreign exchange rate contracts 1 629 8 980 1 335 11 944 Commodity purchase contracts 61 15 76 Total derivative financial instruments 1 690 8 995 1 335 12 020 2022 (USD millions) EUR USD Other Total Forward foreign exchange rate contracts 687 5 659 1 561 7 907 Commodity purchase contracts 80 17 97 Options on equity securities 39 39 Total derivative financial instruments 767 5 715 1 561 8 043 Derivative financial instruments effective for hedge accounting purposes At the end of 2023 and 2022, there were no open hedging instruments for anticipated transactions. Fair value by hierarchy As required by the IFRS Accounting Standards, financial assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. There are three hierarchical levels, based on increasing subjectivity associated with the inputs to derive fair valuation for these assets and liabilities, which are as follows: The assets carried at Level 1 fair value are equity and debt securities as well as fund investments listed in active markets. The assets generally included in Level 2 fair value hierarchy are derivatives, and certain debt securities. The liabilities generally included in this fair value hierarchy consist of derivatives. These are valued using corroborated market data. Level 3 inputs are unobservable for the asset or liability. The assets generally included in Level 3 fair value hierarchy are various investments in funds and unquoted equity security investments. Contingent consideration and other financial liabilities carried at fair value are included in this category. 2023 (USD millions) Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents Debt securities 1 50 50 Total cash and cash equivalents at fair value 50 50 Marketable securities Derivative financial instruments 355 355 Total marketable securities and derivative financial instruments at fair value 355 355 Fund investments and equity securities current 94 31 125 Current contingent consideration receivables 65 65 Long-term financial investments Debt and equity securities 796 20 616 1 432 Fund investments 7 183 190 Non-current contingent consideration receivables 553 553 Total long-term financial investments at fair value 803 20 1 352 2 175 Associated companies at fair value through profit and loss 101 101 Financial liabilities Current contingent consideration liabilities -14 -14 Other financial liabilities current -88 -88 Derivative financial instruments -91 -91 Total current financial liabilities at fair values -91 -102 -193 Non-current contingent consideration liabilities -389 -389 Total non-current financial liabilities at fair value -389 -389 1 2022 (USD millions) Level 1 Level 2 Level 3 Total Financial assets Marketable securities and derivative financial instruments Debt securities 9 9 Derivative financial instruments 204 204 Total marketable securities and derivative financial instruments at fair value 213 213 Current contingent consideration receivables 43 43 Long-term financial investments Debt and equity securities 473 10 699 1 182 Fund investments 20 261 281 Non-current contingent consideration receivables 607 607 Total long-term financial investments at fair value 493 10 1 567 2 070 Associated companies at fair value through profit and loss 129 129 Financial liabilities Contingent consideration liabilities -131 -131 Derivative financial instruments -55 -55 Total current financial liabilities at fair value -55 -131 -186 Non-current contingent consideration liabilities -704 -704 Other financial liabilities -232 -232 Total non-current financial liabilities at fair value -936 -936 The change in carrying values associated with Level 3 financial instruments, using significant unobservable inputs during the year ended December 31, is set forth below: 2023 Associated January 1 129 261 699 650 -835 -232 Impact from discontinued operations 1 101 Fair value gains and other adjustments, including from divestments recognized in the consolidated income statement 4 1 11 48 552 Fair value losses (including impairments and amortizations) and other adjustments recognized in the consolidated income statement -28 -48 -63 -31 -65 -9 Fair value adjustments recognized in the consolidated statement of comprehensive income, including currency translation effects 2 3 71 -32 Purchases 9 14 82 -180 Cash receipts and payments -49 20 153 Disposals -6 -47 -80 36 Reclassification -9 -73 December 31 101 184 647 618 -403 -88 Total of fair value gains and losses recognized in the consolidated income statement for assets and liabilities held at December 31, 2023 -24 -47 -52 17 487 -9 1 2022 Associated January 1 192 338 617 641 -1 075 -19 Fair value gains and other adjustments, including from divestments recognized in the consolidated income statement 4 35 53 530 15 Fair value losses (including impairments and amortizations) and other adjustments recognized in the consolidated income statement -63 -78 -84 -114 -18 Fair value adjustments recognized in the consolidated statement of comprehensive income, including currency translation effects 24 11 Purchases 4 11 160 -231 -238 Cash receipts and payments -44 44 28 Disposals -12 -13 Reclassification -4 -2 -40 December 31 129 261 699 650 -835 -232 Total of fair value gains and losses recognized in the consolidated income statement for assets and liabilities held at December 31, 2022 -63 -74 -49 53 416 -3 During 2023, there were three individually immaterial transfers of equity securities from Level 3 to Level 1 for USD 63 million (2022: USD 44 million), due to the Initial Public Offering of the invested company or lift of certain restrictions. Realized gains and losses associated with Level 3 long-term financial investments measured at fair value through the consolidated income statement are recorded in the consolidated income statement under “Other income” or “Other expense,” respectively. Realized gains and losses associated with Level 3 long-term financial investments measured at fair value through other comprehensive income are not recycled through the consolidated income statement but are instead reclassified to retained earnings. During the year, the net loss and net gain recorded on associated companies, fund investments and long-term financial investments at fair value through profit and loss were USD 145 million and USD 39 million, respectively. To determine the fair value of a contingent consideration, various unobservable inputs are used. A change in these inputs might result in a significantly higher or lower fair value measurement. The inputs used are, among others, the probability of success, sales forecast and assumptions regarding the discount rate and timing and different scenarios of triggering events. The inputs are interrelated. The significance and usage of these inputs to each contingent consideration may vary due to differences in the timing and triggering events for payments or in the nature of the asset related to the contingent consideration. If the most significant parameters for the Level 3 input were to change by 10% positively or negatively, or where the probability of success (POS) is the most significant input parameter 10% were added or deducted from the applied probability of success, for contingent consideration payables and contingent consideration receivables, this would change the amounts recorded in the 2023 consolidated income statement by USD 57 million and USD 53 million, respectively. Equity securities measured at fair value through other comprehensive income Equity securities held as strategic investments, typically held outside the Novartis Venture Fund, are generally designated at date of acquisition as financial assets valued at fair value through other comprehensive income with no subsequent recycling through profit and loss. Except for the investment in Sandoz Group AG with a fair value of USD 595 million as at December 31, 2023, these are made up of individually non-significant investments. As at December 31, 2023, the Company holds 61 non-listed equity securities (December 31, 2022: 65) and 28 listed equity securities (December 31, 2022: 46) in this category with the following fair values: (USD millions) 2023 2022 Listed equity securities 861 438 Non-listed equity securities 349 390 Total equity securities 1 210 828 During 2023 and 2022, dividends received from these equity securities were insignificant. In 2023, equity securities that were no longer considered strategic, with a fair value of USD 279 million (2022: USD 4 million), were sold, and the USD 1 million gain on disposal (2022: USD 4 million loss) was transferred from other comprehensive income to retained earnings (see Note 9). Nature and extent of risks arising from financial instruments Market risk Market risk in general comprises currency risk, interest rate risk and price risk, such as commodity and equity prices. Novartis is exposed to market risk, primarily related to foreign currency exchange rates, interest rates and the market value of the investments. The Company actively monitors and seeks to reduce, where it deems it appropriate to do so, fluctuations in these exposures. It is the Company’s policy and practice to enter into a variety of derivative financial instruments to manage the volatility of these exposures. It does not enter into any financial transactions containing a risk that cannot be quantified at the time the transaction is concluded. In addition, it does not sell short assets it does not have, or does not know it will have, in the future. The Company only sells existing assets or enters into transactions and future transactions (in the case of anticipatory hedges) that it confidently expects it will have in the future, based on past experience. Foreign currency exchange rate risk The Company uses the US dollar as its reporting currency. As a result, the Company is exposed to foreign currency exchange movements, primarily in European, Japanese and emerging market currencies. Fluctuations in the exchange rates between the US dollar and other currencies can have a significant effect on both the Company’s results of operations, including reported sales and earnings, as well as on the reported value of our assets, liabilities and cash flows. This, in turn, may significantly affect the comparability of period-to-period results of operations. Because our expenditures in Swiss francs are significantly higher than our revenues in Swiss francs, volatility in the value of the Swiss franc can have a significant impact on the reported value of our earnings, assets and liabilities, and the timing and extent of such volatility can be difficult to predict. There is also a risk that certain countries could experience a devaluation of their currency. If this occurs, it could impact the effective prices we would be able to charge for our products and also have an adverse impact on both our consolidated income statement and balance sheet. Subsidiaries whose functional currencies have experienced a cumulative inflation rate of more than 100% over the past three years apply the principles of IAS 29 “Financial reporting in Hyperinflationary Economies.” The hyperinflationary economies in which Novartis operates are Argentina, Venezuela and Turkey. Venezuela and Argentina were hyperinflationary for all periods presented, and Turkey became hyperinflationary effective May 1, 2022, requiring retroactive implementation of hyperinflation accounting as of January 1, 2022. The impacts of applying IAS 29 are recorded in “Other financial income and expense” and are presented in Note 6. The Company manages its global currency exposure by engaging in hedging transactions where management deems appropriate. Novartis may enter into various contracts that reflect the changes in the value of foreign currency exchange rates to preserve the value of assets, commitments and anticipated transactions. Novartis also uses forward contracts and may enter into foreign currency option contracts to hedge. Net investments in subsidiaries in foreign countries are long-term investments. Their fair value changes through movements of foreign currency exchange rates. The Company has designated a certain portion of its long-term euro-denominated straight bonds, maturing in 2028, as hedges of the translation risk arising on certain of these net investments in foreign operations with euro functional currency. As of December 31, 2023, long-term financial debt with a carrying amount of EUR 1.8 billion (USD 2.0 billion; December 31, 2022: USD 2.0 billion), has been designated as a hedge instrument. During 2023, USD 50 million of net of taxes unrealized losses (2022: USD 91 million income) was recognized in other comprehensive income and accumulated in currency translation effects in relation with this net investment hedge. The hedge remained effective since inception, and no amount was recognized in the consolidated income statement in 2022 and 2021. In 2023, USD 8 million of accumulated net investment hedge reserve was recognized in the consolidated income statement at the time of the Sandoz spin off. Commodity price risk The Company has only a very limited exposure to price risk related to anticipated purchases of certain commodities used as raw materials by the Company’s businesses. A change in those prices may alter the gross margin of a specific business, but generally by not more than 10% Interest rate risk The Company addresses its net exposure to interest rate risk mainly through the ratio of its fixed-rate financial debt to variable-rate financial debt contained in its total financial debt portfolio. To manage this mix, Novartis may enter into interest rate swap agreements, in which it exchanges periodic payments based on a notional amount and agreed-upon fixed and variable interest rates. Equity risk The Company may purchase equities as investments of its liquid funds. As a policy, it limits its holdings in an unrelated company to less than 5% Credit risk Credit risks arise from the possibility that customers may not be able to settle their obligations as agreed. To manage this risk, the Company periodically assesses country and customer credit risk, assigns individual credit limits, and takes actions to mitigate credit risk where appropriate (for example payment guarantees, credit insurance and factoring). The provisions for expected credit losses for customers are based on a forward-looking expected credit loss, which includes possible default events on the trade receivables over the entire holding period of the trade receivables. In measuring the expected credit losses, trade receivables are grouped based on shared credit risk characteristics (such as private versus public receivables) and days past due. In determining the expected credit loss rates, the Company considers current and forward-looking macroeconomic factors that may affect the ability of customers to settle the receivables, and historical loss rates for each category of customers. The Company’s largest customer accounted for approximately 15% 13% 8% 16% 12% 8% 14% 13% 7% The highest amounts of trade receivables outstanding were for these same three customers and amounted to 17% 13% 8% 16% 14% 7% Counterparty risk Counterparty risk encompasses issuer risk on marketable securities and money market instruments; credit risk on cash, time deposits and derivatives; as well as settlement risk for different instruments. Issuer risk is reduced by only buying securities that are at least A- rated. Counterparty credit risk and settlement risk are reduced by a policy of entering into transactions with counterparties (banks or financial institutions) that feature a strong credit rating. Exposure to these risks is closely monitored and kept within predetermined parameters. The limits are regularly assessed and determined based upon credit analysis, including financial statement and capital adequacy ratio reviews. In addition, reverse repurchasing agreements are contracted, and Novartis has entered into credit support agreements with various banks for derivative transactions. To further reduce the settlement risk, the Company has implemented a multi-currency payment system, Continuous Linked Settlement (CLS), which provides multilateral netting (payment-versus-payment settlement) of cash flows from foreign exchange transactions. The Company’s cash and cash equivalents are held with major regulated financial institutions, the three largest of which hold approximately 8.3% 7.5% 7.4% 13.2% 9.2% 6.8% The Company does not expect any losses from non-performance by these counterparties and does not have any significant grouping of exposures to financial sector or country risk. Liquidity risk Liquidity risk is defined as the risk that the Company could not be able to settle or meet its obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Treasury is responsible for liquidity, funding and settlement management. In addition, liquidity and funding risks, and related processes and policies, are overseen by management. Novartis manages its liquidity risk on a consolidated basis according to business needs and tax, capital or regulatory considerations, if applicable, through numerous sources of financing in order to maintain flexibility. Certain countries have legal or economic restrictions on the ability of subsidiaries to transfer funds to the Company in the form of cash dividends, loans or advances, but these restrictions do not have an impact on the ability of the Company to meet its cash obligations. Management monitors the Company’s net debt or liquidity position through rolling forecasts on the basis of expected cash flows. Novartis has two US commercial paper programs under which it can issue up to USD 9.0 billion in the aggregate of unsecured commercial paper notes. Novartis also has one Japanese commercial paper program under which it can issue up to JPY 150 billion (approximately USD 1.1 billion) of unsecured commercial paper notes. Commercial paper notes totaling USD 3.3 billion under these three programs were outstanding as per December 31, 2023 (2022: USD 2.8 billion). Novartis further has a committed credit facility of USD 6.0 billion. This credit facility is provided by a syndicate of banks and is intended to be used as a backstop for the US commercial paper programs. The facility matures in September 2025 and was undrawn as at December 31, 2023, and December 31, 2022. The following table sets forth how management monitors net debt or liquidity based on details of the remaining contractual maturities of selected financial assets and liabilities as at December 31, 2023, and December 31, 2022: 2023 Due later than Due later than Due later than Current assets Marketable securities, time deposits and short-term investments with original maturity more than 90 days and accrued interest 12 516 41 569 Commodities 111 111 Derivative financial instruments 24 310 1 20 355 Cash and cash equivalents 7 641 5 752 13 393 Total current financial assets 7 677 6 578 42 131 14 428 Non-current liabilities Financial debt -9 492 -8 944 -18 436 Financial debt - undiscounted -9 522 -9 050 -18 572 Total non-current financial debt -9 492 -8 944 -18 436 Current liabilities Financial debt -3 328 -372 -2 384 -6 084 Financial debt - undiscounted -3 328 -372 -2 384 -6 084 Derivative financial instruments -43 -39 -9 -91 Total current financial debt -3 371 -411 -2 393 -6 175 Net debt 4 306 6 167 -2 351 -9 492 -8 813 -10 183 2022 Due later than Due later than Due later than Current assets Marketable securities, time deposits and short-term investments with original maturity more than 90 days and accrued interest 4 142 6 911 36 9 11 098 Commodities 111 111 Derivative financial instruments 23 147 19 15 204 Cash and cash equivalents 4 011 3 506 7 517 Total current financial assets 8 176 10 564 55 135 18 930 Non-current liabilities Financial debt -8 975 -11 269 -20 244 Financial debt - undiscounted -9 002 -11 394 -20 396 Total non-current financial debt -8 975 -11 269 -20 244 Current liabilities Financial debt -3 215 -146 -2 515 -5 876 Financial debt - undiscounted -3 215 -146 -2 517 -5 878 Derivative financial instruments -38 -13 -4 -55 Total current financial debt -3 253 -159 -2 519 -5 931 Net debt 4 923 10 405 -2 464 -8 975 -11 134 -7 245 The carrying amounts of financial liabilities included in the above analysis are not materially different to the contractual amounts due on maturity. The positive and negative fair values on derivative financial instruments represent the net contractual amounts to be exchanged at maturity. The Company’s contractual undiscounted potential cash flows from derivative financial instruments to be settled on a gross basis are as follows: 2023 Due later than Due later than Derivative financial instruments and accrued interest on derivative financial instruments Potential outflows in various currencies - from financial derivative liabilities -4 329 -6 604 -556 -11 489 Potential inflows in various currencies - from financial derivative assets 4 311 6 841 623 11 775 2022 Due later than Due later than Derivative financial instruments and accrued interest on derivative financial instruments Potential outflows in various currencies - from financial derivative liabilities -2 029 -4 598 -316 -6 943 Potential inflows in various currencies - from financial derivative assets 2 029 4 712 321 7 062 Other contractual liabilities that are not part of management’s monitoring of the net debt or liquidity consist of the following items: 2023 Due later than Due later than Contractual interest on non-current financial debt, including current portion -64 -372 -1 258 -3 376 -5 070 Lease liabilities 1 -65 -165 -635 -963 -1 828 Trade payables -4 793 -133 -4 926 Contingent consideration liabilities -14 -205 -184 -403 1 2022 Due later than Due later than Contractual interest on non-current financial debt, including current portion -64 -412 -1 432 -3 624 -5 532 Lease liabilities 1 -71 -180 -616 -922 -1 789 Trade payables -5 020 -126 -5 146 Contingent consideration liabilities -16 -115 -437 -267 -835 1 Capital risk management Novartis strives to maintain a strong credit rating. In managing its capital, Novartis focuses on maintaining a strong balance sheet. As at December 31, 2023, Moody’s Investors Service rated the Company A1 for long-term maturities and P-1 for short-term maturities, and S&P Global Ratings rated the Company AA- for long-term maturities and A-1+ for short-term maturities. Sensitivity analysis The Company uses sensitivity analysis disclosures to provide quantitative information about market risks to which it is exposed. The sensitivity analysis disclosures are in line with the Company’s financial risk management policy, and are based on a one-parameter risk model that considers a one-factor linear relationship between risk factors and exposures. They consider aggregated risk exposures arising from the most significant risk factors (currency risk, interest rate risk and equity price risk) and include all financial assets and financial liabilities as set forth in the table on page F-59. The disclosures below illustrate the potential impact on the Company’s consolidated financial statements as a result of hypothetical market movements in foreign currency exchange rates, interest rates and equity prices. The range of variables chosen reflects management’s view of changes that are reasonably possible over a one-year period. Foreign currency exchange rate sensitivity The Company uses the US dollar as its reporting currency. As a result, the Company is exposed to foreign currency exchange movements, primarily in European, Japanese and emerging market currencies, as well as in the Swiss franc. A strengthening (weakening) of the US dollar against these currencies as at December 31, 2023 and 2022 would have affected the measurement of financial instruments denominated in these foreign currencies. This analysis assumes that all other variables, in particular interest rates, remain constant. A hypothetical 5% (USD millions) 2023 2022 5% increase in foreign currency exchange rates against USD 3 -6 5% decrease in foreign currency exchange rates against USD -3 7 As of December 31, 2023, the Company designated EUR 1.8 billion (December 31, 2022: EUR 1.8 billion) of its long-term euro-denominated straight bonds as hedges of the translation risk arising on certain net investments in foreign operations with euro functional currency. This analysis assumes that all other variables, in particular interest rates, remain constant. A hypothetical 5% (USD millions) 2023 2022 5% increase in foreign currency exchange rates against USD 97 93 5% decrease in foreign currency exchange rates against USD -102 -98 Interest rate sensitivity Our portfolio of fixed-income instruments as at December 31, 2023, was mainly composed of time deposits and debt securities. Novartis uses duration models to approximate the possible change in the value of fixed-income instruments. Based on these models, management believes that a 100-basis point change in interest is deemed a reasonable possible change over a one-year period. Based on exposures in 2023 and 2022, a hypothetical 100-basis point increase (decrease) in interest rates would not have resulted in a significant increase (decrease) in the fair values of the fixed-income instruments nor in a significant increase (decrease) of cash flows attributable to such instruments. The vast majority of our outstanding financial debts are straight bonds with fixed interest rates and are therefore not affected by movements in interest rates. Equity price sensitivity Fund investments and equity securities held by the Novartis Venture Fund are valued at fair value through profit and loss. Equity securities held as strategic investments, typically held outside the Novartis Venture Fund, are generally designated at date of acquisition as financial assets valued at fair value through other comprehensive income with no subsequent recycling through profit and loss. The fair value of these fund investments and equity securities was USD 1.8 billion as at December 31, 2023 (December 31, 2022: USD 1.6 billion). The fair values of these investments are impacted by the volatility of the stock market, valuation parameters applied (for non-listed equities) and changes in general economic factors. This analysis assumes that all other variables, in particular interest rates, remain constant. A hypothetical increase or decrease of 15% (USD millions) 2023 2022 15% increase in equity prices 91 109 15% decrease in equity prices -91 -109 A hypothetical increase or decrease of 15% (USD millions) 2023 2022 15% increase in equity prices 182 124 15% decrease in equity prices -182 -124 |
Discontinued operations
Discontinued operations | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of discontinued operations [abstract] | |
Discontinued operations | 31. Discontinued operations Discontinued operations include the operational results from the Sandoz generic pharmaceuticals and biosimilars division and certain corporate activities attributable to the Sandoz business, as well as certain other expenses related to the spin-off. Included in 2023 is also the IFRS Accounting Standards non-cash, non-taxable net gain on the distribution of Sandoz Group AG to Novartis AG shareholders (refer to Notes 1 and 2 for further details). The Sandoz business operates in the off-patent medicines segment and specializes in the development, manufacturing, and marketing of generic pharmaceuticals and biosimilars. The Sandoz business is organized globally into two franchises: Generics and Biosimilars. Net income from discontinued operations (USD millions) 2023 1 2022 2021 Net sales to third parties from discontinued operations 7 128 9 160 9 650 Sales to continuing segments 300 212 184 Net sales from discontinued operations 7 428 9 372 9 834 Other revenues 19 28 58 Cost of goods sold -4 044 -4 937 -5 121 Gross profit from discontinued operations 3 403 4 463 4 771 Selling, general and administration -1 728 -2 060 -2 059 Research and development -671 -824 -899 Other income 56 109 232 Other expense -795 -437 -412 Operating income from discontinued operations 265 1 251 1 633 Income from associated companies 2 2 2 Interest expense -33 -37 -24 Other financial income and expense -20 -22 -4 Income before taxes from discontinued operations 214 1 194 1 607 Income taxes 2 208 -288 -494 Net income from discontinued operations before gain on distribution of Sandoz Group AG to Novartis AG shareholders 422 906 1 113 Gain on distribution of Sandoz Group AG to Novartis AG shareholders 3 5 860 Net income from discontinued operations 6 282 906 1 113 1 2 The tax rate in 2023 was impacted by non-recurring items such as tax benefits arising from intercompany transactions to effect the spin-off of the Sandoz business, net decreases in uncertain tax positions of the Sandoz business and the favorable settlement of a tax matter related to the Alcon business, which was spun-off in 2019. Excluding these impacts, the tax rate would have been 31.2% in 2023, compared to 24.1% and 30.7% in 2022 and 2021, respectively. The tax rate in 2023 is higher than 2022 primarily due to a change in profit mix between years. 3 Net assets derecognized The following table presents the Sandoz business net assets derecognized as at October 3, 2023 Distribution (spin-off) date: Oct 3, Property, plant and equipment 1 447 Right-of-use assets 133 Goodwill 7 424 Intangible assets other than goodwill 1 481 Deferred tax assets 624 Financial assets, investments in associated companies and other non-current assets 142 Inventories 2 565 Trade receivables and other current assets 2 935 Cash and cash equivalents 686 Deferred tax liabilities -270 Current and non-current lease liabilities -139 Current and non-current financial debts -3 691 Trade payables, provisions, current income tax liabilities and other liabilities -4 690 Net assets derecognized 8 647 Supplemental disclosures related to discontinued operations Revenue In addition to the elements of variable consideration listed in the revenue accounting policy described in Note 1, the Sandoz business grants shelf stock adjustments to customers to cover the inventory held by them at the time a price decline becomes effective. Revenue deduction provisions for shelf stock adjustments are recorded when the price decline is anticipated, based on the impact of the price decline on the customer’s estimated inventory levels. Significant transactions in 2021 On February 10, 2021, Sandoz entered into an agreement with certain subsidiaries of GlaxoSmithKline plc (GSK) for the acquisition of the GSK’s cephalosporin antibiotics business. Under the agreement, Sandoz acquired the global rights to three established brands (Zinnat®, Zinacef® and Fortum®) in more than 100 markets. It excluded the rights in the US, Australia and Germany to certain of those brands, which were previously divested by GSK, and the rights in India, Pakistan, Egypt, Japan (to certain of the brands) and China, which will be retained by GSK. The transaction closed on October 8, 2021. The purchase price consisted of a USD 350 million upfront payment paid at closing and potential milestone payments up to USD 150 million, which GSK is eligible to receive upon the achievement of certain annual sales milestones for the portfolio. The fair value of the total purchase consideration was USD 415 million. The amount consisted of a payment of USD 351 million, including purchase price adjustments, and the fair value of contingent consideration of USD 64 million, which GSK is eligible to receive upon the achievement of specified milestones. The purchase price allocation resulted in net identifiable assets of USD 308 million, consisting of USD 292 million intangible assets and USD 16 million deferred tax assets. Goodwill amounted to USD 107 million. The 2021 results of operations since the date of acquisition were not material. Net income from discontinued operations Included in net income from discontinued operations are: (USD millions unless indicated otherwise) 2023 1 2022 2021 Interest income 2 2 1 Depreciation of property, plant and equipment -144 -196 -203 Depreciation of right-of-use assets -32 -33 -39 Amortization of intangible assets -171 -222 -238 Impairment charges on property, plant and equipment -5 -3 -68 Impairment charges on right-of-use assets -8 Impairment charges on intangible assets -44 -25 -27 Impairment reversals of property, plant and equipment 1 3 59 Additions to restructuring provisions -27 -40 -62 Equity-based compensation expense related to Novartis equity-based participation plans -60 -66 -69 1 In 2023, 2022 and 2021, there were no reversals of impairment charges on right-of-use assets or on intangible assets of discontinued operations. Balance sheet The following table shows for discontinued operations the additions to property, plant and equipment, right-of-use assets and to goodwill and intangible assets: (USD millions) 2023 1 2022 Additions to property, plant and equipment 245 289 Additions to right-of-use assets 66 32 Additions to goodwill and intangible assets 221 163 1 Financial debt The Sandoz business entered into financing agreements with a group of banks under which it borrowed on September 28, 2023 a total amount of USD 3.3 billion. See Note 2 for further disclosures. Net cash flows used in investing activities from discontinued operations Net cash flows used in investing activities from discontinued operations include the investing activities of the Sandoz business. In 2023, other cash flows used in investing activities, net includes cash outflows of USD 22 million (2022: USD 39 million, 2021: USD 362 million, including the acquisition of GSK’s cephalosporin antibiotics business) for the acquisitions and divestments of business, net. (USD millions) 2023 2022 2021 Payments out of provision for transaction cost attributable to the spin-off of the Sandoz business -52 Derecognized cash and cash equivalents attributable to the spin-off of the Sandoz business -686 Other cash flows used in investing activities, net -385 -436 -689 Net cash flows used in investing activities from discontinued operations -1 123 -436 -689 Net cash flows from financing activities from discontinued operations In 2023, the net cash inflows from financing activities from discontinued operations of USD 3.3 billion (2022: USD 119 million, 2021: USD 26 million) were mainly driven by USD 3.6 billion cash inflows from bank borrowings (including the USD 3.3 billion Sandoz business borrowings from a group of banks on September 28, 2023) in connection with the Distribution (spin-off) of the Sandoz business to Novartis AG shareholders, partly offset by transaction cost payments of USD 0.2 billion (2022: nil, 2021: nil) directly attributable to the Distribution (spin-off) of the Sandoz business (see Notes 1 and 2). For additional information related to the October 3, 2023 Distribution (spin-off) of the Sandoz business to Novartis AG shareholders, effected through a dividend in kind distribution of Sandoz Group AG shares to Novartis AG shareholders and ADR holders, refer to Note 1 and Note 2. |
Events subsequent to the Decemb
Events subsequent to the December 31 consolidated balance sheet date | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events subsequent to the December 31 consolidated balance sheet date | 32. Events subsequent to the December 31, 2023, consolidated balance sheet date Dividend proposal for 2023 and approval of Novartis 2023 consolidated financial statements On January 30, 2024, the Novartis AG Board of Directors proposed the acceptance of the 2023 consolidated financial statements of Novartis for approval by the Annual General Meeting on March 5, 2024. Furthermore, also on January 30, 2024, the Board proposed a dividend of CHF 3.30 per share to be approved at the Annual General Meeting on March 5, 2024. If approved, the total dividend payments would amount to approximately USD 8.0 billion (2022: USD 7.3 billion), using the CHF/USD December 31, 2023, exchange rate. |
Principal Group subsidiaries an
Principal Group subsidiaries and associated companies | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
Principal Group subsidiaries and associated companies | 33. Novartis principal subsidiaries and associated companies The following table lists the principal subsidiaries controlled by Novartis, associated companies in which Novartis is deemed to have significant influence, and foundations required to be consolidated under IFRS Accounting Standards. It includes all subsidiaries, associated companies and consolidated foundations with total assets or net sales to third parties in excess of USD 25 million. The equity interest percentage shown in the table also represents the share in voting rights in those entities. Share 1 Equity Argentina Novartis Argentina S.A. Buenos Aires ARS 906.1 m 100% Australia Novartis Australia Pty Ltd Macquarie Park, NSW AUD 2 100% Novartis Pharmaceuticals Australia Pty Ltd Macquarie Park, NSW AUD 3.8 m 100% Austria Novartis Holding GmbH Vienna EUR 35 000 100% Novartis Pharmaceutical Manufacturing GmbH Langkampfen EUR 763 070 100% Novartis Pharma GmbH Vienna EUR 1.1 m 100% Bangladesh Novartis (Bangladesh) Limited Gazipur BDT 162.5 m 60% Belgium Novartis Pharma NV Vilvoorde EUR 7.1 m 100% Alcon - Couvreur NV Puurs EUR 110.6 m 100% Bermuda Novartis Investment Ltd. Hamilton 2 USD 12 000 100% Novartis Securities Investment Ltd. Hamilton CHF 30 000 100% Novartis Finance Services Ltd. Hamilton CHF 20 000 100% Triangle International Reinsurance Limited Hamilton CHF 1.0 m 100% Trinity River Insurance Co Ltd. Hamilton USD 370 000 100% Brazil Novartis Biociências S.A. São Paulo BRL 507.1 m 100% Canada Novartis Pharmaceuticals Canada Inc. Montreal, Quebec CAD 420 717 100% Chile Novartis Chile S.A. Santiago de Chile CLP 2.0 bn 100% China Beijing Novartis Pharma Co., Ltd. Beijing USD 30.0 m 100% Novartis Pharmaceuticals (HK) Limited Hong Kong HKD 200 100% China Novartis Institutes for BioMedical Research Co., Ltd. Shanghai USD 320.0 m 100% Suzhou Novartis Technical Development Co., Ltd. Changshu USD 12.0 m 100% Shanghai Novartis Trading Ltd. Shanghai USD 3.2 m 100% Colombia Novartis de Colombia S.A. Santafé de Bogotá COP 7.9 bn 100% Czech Republic Novartis s.r.o. Prague CZK 51.5 m 100% Denmark Novartis Healthcare A/S Copenhagen DKK 14.0 m 100% Dominican Republic Novartis Caribe, S.A. Santo Domingo DOP 20.0 m 100% Ecuador Novartis Ecuador S.A. Quito USD 4.0 m 100% Egypt Novartis Pharma S.A.E. Cairo EGP 2.1 bn 99.98% Finland Novartis Finland Oy Espoo EUR 459 000 100% France Novartis Groupe France S.A.S. Rueil-Malmaison EUR 903.0 m 100% Novartis Pharma S.A.S. Rueil-Malmaison EUR 43.4 m 100% Advanced Accelerator Applications S.A. Rueil-Malmaison EUR 9.6 m 99.23% Advanced Accelerator Applications Molecular Imaging France Saint-Genis-Pouilly EUR 7.5 m 99.23% Germany Novartis Business Services GmbH Wehr EUR 25 000 100% Novartis Pharma GmbH Nuremberg EUR 25.6 m 100% Novartis Pharma Produktions GmbH Wehr EUR 2.0 m 100% Novartis Pharma Vertriebs GmbH Nuremberg EUR 25 000 100% Greece Novartis (Hellas) S.A.C.I. Metamorphosis / Athens EUR 233.9 m 100% Share 1 Equity Hungary Novartis Hungary Healthcare Limited Liability Company Budapest HUF 545.6 m 100% India Novartis India Limited Mumbai INR 123.5 m 70.68% Novartis Healthcare Private Limited Mumbai INR 60.0 m 100% Indonesia PT. Novartis Indonesia Jakarta IDR 7.7 bn 100% Ireland Novartis Ireland Limited Dublin EUR 25 000 100% Novartis Integrated Services Limited Cork City EUR 100 100% Israel Novartis Israel Ltd. Tel Aviv ILS 1 000 100% Italy Novartis Farma S.p.A. Milan EUR 18.2 m 100% Advanced Accelerator Applications (Italy) S.r.l. Pozzilli EUR 119 000 99.23% Japan Novartis Pharma K.K. Tokyo JPY 100.0 m 100% Ciba-Geigy Japan Limited Tokyo JPY 100.0 m 100% Latvia Novartis Baltics SIA Riga EUR 3.0 m 100% Luxembourg Novartis Investments S.à r.l. Luxembourg City 2 USD 100.0 m 100% Novartis Finance S.A. Luxembourg City USD 100 000 100% Malaysia Novartis Corporation (Malaysia) Sdn. Bhd. Petaling Jaya MYR 3.3 m 100% Mexico Novartis Farmacéutica, S.A. de C.V. Mexico City MXN 206.7 m 100% Morocco Novartis Pharma Maroc SA Casablanca MAD 80.0 m 100% Netherlands Novartis Netherlands B.V. Amsterdam EUR 1.4 m 100% Novartis Pharma B.V. Amsterdam EUR 4.5 m 100% Aduro Netherlands Coöperatief U.A. Rosmalen 4 -- -- -- Aduro Biotech Holdings Europe B.V. Rosmalen EUR 46 216 100% IDB Holland BV Baarle-Nassau EUR 18 000 99.23% New Zealand Novartis New Zealand Ltd Auckland NZD 820 000 100% Norway Novartis Norge AS Oslo NOK 1.5 m 100% Pakistan Novartis Pharma (Pakistan) Limited Karachi PKR 6.7 bn 99.99% Panama Novartis Pharma (Logistics), Inc. Panama City USD 10 000 100% Philippines Novartis Healthcare Philippines, Inc. Makati City PHP 298.8 m 100% Poland Novartis Poland Sp. z o.o. Warsaw PLN 44.2 m 100% Portugal Novartis Portugal, S.G.P.S., Lda. Porto Salvo EUR 500 000 100% Novartis Farma - Produtos Farmacêuticos, S.A. Porto Salvo EUR 2.4 m 100% Romania Novartis Pharma Services Romania S.R.L. Bucharest RON 3.0 m 100% Sandoz S.R.L. Targu-Mures RON 119.5 m 100% Russian Federation Novartis Pharma LLC Moscow RUB 20.0 m 100% Novartis Neva LLC St. Petersburg RUB 500 m 100% Saudi Arabia Novartis Saudi Company Riyadh SAR 30.0 m 100% Share 1 Equity Singapore Novartis (Singapore) Pte Ltd. Singapore SGD 100 000 100% Novartis Singapore Pharmaceutical Manufacturing Pte Ltd Singapore SGD 45.0 m 100% Novartis Asia Pacific Pharmaceuticals Pte Ltd Singapore SGD 39.0 m 100% Slovakia Novartis Slovakia s.r.o. Bratislava EUR 2.0 m 100% Slovenia Novartis farmacevtska proizvodnja d.o.o. Ljubljana EUR 7 500 100% South Africa Novartis South Africa (Pty) Ltd Midrand ZAR 86.3 m 100% South Korea Novartis Korea Ltd. Seoul KRW 24.5 bn 100% Spain Novartis Farmacéutica, S.A. Barcelona EUR 63.0 m 100% Advanced Accelerator Applications Iberica, S. L. U. Esplugues de Llobregat EUR 22.6 m 99.23% Abadia Retuerta S.A. Sardón de Duero / Valladolid EUR 6.0 m 100% Sweden Novartis Sverige AB Stockholm SEK 5.0 m 100% Switzerland Novartis International AG Basel CHF 10.0 m 100% Novartis Holding AG Basel 2 CHF 100.2 m 100% Novartis International Pharmaceutical Investment AG Basel CHF 100 000 100% Novartis Bioventures AG Basel CHF 100 000 100% Novartis Forschungsstiftung Basel 3 -- -- -- Novartis Stiftung für Kaderausbildung Basel 3 -- -- -- Novartis-Mitarbeiterbeteiligungsstiftung Basel 3 -- -- -- Novartis Stiftung für Mensch und Umwelt Basel 3 -- -- -- Stiftung der Novartis AG für Erziehung, Ausbildung und Bildung Basel 3 -- -- -- Novartis Overseas Investments AG Basel CHF 1.0 m 100% Japat AG Basel CHF 100 000 100% Novartis Pharma AG Basel 2 CHF 350.0 m 100% Novartis Pharma Services AG Basel CHF 20.0 m 100% Novartis Pharma Schweizerhalle AG Muttenz CHF 18.9 m 100% Novartis Pharma Stein AG Stein CHF 251 000 100% Novartis Pharma Schweiz AG Risch CHF 5.0 m 100% Cellerys AG Schlieren CHF 129 630 20% Novartis Innovative Therapies AG Risch CHF 100 000 100% Advanced Accelerator Applications International SA Geneva CHF 9.3 m 99.23% Taiwan Novartis (Taiwan) Co., Ltd. Taipei TWD 170.0 m 100% Thailand Novartis (Thailand) Limited Bangkok THB 302.0 m 100% Turkey Novartis Saglik, Gida ve Tarim Ürünleri Sanayi ve Ticaret A.S. Istanbul TRY 448.0 m 100% Share 1 Equity United Arab Emirates Novartis Middle East FZE Dubai AED 7.0 m 100% United Kingdom Novartis UK Limited London GBP 25.5 m 100% Novartis Pharmaceuticals UK Limited London GBP 5.4 m 100% Novartis Grimsby Limited London GBP 250.0 m 100% Advanced Accelerator Applications (UK & Ireland) London GBP 100 99.23% Neutec Pharma Limited London GBP 7.7 m 100% Gyroscope Therapeutics Limited London GBP 1 492 100% United States of America Novartis Corporation East Hanover, NJ USD 72.2 m 100% Novartis Finance Corporation East Hanover, NJ 2 USD 1 000 100% Novartis Capital Corporation East Hanover, NJ USD 1 100% Novartis Services, Inc. East Hanover, NJ USD 1 100% Novartis US Foundation East Hanover, NJ 3 -- -- -- Novartis Pharmaceuticals Corporation East Hanover, NJ 2 USD 650 100% Advanced Accelerator Applications USA, Inc. Millburn, NJ USD 1 99.23% Novartis Gene Therapies, Inc. Bannockburn, IL USD 1 100% Novartis Technology LLC East Hanover, NJ 4 -- -- -- Novartis Institutes for BioMedical Research, Inc. Cambridge, MA USD 1 100% Novartis Manufacturing LLC East Hanover, NJ 4 -- -- -- Cadent Therapeutics, Inc. Cambridge, MA USD 0.1 100% Endocyte, Inc. East Hanover, NJ USD 1 100% Navigate BioPharma Services, Inc. Carlsbad, CA USD 1 100% The Medicines Company East Hanover, NJ USD 1 000 100% DTX Pharma, Inc. San Diego, CA USD 1 100% Chinook Therapeutics, Inc. Seattle, WA USD 1 100% Chinook Therapeutics U.S., Inc. Seattle, WA USD 1 100% Venezuela Novartis de Venezuela, S.A. Caracas VES 0 100% Vietnam Novartis Vietnam Company Limited Ho Chi Minh City VND 70 bn 100% In addition, the Company is represented by subsidiaries and associated companies with total assets or net sales to third parties below USD 25 million in the following countries: Bosnia and Herzegovina, Bulgaria, Cameroon, Croatia, Ghana, Guatemala, Ivory Coast, Kenya, Kuwait, Nigeria, Peru, Senegal, Ukraine and Uruguay. 1 2 3 4 m = million; bn = billion |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [line items] | |
Scope of consolidation | Scope of consolidation The consolidated financial statements include all entities, including structured entities, over which Novartis AG, Basel, Switzerland, directly or indirectly has control (generally as a result of owning more than 50% of the entity’s voting interest). Consolidated entities are also referred to as “subsidiaries.” In cases where Novartis does not fully own a subsidiary, it has elected to value any remaining outstanding non-controlling interest at the time of acquiring control of the subsidiary at its proportionate share of the fair value of the net identified assets. Investments in associated companies (generally defined as investments in entities in which Novartis holds between 20% and 50% of voting shares or over which it otherwise has significant influence) and joint ventures are accounted for using the equity method, except for selected venture fund investments for which the Company has elected to apply the method of fair value through the consolidated income statement. |
Foreign currencies | Foreign currencies The consolidated financial statements of Novartis are presented in US dollars (USD). The functional currency of a subsidiary is generally the local currency of that entity. The functional currency used for the reporting of certain Swiss and foreign finance entities is USD instead of their respective local currencies. This reflects the fact that the cash flows and transactions of these entities are primarily denominated in this currency. For subsidiaries using a functional currency other than USD the subsidiary’s results, financial position and cash flows are translated into USD using the following exchange rates: • Income, expense and cash flows for each month using the average exchange rate, with the US dollar values for each month being aggregated during the year • Balance sheet using year-end exchange rates • Resulting exchange rate differences are recognized in other comprehensive income |
Non-current assets held for sale or held for distribution to owners | Distribution of Sandoz Group AG to Novartis AG shareholders At the Extraordinary General Meeting (EGM) of Novartis AG shareholders, held on September 15, 2023, the Novartis AG shareholders approved a special distribution by way of a dividend in kind to effect the spin-off of Sandoz Group AG. The September 15, 2023, shareholder approval for the spin-off required the Sandoz Division and selected portions of corporate activities attributable to Sandoz’s business, as well as certain expenses related to the spin-off (the “Sandoz business”) to be reported as discontinued operations. The shareholder approval on September 15, 2023, for the spin-off the Sandoz business, required the recognition of a distribution liability at the fair value of the Sandoz business. Novartis policy is to measure the distribution liability at the fair value of the Sandoz business net assets taken as a whole. The distribution liability was recognized through a reduction in retained earnings. It was required to be adjusted at each balance sheet date for changes in its estimated fair value, up to the date of the distribution to shareholders through retained earnings. Any resulting impairment of the business assets to be distributed would have been recognized in the consolidated income statements in “Other expense” of discontinued operations, at the date of initial recognition of the distribution liability or at subsequent dates resulting from changes of the distribution liability valuation. At the October 4, 2023, distribution settlement date, the resulting gain, which is measured as the excess amount of the distribution liability over the then-carrying value of the net assets of the business distributed, was recognized on the line “Gain on distribution of Sandoz Group AG to Novartis AG shareholders” within the income statement of discontinued operations. The recognition of the distribution liability required the use of valuation techniques for the purposes of impairment testing of the Sandoz business’ assets to be distributed and for the measurement of the fair value of the distribution liability. These valuations required the use of management assumptions and estimates related to the Sandoz business’ future cash flows, market multiples, opening share price of Sandoz Group AG on the first day of trading its shares on the SIX Swiss Exchange, to estimate day one market value, and control premiums to apply in estimating the Sandoz business fair value. These fair value measurements are classified as “Level 3” in the fair value hierarchy. The section “—Goodwill and intangible assets other than goodwill” in this Note 1 provides additional information on key assumptions that are highly sensitive in the estimation of fair values using valuation techniques. Transaction costs that are directly attributable to the Distribution (spin-off) of the Sandoz business to Novartis AG shareholders by way of a dividend in kind, and that would otherwise have been avoided, were accounted for as a deduction from equity (within retained earnings). Prior to the recognition of the distribution liability, these costs were recorded as prepaid expenses in the consolidated balance sheet. For additional disclosures, refer to “Note 2. Significant transactions—Significant transactions in 2023—Completion of the spin-off of the Sandoz business through a dividend in kind distribution to Novartis AG shareholders,” and “Note 31. Discontinued operations.” |
Acquisition of assets | Acquisition of assets and businesses Assets separately acquired are recorded at cost, which includes the purchase price and any directly attributable costs for bringing the asset into the condition to operate as intended. Expected costs for obligations to dismantle and remove property, plant and equipment and restore the site when it is no longer used are included in their cost. Acquired businesses are accounted for by applying the acquisition method, unless the optional concentration test is applied. The optional concentration test allows for an election on a transaction-by-transaction basis to account for the acquired business as an asset separately acquired when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The acquisition method requires that the assets acquired and liabilities assumed be recorded at their respective fair values on the date the Company obtains control. The excess of the fair value of the total purchase consideration transferred over the fair value of the acquired assets and assumed liabilities is recognized as goodwill. The valuations are based on information available at the acquisition date. Acquisition related costs are expensed as incurred. The application of the acquisition method requires certain estimates and assumptions to be made, especially concerning the fair values of the acquired intangible assets, inventories, property, plant and equipment and the liabilities assumed at the acquisition date, and the useful lives of the intangible assets and property, plant and equipment. Estimates of fair value require the use of valuation techniques. These valuations require the use of management assumptions and estimates, including the value of comparable assets in the market, amount and timing of future cash flows, outcomes and costs of research and development activities, probability of obtaining regulatory approval, long-term sales forecasts, actions of competitors, discount rates and terminal growth rates. The section “—Impairment of goodwill and intangible assets” in this Note 1 provides additional information on key assumptions that are highly sensitive in the estimation of fair values using valuation techniques. |
Impairment of goodwill and intangible assets | Goodwill and intangible assets other than goodwill Goodwill arises on applying the acquisition method on the acquisition of a business and is the excess of the fair value of the consideration transferred to acquire the business over the underlying fair value of the net identified assets acquired. Goodwill is allocated to groups of cash-generating units (CGUs) that is expected to benefit from the synergies of the combination, which are usually represented by the operating segment. Goodwill is tested for impairment annually at the level of this group of CGUs, and any impairment charges are recorded under “Other expense” in the consolidated income statement. Purchased intangible assets other than goodwill are initially recorded at cost. Intangible assets that have been acquired through a business combination are initially recorded at fair value using the acquisition method of accounting. Intangible assets available for use with a definitive useful life (which includes the categories Currently marketed products and Other intangible assets) are amortized on a straight-line basis and evaluated for potential impairment whenever facts and circumstances indicate that their carrying value may not be recoverable. Acquired research and development intangible assets that have not yet obtained marketing approval are recognized as in-process research and development (IPR&D). IPR&D is not amortized as it is not yet available for use. It is evaluated for potential impairment on an annual basis or when facts and circumstances warrant. Once a project included in IPR&D has received marketing approval from a regulatory authority, it is transferred to the “Currently marketed products” category of intangible assets. An asset, a CGU or a grouping of CGUs is considered impaired when its balance sheet carrying amount exceeds its estimated recoverable amount, which is defined as the higher of its fair value less costs of disposal and its value in use. Usually, Novartis applies the fair value less costs of disposal method for its impairment assessment. In most cases, no directly observable market inputs are available to measure the fair value less costs of disposal. An estimate is therefore derived indirectly and is based on net present value techniques utilizing post-tax cash flows and discount rates. In the limited cases where the value-in-use method would be applied, net present value techniques would be applied using pre-tax cash flows and discount rates. Fair value less costs of disposal reflects estimates of assumptions that market participants would be expected to use when pricing the asset or CGU, and for this purpose, management considers the range of economic conditions that are expected to exist over the remaining useful life of the asset. These valuations are classified as “Level 3” in the fair value hierarchy. The estimates used in calculating the net present values are highly sensitive and depend on assumptions specific to the nature of the Company’s activities with regard to: • Amount and timing of projected future cash flows • Sales forecasts • Actions of competitors (launch of competing products, marketing initiatives, etc.) • Sales erosion rates after the end of patent or other intellectual property rights protection, and timing of the entry of generic competition • Outcome of research and development activities (compound efficacy, results of clinical trials, etc.) • Amount and timing of projected costs to develop IPR&D into commercially viable products • Profit margins • Probability of obtaining regulatory approval • Future tax rate • Appropriate terminal growth rate • Appropriate discount rate Generally, for intangible assets with a definite useful life, Novartis uses cash flow projections for the whole useful life of these assets. For goodwill, Novartis generally utilizes cash flow projections for a three-year period based on management forecasts, with a terminal value based on cash flow projections usually in line with inflation rates for later periods. Probability-weighted scenarios are typically used. Discount rates used consider the Company’s estimated weighted average cost of capital, adjusted for specific asset, country and currency risks associated with cash flow projections, to approximate the discount rate that market participants would use to value the asset. Due to the above factors, actual cash flows and values could vary significantly from forecasted future cash flows and related values derived using discounting techniques. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include highly liquid investments with original maturities of three months or less, which are readily convertible to known amounts of cash. Bank overdrafts are presented within current financial debts on the consolidated balance sheet. |
Marketable securities, commodities and non-current financial assets | Marketable securities and non-current financial assets Marketable securities are financial assets held for short-term purposes that are principally traded in liquid markets and are classified within current assets on the consolidated balance sheet. The financial impacts related to these financial assets are recorded in “Other financial income and expense” in the consolidated income statement. Non-current financial assets held for long-term strategic purposes are classified within non-current assets on the consolidated balance sheet. The financial impacts related to these financial assets are recorded in “Other income” and “Other expense” in the consolidated income statement. Marketable securities and non-current financial assets are initially recorded at fair value on their trade date, which is different from the settlement date when the transaction is ultimately effected. Quoted securities are remeasured at each reporting date to fair value based on current market prices. If the market for a financial asset is not active or no market is available, fair values are established using valuation techniques. The majority of non-quoted investments are initially valued at fair value through the purchase price established between a willing buyer and seller. Non-quoted investments are subsequently adjusted based on values derived from discounted cash flow analysis or other pricing models. These investment values are classified as “Level 3” in the fair value hierarchy. The Company classifies and accounts for its marketable securities and non-current financial assets in the following categories: • Debt securities are valued at fair value through other comprehensive income with subsequent recycling into the consolidated income statement, as they meet both the “solely payment of principal and interest” and the business model criteria. Unrealized gains and losses, except exchange gains and losses, are recorded as a fair value adjustment in the consolidated statement of comprehensive income. They are recognized in the consolidated income statement when the debt instrument is sold, at which time the gain is transferred to “Other financial income and expense.” Exchange gains and losses related to debt instruments are immediately recognized in the consolidated income statement in “Other financial income and expense.” • Fund investments and equity securities of the Novartis Venture Fund are valued at fair value through profit and loss (FVPL). Unrealized gains and losses, including exchange gains and losses, are recognized in the consolidated income statement in “Other income” for gains and “Other expense” for losses. • Equity securities held as strategic investments, typically held outside of the Novartis Venture Fund, are generally designated at the date of acquisition as financial assets valued at fair value through other comprehensive income with no subsequent recycling through profit and loss. Unrealized gains and losses, including exchange gains and losses, are recorded as a fair value adjustment in the consolidated statement of comprehensive income. They are reclassified to retained earnings when the equity security is sold. If these equity securities are not designated at the date of acquisition as financial assets valued at fair value through other comprehensive income, they are valued at FVPL, as described above. • Other non-current financial assets, such as loans and long-term receivables from customers, advances and other deposits, are valued at amortized cost, which reflects the time value of money less any allowances for expected credit losses. The Company assesses on a forward-looking basis the expected credit losses associated with its debt securities valued at fair value through other comprehensive income. Impairments on debt securities are recorded in “Other financial income and expense.” For other financial assets valued at amortized cost, impairments, which are based on their expected credit losses, and exchange rate losses are included in “Other expense” in the consolidated income statement. Exchange rate gains and interest income, using the effective interest rate method, are included in “Other income” or “Other financial income” in the consolidated income statement, depending on the nature of the item. |
Description of accounting policy for financial assets [text block] | Derivative financial instruments Derivative financial instruments are initially recognized in the balance sheet at fair value and are remeasured to their current fair value at the end of each subsequent reporting period. The valuation of a forward exchange rate contract is based on the discounted cash flow model, using interest rate curves and forward rates at the reporting date as observable inputs. Options are valued based on a modified Black-Scholes model using volatility and exercise prices as major observable inputs. The Company enters into certain derivative financial instruments for the purpose of hedging to reduce the volatility in the Company’s performance due to the exposure to various business-related risks. The risk mitigation is obtained because the derivative’s value or cash flows are expected, wholly or partly, to offset changes in the value or cash flows of the recognized assets or liabilities. The overall strategy is aiming to mitigate the currency and interest rate risk of positions that are contractually agreed, and to partially mitigate the exposure risk of selected anticipated transactions. Certain derivative financial instruments meet the criteria for hedge accounting treatment. A prerequisite for obtaining this accounting-hedge relationship is extensive documentation on inception and proving on a regular basis that the economic hedge is effective for accounting purposes. Other derivative financial instruments do not meet the criteria to qualify for hedge accounting or are not designated in a hedge relationship. Changes in the fair value of these derivative instruments are recognized immediately in “Other financial income and expense” in the consolidated income statement. In addition, the Company has designated certain long-term debt components as hedges of the translation risk arising on certain net investments in foreign operations. On consolidation, foreign currency differences arising on long-term debt designated as net investment hedges of a foreign operation are recognized in other comprehensive income and accumulated in currency translation effects, to the extent that the hedge is effective. The foreign currency differences arising from hedge ineffectiveness are recognized in the income statement in “Other financial income and expense.” When a hedged net investment is disposed of, the proportionate portion of the cumulative amount recognized in equity in relation to the hedged net investment is transferred to the consolidated income statement as an adjustment to the gain or loss on disposal. |
Inventories | Inventories Inventory is valued at the lower of acquisition or production cost determined on a first-in, first-out basis and net realizable value. This value is used for the “Cost of goods sold” in the consolidated income statement. Unsaleable inventory is fully written off in the consolidated income statement under “Cost of goods sold.” |
Trade receivables | Trade receivables Trade receivables are initially recognized at their invoiced amounts, including any related sales taxes less adjustments for estimated revenue deductions such as rebates, chargebacks and cash discounts. Provisions for doubtful trade receivables are established using a forward-looking expected credit loss model (ECL). Charges for doubtful trade receivables are recorded as marketing and selling costs recognized in the consolidated income statement within “Selling, general and administration” expenses. |
Legal and environmental liabilities | Legal and environmental liabilities Novartis and its subsidiaries are subject to contingencies arising in the ordinary course of business, such as patent litigation, environmental remediation liabilities and other product-related and commercial litigation, and governmental investigations and proceedings. A provision is recorded when there is a probable outflow of resources for which a reliable estimate can be made of the outcome of the legal or other disputes against the subsidiary. |
Contingent consideration | Contingent consideration In the acquisition or divestment of a business, it is necessary to recognize contingent future amounts due to previous owners, representing contractually defined potential amounts as a liability or an asset. Usually for Novartis, these are linked to milestone or royalty payments related to certain assets and are recognized as a financial liability or financial asset at fair value, which is then remeasured at each subsequent reporting date. These estimations typically depend on factors such as technical milestones or market performance, and are adjusted for the probability of their likelihood of payment, and are appropriately discounted to reflect the impact of time. Changes in the fair value of contingent consideration liabilities in subsequent periods are recognized in the consolidated income statement in “Cost of goods sold” for currently marketed products and in “Research and development” for IPR&D. Changes in contingent consideration assets are recognized in “Other income” or “Other expense,” depending on their nature. The effect of unwinding the discount over time is recognized for contingent consideration liabilities in “Interest expense” and for contingent consideration assets as interest income recognized in the consolidated income statement within “Other financial income and expense.” |
Defined benefit pension plans and other post retirement benefits | Defined benefit pension plans and other post-employment benefits The liability in respect of defined benefit pension plans and other post-employment benefits is the defined benefit obligation calculated annually by independent actuaries using the projected unit credit method. The current service cost for defined benefit pension plans and other post-employment benefit plans is included in the personnel expenses of the various functions in which employees are employed, and the net interest on the net defined benefit liability or asset is recognized as “Other expense” or “Other income.” |
Revenue recognition | Revenue recognition Revenue on the sale of Novartis products and services, which is recorded as “Net sales to third parties” in the consolidated income statement, is recognized when a contractual promise to a customer (performance obligation) has been fulfilled by transferring control over the promised goods and services to the customer, substantially all of which is at the point in time of shipment to or receipt of the products by the customer or when the services are performed. If contracts contain customer acceptance provisions, revenue is recognized upon the satisfaction of the acceptance criteria. If a contract contains more than one performance obligation, the consideration is allocated based on the standalone selling price of each performance obligation. The amount of revenue recognized is based on the consideration Novartis expects to receive in exchange for its goods and services, when it is highly probable that a significant reversal will not occur. The consideration Novartis receives in exchange for its goods or services may be fixed or variable. Variable consideration is recognized when it is highly probable that a significant reversal will not occur. The most common elements of variable consideration are listed below. • Rebates and discounts granted to wholesalers, retailers, government agencies (including US Medicaid and US Federal Medicare programs), government supported healthcare systems, private health systems, pharmacy benefit managers, managed healthcare organizations, purchasing organizations and other direct and indirect customers, as well as chargebacks are provisioned and recorded as revenue deductions at the time the related revenues are recorded, or when the incentives are offered. The provision represents estimates of the related obligations, requiring the use of judgment when estimating the effect of these revenue deductions. These rebates and discounts, applied using provision rates, are estimated based on the terms and conditions in the individual government agencies, states, plans and customer agreements (which may be subject to challenge or change in interpretative guidance by government authorities and customers), historical experience, product sales and growth rate, population growth, product pricing including inflation impacts, the mix of contracts and products, the level of inventory in the distribution channel, regulations, contracts, channels and payers, as appropriate to the individual rebate and discount arrangements. These rebate provisions are adjusted based on established processes and experiences, for example from filing data with individual government agencies, states, and plans. There is often a time lag between recording of revenue deductions and the final accounting for them. • Refunds granted to healthcare providers under innovative pay-for-performance agreements (i.e. outcome based arrangements) are provisioned and recorded as a revenue deduction at the time the related sales are recorded. The provision represents estimates of the related obligations, requiring the use of judgment when estimating the effect of these revenue deductions. They are calculated on the basis of historical experience and clinical data available for the product, as well as specific terms of the individual agreements. In cases where historical experience and clinical data are not sufficient for a reliable estimation of the outcome, revenue recognition is deferred until the uncertainty is resolved, until such history is available or the period when the refund right has expired. The provisions for revenue deductions under the innovative pay-for-performance agreements are adjusted periodically based on established processes and actual experience, including the products actual outcomes achieved compared with the anticipated predefined targets. • Cash discounts are offered to customers to encourage prompt payment and are provisioned and recorded as revenue deductions at the time the related sales are recorded. • Sales returns provisions are recognized and recorded as revenue deductions when there is historical experience of Novartis agreeing to customer returns and Novartis can reasonably estimate expected future returns. The provision represents estimates of the related obligations, requiring the use of judgment when estimating the effect of these revenue deductions. In doing so, the estimated rate of return is applied, determined on the basis of historical experience of customer returns and considering any other relevant factors. This is applied to the amounts invoiced, also considering the amount of returned products to be destroyed versus products that can be placed back in inventory for resale. Where shipments are made on a resale or return basis, without sufficient historical experience for estimating sales returns, revenue is only recorded when there is evidence of consumption or when the right of return has expired. The provisions for sales returns are adjusted periodically based on established processes and actual experience, Net sales to third parties and provisions for revenue deductions are adjusted periodically to reflect experience and to reflect actual amounts as rebates, refunds, discounts and returns are processed. There is often a time lag between recording of revenue deductions and the final accounting for them. The provision represents estimates of the related obligations, requiring the use of judgment when estimating the effect of these revenue deductions. “Other revenue” includes income from profit-sharing arrangements with our collaboration partners, and royalty and milestone income from the out-licensing of intellectual property when Novartis retains an interest in the intellectual property through a license. Royalty income earned from a license is recognized when the underlying sales have occurred. Milestone income is recognized at the point in time when it is highly probable that the relevant milestone event criteria are met, and the risk of reversal of revenue recognition is remote. “Other revenue” also includes revenue from activities such as manufacturing or other services rendered, to the extent such revenue is not recorded under net sales, and is recognized when control transfers to the third party and our performance obligations are satisfied. |
Research and development | Research and development Internal research and development (R&D) costs are fully charged to “Research and development” in the consolidated income statement in the period in which they are incurred. The Company considers that regulatory and other uncertainties inherent in the development of new products preclude the capitalization of internal development expenses as an intangible asset until marketing approval from a regulatory authority is obtained in a major market such as the United States, the European Union, Switzerland or Japan. Payments made to third parties, such as contract research and development organizations in compensation for subcontracted R&D, that are deemed not to transfer intellectual property to Novartis are expensed as internal R&D expenses in the period in which they are incurred. Such payments are only capitalized if they meet the criteria for recognition of an internally generated intangible asset, usually when marketing approval has been received from a regulatory authority in a major market. Payments made to third parties to in-license or acquire intellectual property rights, compounds and products, including initial upfront and subsequent milestone payments, are capitalized, as are payments for other assets, such as technologies to be used in R&D activities. If additional payments are made to the originator company to continue performing R&D activities, an evaluation is made as to the nature of the payments. Such additional payments will be expensed if they are deemed to be compensation for subcontracted R&D services not resulting in an additional transfer of intellectual property rights to Novartis. Such additional payments will be capitalized if they are deemed to be compensation for the transfer to Novartis of additional intellectual property developed at the risk of the originator company. Subsequent internal R&D costs in relation to IPR&D and other assets are expensed, since the technical feasibility of the internal R&D activity can only be demonstrated by the receipt of marketing approval for a related product from a regulatory authority in a major market. Costs for post-approval studies performed to support the continued registration of a marketed product are recognized as marketing expenses. Costs for activities that are required by regulatory authorities as a condition for obtaining marketing approval in a major market are capitalized and recognized as currently marketed products. Inventory produced ahead of regulatory approval is fully provisioned, and the charge is included in “Other expense” in the consolidated income statement, as its ultimate use cannot be assured. If this inventory can subsequently be sold, the provision is released to “Other income” in the consolidated income statement, either on approval by the appropriate regulatory authority or, exceptionally in Europe, on recommendation by the Committee for Medicinal Products for Human Use (CHMP), if approval is virtually certain. |
Share based compensation | Share-based compensation Vested Novartis shares and American Depositary Receipts (ADRs) that are granted as compensation are valued at their market value on the grant date and are immediately expensed in the consolidated income statement. The fair values of unvested restricted shares (RSs), restricted share units (RSUs) and performance share units (PSUs) in Novartis shares and ADRs granted to employees as compensation are recognized as an expense over the related vesting period. The expense recorded in the consolidated income statement is included in the personnel expenses of the various functions in which the employees are employed. Unvested restricted shares, restricted ADRs and RSUs are only conditional on the provision of services by the plan participant during the vesting period. They are valued at fair value on the grant date. As RSUs do not entitle the holder to dividends, the fair value is based on the Novartis share price at the grant date adjusted for the net present value of the dividends expected to be paid during the holding period. The fair value of these grants, after making adjustments for assumptions related to forfeiture during the vesting period, is expensed on a straight-line basis over the respective vesting period. PSUs are subject to the achievement of certain performance criteria based on Novartis internal performance metrics and variables that can be observed in the market, which for Novartis plans is the Novartis total shareholder return (TSR) relative to a specific peer group of companies over the vesting period and require plan participants to provide services during this period The expense is recognized in the consolidated income statement on a straight-line basis over the vesting period, and is determined based on a bifurcation into the components based on the performance criteria related to Novartis internal performance metrics and TSR. The number of equity instruments that finally vest is determined at the vesting date. The following paragraphs provide an overview of the accounting policies for the determination of the components of the PSU share-based compensation plan expense. The portion of the PSUs expense that is subject to performance criteria based on Novartis internal performance metrics over the vesting period is determined based on assumptions concerning the expected performance against the internal performance metrics throughout the vesting period. The assumptions are based on the Company’s targets for those performance metrics, and the expected forfeitures due to plan participants not meeting their service conditions. The assumptions are periodically adjusted over the vesting period. For this portion of the PSUs expense, any change in estimates for past services is recorded immediately as an expense or income in the consolidated income statement, and amounts for the remaining vesting period are expensed on a straight-line basis. As a result, at the end of the vesting period, the expense during the entire vesting period represents the amount that will finally vest. The portion of the PSUs expense that is subject to performance criteria based on Novartis TSR relative to a specific peer group of companies over the vesting period is determined based on the total fair value of the grant over the vesting period. IFRS Accounting Standards require that these variables that can be observed in the market are taken into account in determining the fair value of the PSUs at the grant date. Novartis determined the fair value of these PSUs at the date of grant using a Monte Carlo simulation model. For this portion of the PSU expense, adjustments to expense recognized in the consolidated income statement are only made if a plan participant does not fulfill the service conditions. Measuring the fair values of PSUs granted that include TSR performance criteria requires the use of estimates. The Monte Carlo simulation used to determine the fair value of the PSUs TSR performance criteria requires the probability of factors related to uncertain future events; the term of the award; the grant price of underlying shares or ADRs; expected volatilities; the expected correlation matrix of the underlying equity instruments with those of the peer group of companies; and the risk-free interest rate as input parameters. If a plan participant leaves Novartis for reasons other than retirement, disability or death, then unvested restricted shares, restricted ADRs, RSUs and PSUs are forfeited, unless determined otherwise by the provision of the plan rules or by the Compensation Committee of the Novartis Board of Directors, for example, in connection with a reorganization or divestment. |
Taxes | Income taxes Income taxes comprise current income taxes and deferred income taxes and are recognized in the same periods as the revenues and expenses to which they relate. Income taxes include interest and penalties incurred during the period, insofar as they are considered an income tax. Income taxes related to items recognized directly to other comprehensive income or to equity are recognized together with the corresponding item, to which the income tax is attributable, directly in other comprehensive income or in equity. Deferred income taxes are determined using the comprehensive liability method and are calculated on the temporary differences that arise between the tax base of an asset or liability and its carrying value for financial reporting purposes, except for those temporary differences related to investments in subsidiaries and associated companies, where the timing of their reversal can be controlled and it is probable that the difference will not reverse in the foreseeable future. Since the retained earnings are reinvested, withholding or other taxes on eventual distribution of a subsidiary’s retained earnings are only recognized when a dividend is declared or has been planned. Furthermore, deferred income taxes are recognized for the net tax effects of net operating loss carryforwards and tax credits. The Company applies the IFRS Accounting Standards exception to not recognize or disclose information about deferred tax assets and deferred tax liabilities related to countries that have enacted tax legislation that comply with the Organization for Economic Cooperation and Development (OECD) Pillar Two income taxes. The carrying amount of deferred tax assets is reduced to the extent that it is not probable that sufficient taxable profits will be available to enable all or part of the asset to be recovered. In evaluating our ability to recover our deferred tax assets in the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. The estimated amounts for current and deferred tax assets or liabilities, including amounts related to any uncertain tax positions, are based on applicable tax law and regulations in the various tax jurisdictions, in which the Company operates, which are subject to interpretations based on currently known facts and circumstances. Tax returns are based on an interpretation of tax laws and regulations, and reflect estimates based on these judgments and interpretations. The tax returns are subject to examination by the competent taxing authorities, which may result in an assessment being made requiring payments of additional tax, interest or penalties. The calculation of income tax assets and liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across our global operations. As a result, inherent uncertainties exist in the estimates of the tax positions. Tax liabilities for uncertain tax provisions are recognized on the consolidated balance sheets within current income tax liabilities. |
Impact of adopting significant new IFRS standards | Impact of new IFRS Accounting Standards, amendments and interpretations in 2023 No new IFRS Accounting Standards were adopted by the Company in 2023. In addition, new IFRS Accounting Standards amendments or interpretations that became effective in 2023 did not have a material impact on the Company’s consolidated financial statements. Based on the Company’s assessment, there are no IFRS Accounting Standards, amendments or interpretations not yet effective in 2023 that would be expected to have a material impact on the Company’s consolidated financial statements. Impact of new IFRS Accounting Standards, amendments and interpretations in 2022 No new IFRS Accounting Standards were adopted by the Company in 2022. In addition, new IFRS Accounting Standards amendments or interpretations that became effective in 2022 did not have a material impact on the Company’s consolidated financial statements. Based on the Company’s assessment, there were no IFRS Accounting Standards, amendments or interpretations not yet effective in 2022 that would have been expected to have a material impact on the Company’s consolidated financial statements. Impact of adopting significant new IFRS Accounting Standards in 2021 The following new IFRS Accounting Standard was adopted by Novartis from January 1, 2021: Interest Rate Benchmark Reform – Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (Interest Benchmark Reform Amendments) Interest Benchmark Reform Amendments became effective from January 1, 2021. These amendments address issues that might affect financial reporting when an existing interest rate benchmark (i.e. Interbank offered rate – IBOR) is replaced with an alternative benchmark interest rate. The effects of interest rate benchmark reform on the Company’s financial instruments and risk management strategies did not have a material impact on the Company’s consolidated financial statements. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [abstract] | |
Respective Useful Lives of property, plant and equipment | Useful life Buildings 20 to 40 years Machinery and other equipment Machinery and equipment 7 to 20 years Furniture and vehicles 5 to 10 years Computer hardware 3 to 7 years |
Respective Useful Lives of Available-for-Use Intangible Assets | Income statement line Currently marketed products 5 to 20 years "Cost of goods sold" Other (including software and technologies) 3 to 15 years In the relevant functional expense, and for technologies in "Cost of goods sold" or "Research and Development" |
Significant transactions (Table
Significant transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of significant transactions [abstract] | |
Net gain at completion of spin-off | Oct 3, Net assets derecognized 1 -8 647 Derecognition of distribution liability 13 962 Difference between net assets and distribution liability 5 315 Recognition of Sandoz Group AG shares obtained through consolidated foundations 492 Currency translation gains recycled into the consolidated income statement 357 Transaction costs and other items recognized in the consolidated income statement -304 Gain on distribution of Sandoz Group AG to Novartis AG shareholders 5 860 1 |
Revenues and geographic infor_2
Revenues and geographic information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Net sales from continuing operations | (USD millions) 2023 2022 2021 Net sales to third parties from continuing operations 44 635 41 385 41 976 Sales to discontinued operations 805 821 805 Net sales from continuing operations 45 440 42 206 42 781 |
Net sales and total of selected non-current assets, by countries and regions | Net sales from continuing operations 1 Total of selected non-current assets 2 (USD millions) 2023 % 2022 % 2021 % 2023 % 2022 % Country Switzerland 1 308 3 1 036 2 926 2 19 396 32 23 708 32 United States 17 959 40 15 935 38 14 923 35 34 059 55 35 353 48 Germany 3 367 7 3 101 7 3 595 8 88 2 229 3 China 3 267 7 2 948 7 2 849 7 547 1 599 1 Japan 1 924 4 1 883 4 2 259 5 120 165 France 1 749 4 1 754 4 1 955 5 3 085 5 3 188 4 Other 15 866 35 15 549 38 16 274 38 4 269 7 8 241 12 Total 45 440 100 42 206 100 42 781 100 61 564 100 73 483 100 1 2 |
Net sales by region | Net sales from continuing operations by region 1 The following table shows net sales from continuing operations by region for the years ended December 31, 2023, 2022 and 2021: Change Change US 17 959 15 935 13 14 923 7 Europe 14 997 14 371 4 15 721 -9 Asia/Africa/Australasia 9 308 8 978 4 9 355 -4 Canada and Latin America 3 176 2 922 9 2 782 5 Total 45 440 42 206 8 42 781 -1 Of which in established markets 33 725 31 386 7 32 183 -2 Of which in emerging growth markets 11 715 10 820 8 10 598 2 1 |
Net sales | Net sales from continuing operations by core therapeutic area and established brands 1 Change 1 Change Cardiovascular, renal and metabolic Entresto 6 035 4 644 30 3 548 31 Leqvio 355 112 217 12 nm Other 1 nm 1 nm Total cardiovascular, renal and metabolic 6 391 4 756 34 3 561 34 Immunology Cosentyx 4 980 4 788 4 4 718 1 Xolair 2 1 463 1 365 7 1 428 -4 Ilaris 1 355 1 133 20 1 059 7 Other 1 nm 1 0 Total immunology 7 798 7 287 7 7 206 1 Neuroscience Kesimpta 2 171 1 092 99 372 194 Zolgensma 1 214 1 370 -11 1 351 1 Mayzent 392 357 10 281 27 Aimovig 266 218 22 215 1 Other 1 nm 1 0 Total neuroscience 4 043 3 038 33 2 220 37 Oncology Promacta/Revolade 2 269 2 088 9 2 016 4 Kisqali 2 080 1 231 69 937 31 Tafinlar Mekinist 1 922 1 770 9 1 693 5 Tasigna 1 848 1 923 -4 2 060 -7 Jakavi 1 720 1 561 10 1 595 -2 Pluvicto 980 271 262 nm Lutathera 605 471 28 475 -1 Kymriah 508 536 -5 587 -9 Piqray/Vijoice 505 373 35 329 13 Scemblix 413 149 177 7 nm Votrient 390 474 -18 577 -18 Adakveo 195 194 1 164 18 Tabrecta 154 133 16 90 48 Other 1 2 nm 2 0 Total oncology 13 590 11 176 22 10 532 6 Total promoted brands 31 822 26 257 21 23 519 12 1 Change 1 Change Established brands Lucentis 1 475 1 874 -21 2 160 -13 Sandostatin 1 314 1 238 6 1 413 -12 Gilenya 925 2 013 -54 2 787 -28 Exforge 713 743 -4 901 -18 Galvus 692 859 -19 1 092 -21 Diovan 613 652 -6 773 -16 Gleevec/Glivec 561 745 -25 1 024 -27 Afinitor/Votubia 408 512 -20 938 -45 Contract manufacturing 3 1 490 1 200 24 1 083 11 Other 3 5 427 6 113 -11 7 091 -14 Total established brands 3 13 618 15 949 -15 19 262 -17 Total net sales from continuing operations 45 440 42 206 8 42 781 -1 1 2 Xolair 3 Coartem nm = not meaningful |
Net sales of Top 20 products | Net sales from continuing operations of the top 20 brands in 2023 Brands Brand classification by therapeutic area or established brands Key indications US USD m Rest of world USD m Total USD m Entresto Cardiovascular, renal and metabolic Chronic heart failure, hypertension 3 067 2 968 6 035 Cosentyx Immunology Psoriasis (PsO), ankylosing spondylitis (AS), psoriatic arthritis (PsA), non-radiographic axial spondyloarthritis (nr-axSPA), hidradenitis suppurativa (HS) 2 636 2 344 4 980 Promacta/Revolade Oncology Immune thrombocytopenia (ITP), severe aplastic anemia (SAA) 1 205 1 064 2 269 Kesimpta Neuroscience Relapsing-remitting multiple sclerosis (RRMS) 1 528 643 2 171 Kisqali Oncology HR+/HER2- metastatic breast cancer 1 032 1 048 2 080 Tafinlar Mekinist Oncology BRAF V600+ metastatic adjuvant melanoma, advanced non-small cell lung cancer (NSCLC), tumor agnostic with BRAF mutation indication 791 1 131 1 922 Tasigna Oncology Chronic myeloid leukemia (CML) 884 964 1 848 Jakavi Oncology Myelofibrosis (MF), polycytomia vera (PV), graft-versus-host disease (GvHD) 1 720 1 720 Lucentis 1 Established brands Age-related macular degeneration (AMD), diabetic macular edema (DME), retinal vein occlusion (RVO) 1 475 1 475 Xolair 2 Immunology Severe allergic asthma (SAA), chronic spontaneous urticaria (CSU), nasal polyps 1 463 1 463 Ilaris Immunology Auto-inflammatory (CAPS, TRAPS, HIDS/MKD, FMF, SJIA, AOSD, gout) 686 669 1 355 Sandostatin Established brands Carcinoid tumors, acromegaly 829 485 1 314 Zolgensma Neuroscience Spinal muscular atrophy (SMA) 372 842 1 214 Pluvicto Oncology PSMA-positive mCRPC patients post-ARPI, post-Taxane 921 59 980 Gilenya 1 Established brands Relapsing multiple sclerosis (RMS) 359 566 925 Exforge Established brands Hypertension 13 700 713 Galvus Established brands Type 2 diabetes 692 692 Diovan Established brands Hypertension 52 561 613 Lutathera Oncology GEP-NETs gastroenteropancreatic neuroendocrine tumors 427 178 605 Gleevec/Glivec Established brands Chronic myeloid leukemia (CML), gastrointestinal stromal tumors (GIST) 150 411 561 Top 20 brands total 14 952 19 983 34 935 Rest of portfolio 3 007 7 498 10 505 Total net sales from continuing operations 17 959 27 481 45 440 1 Lucentis Gilenya 2 Xolair Net sales from continuing operations of the top 20 brands in 2022 Brands Brand classification by therapeutic area or established brands 1 Key indications US USD m Rest of world USD m Total USD m Cosentyx Immunology Psoriasis (PsO), ankylosing spondylitis (AS), psoriatic arthritis (PsA), non-radiographic axial spondyloarthritis (nr-axSPA) 2 770 2 018 4 788 Entresto Cardiovascular, renal and metabolic Chronic heart failure, hypertension 2 354 2 290 4 644 Promacta/Revolade Oncology Immune thrombocytopenia (ITP), severe aplastic anemia (SAA) 1 083 1 005 2 088 Gilenya 2 Established brands Relapsing multiple sclerosis (RMS) 1 153 860 2 013 Tasigna Oncology Chronic myeloid leukemia (CML) 877 1 046 1 923 Lucentis 2 Established brands Age-related macular degeneration (AMD), diabetic macular edema (DME), retinal vein occlusion (RVO) 1 874 1 874 Tafinlar Mekinist Oncology BRAF V600+ metastatic adjuvant melanoma, advanced non-small cell lung cancer (NSCLC), tumor agnostic with BRAF mutation indication 678 1 092 1 770 Jakavi Oncology Myelofibrosis (MF), polycytomia vera (PV), graft-versus-host disease (GvHD) 1 561 1 561 Zolgensma Neuroscience Spinal muscular atrophy (SMA) 434 936 1 370 Xolair 3 Immunology Severe allergic asthma (SAA), chronic spontaneous urticaria (CSU), nasal polyps 1 365 1 365 Sandostatin Established brands Carcinoid tumors, acromegaly 800 438 1 238 Kisqali Oncology HR+/HER2- metastatic breast cancer 472 759 1 231 Ilaris Immunology Auto-inflammatory (CAPS, TRAPS, HIDS/MKD, FMF, SJIA, AOSD, gout) 570 563 1 133 Kesimpta Neuroscience Relapsing-remitting multiple sclerosis (RRMS) 921 171 1 092 Galvus Established brands Type 2 diabetes 859 859 Gleevec/Glivec Established brands Chronic myeloid leukemia (CML), gastrointestinal stromal tumors (GIST) 205 540 745 Exforge Established brands Hypertension 14 729 743 Diovan Established brands Hypertension 55 597 652 Kymriah Oncology r/r pediatric and young adults acute lymphoblastic leukemia (ALL), diffuse large B-cell lymphoma (DLBCL) follicular lymphoma (FL) 196 340 536 Afinitor/Votubia Established brands Breast cancer/ tuberous sclerosis complex (TSC) 171 341 512 Top 20 products total 12 753 19 384 32 137 Rest of portfolio 4 3 182 6 887 10 069 Total net sales from continuing operations 4 15 935 26 271 42 206 1 2 Lucentis Gilenya 3 Xolair 4 Coartem Net sales from continuing operations of the top 20 brands in 2021 Brands Brand classification by therapeutic area or established brands 1 Key indications US USD m Rest of world USD m Total USD m Cosentyx Immunology Psoriasis (PsO), ankylosing spondylitis (AS), psoriatic arthritis (PsA), non-radiographic axial spondyloarthritis (nr-axSPA) 2 883 1 835 4 718 Entresto Cardiovascular, renal and metabolic Chronic heart failure 1 712 1 836 3 548 Gilenya 2 Established brands Relapsing multiple sclerosis (RMS) 1 427 1 360 2 787 Lucentis 2 Established brands Age-related macular degeneration (AMD) 2 160 2 160 Tasigna Oncology Chronic myeloid leukemia (CML) 882 1 178 2 060 Promacta/Revolade Oncology Immune thrombocytopenia (ITP), severe aplastic anemia (SAA) 947 1 069 2 016 Tafinlar Mekinist Oncology BRAF V600+ metastatic adjuvant melanoma, advanced non-small cell lung cancer (NSCLC) 606 1 087 1 693 Jakavi Oncology Myelofibrosis (MF), polycythemia vera (PV) 1 595 1 595 Xolair 3 Immunology Severe allergic asthma (SAA), chronic spontaneous urticaria (CSU), nasal polyps 1 428 1 428 Sandostatin Established brands Carcinoid tumors, acromegaly 843 570 1 413 Zolgensma Neuroscience Spinal muscular atrophy (SMA) 469 882 1 351 Galvus Established brands Type 2 diabetes 1 092 1 092 Ilaris Immunology Auto-inflammatory (CAPS, TRAPS, HIDS/MKD, FMF, SJIA, AOSD gout) 501 558 1 059 Gleevec/Glivec Established brands Chronic myeloid leukemia (CML), gastrointestinal stromal tumors (GIST) 263 761 1 024 Afinitor/Votubia Established brands Breast cancer/ tuberous sclerosis complex (TSC) 521 417 938 Kisqali Oncology HR+/HER2- metastatic breast cancer 339 598 937 Exforge Established brands Hypertension 14 887 901 Diovan Established brands Hypertension 51 722 773 Kymriah Oncology r/r pediatric and young adults acute lymphoblastic leukemia (ALL), diffuse large B-cell lymphoma (DLBCL) 230 357 587 Ultibro Established brands Chronic obstructive pulmonary disease (COPD) 584 584 Top 20 products total 11 688 20 976 32 664 Rest of portfolio 4 3 235 6 882 10 117 Total net sales from continuing operations 4 14 923 27 858 42 781 1 2 Lucentis Gilenya 3 Xolair 4 Coartem |
Other revenue | Other revenues (USD millions) 2023 2022 2021 Profit-sharing income 941 921 873 Royalty income 87 35 85 Milestone income 45 145 127 Other 1 147 154 108 Total other revenues 1 220 1 255 1 193 1 |
Associated companies (Tables)
Associated companies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [line items] | |
Schedule disclosing information related to associates | Net income statement effect Other comprehensive income effect 1 Total comprehensive income effect (USD millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Roche Holding AG, Switzerland 15 341 46 15 387 Others -13 -11 -4 -13 -11 -4 Associated companies -13 -11 15 337 46 -13 -11 15 383 1 In 2021, Novartis share of other comprehensive income recognized by associated companies, net of taxes of USD 3 million was recycled into the consolidated income statement as a result of the divestment of the investment in Roche Holding AG. No Novartis share of other comprehensive income recognized by associated companies was recycled to the consolidated income statement in 2023 and 2022. |
Roche Holding AG, Switzerland | |
Statement [line items] | |
Schedule disclosing information related to associates, net income effect | (USD millions) 2021 Novartis share of Roche's estimated current-year consolidated net income 815 Prior-year adjustment 40 Amortization of fair value adjustments relating to intangible assets, net of taxes of USD 10 million -70 Gain on divestment of the investment in Roche 1 14 556 Net income effect 15 341 1 The gain on divestment of the investment in Roche includes the recycling of currency translation effects (see Note 9.1) and other comprehensive income effects totaling USD 3.2 billion. |
Interest expense and other fi_2
Interest expense and other financial income and expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Interest Expense and Other Financial Income and Expense [abstract] | |
Interest expense | (USD millions) 2023 2022 2021 Interest expense -730 -642 -633 Interest expense on lease liabilities -62 -57 -59 Expense arising from discounting long-term liabilities and capitalized borrowing costs -63 -101 -95 Total interest expense from continuing operations -855 -800 -787 |
Other financial income and expense | (USD millions) 2023 2022 2021 Interest income 627 377 70 Other financial income 21 19 12 Monetary loss from hyperinflation accounting -194 -137 -48 Financial expense -18 -33 -41 Currency result, net -214 -184 -69 Total other financial income and expense from continuing operations 222 42 -76 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Income Tax [abstract] | |
Income before taxes | (USD millions) 2023 2022 2021 Switzerland 1 9 719 5 751 21 830 Foreign 2 -596 1 426 2 700 Income before taxes from continuing operations 9 123 7 177 24 530 1 The 2021 income before taxes from continuing operations in Switzerland includes a USD 14.6 billion non-taxable gain on the divestment of the Company’s investment in Roche Holding AG (see Note 2 and Note 5). 2 |
Current and deferred income tax expense | The significant components of the provision for income taxes from continuing operations are as follows: (USD millions) 2023 2022 2021 Switzerland -1 136 -598 -949 Foreign -1 290 -1 155 -973 Current income tax expense -2 426 -1 753 -1 922 Switzerland 355 -131 39 Foreign 1 520 756 258 Deferred tax income 1 875 625 297 Income tax expense from continuing operations -551 -1 128 -1 625 |
Analysis of tax rate | (As a percentage) 2023 2022 2021 Applicable tax rate 15.0 15.3 14.2 Effect of disallowed expenditures 1.4 2.6 1.0 Effect of income taxed at reduced rates -0.6 -0.4 -0.1 Effect of income not subject to tax 1 -2.5 -0.1 -7.9 Effect of tax credits and allowances -3.9 -4.1 -1.5 Effect of release of contingent consideration liability -0.3 -0.5 -0.1 Effect of tax rate change on current and deferred tax assets and liabilities -1.6 0.0 0.0 Effect of derecognition and reversals of derecognition of deferred tax assets 0.9 1.3 0.0 Effect of write-down of investments in subsidiaries -3.0 0.0 0.0 Effect of prior-year items 0.0 -0.3 0.1 Effect of changes in uncertain tax positions 0.1 1.7 1.0 Effect of other items 0.5 0.2 -0.1 Effective tax rate from continuing operations 6.0 15.7 6.6 1 2021 includes the effect of income not subject to tax ( -7.7 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Earnings per share | 2023 2022 2021 Net income attributable to shareholders of Novartis AG (USD millions) - Continuing operations 8 568 6 049 22 908 - Discontinued operations 6 282 906 1 113 Net income attributable to shareholders of Novartis AG (USD millions) 14 850 6 955 24 021 Number of shares (in millions) Weighted average number of shares outstanding used in basic earnings per share 2 077 2 181 2 243 Adjustment for vesting of restricted shares, restricted share units and dilutive shares from options 15 16 17 Weighted average number of shares in diluted earnings per share 2 092 2 197 2 260 Basic earnings per share (USD) - Continuing operations 4.13 2.77 10.22 - Discontinued operations 3.02 0.42 0.49 Total basic earnings per share (USD) 7.15 3.19 10.71 Diluted earnings per share (USD) - Continuing operations 4.10 2.76 10.14 - Discontinued operations 3.00 0.41 0.49 Total diluted earnings per share (USD) 7.10 3.17 10.63 |
Changes in consolidated state_2
Changes in consolidated statements of comprehensive income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Comprehensive income [abstract] | |
Comprehensive income | Total value Value adjustments at December 31, 2020 220 -5 773 4 134 -1 419 -29 -1 448 Fair value adjustments on equity securities, net of taxes of USD -44 1 194 194 194 Net investment hedge, net of taxes of USD 33 million 216 216 216 Defined benefit plans, net of taxes of USD -323 1 808 1 808 1 1 809 Currency translation effects, net of taxes of USD 17 million 9.1 -4 757 -4 757 -5 -4 762 Total value adjustments in 2021 194 1 808 -4 541 -2 539 -4 -2 543 Fair value adjustments on equity securities sold, reclassified to retained earnings net of taxes of USD 48 million -164 -164 -164 Value adjustments related to divestments -62 -3 -65 -65 Value adjustments at December 31, 2021 188 -3 968 -407 -4 187 -33 -4 220 Fair value adjustments on equity securities, net of taxes of USD 81 million 1 -382 -382 -382 Net investment hedge, net of taxes of USD -30 91 91 91 Defined benefit plans, net of taxes of USD -104 -104 -104 1 -103 Currency translation effects, net of taxes of USD 18 million 9.1 -444 -444 -6 -450 Total value adjustments in 2022 -382 -104 -353 -839 -5 -844 Fair value adjustments on equity securities sold, reclassified to retained earnings net of taxes of nil -4 -4 -4 Value adjustments related to divestments, net of taxes of USD -4 34 34 34 Value adjustments at December 31, 2022 -198 -4 038 -760 -4 996 -38 -5 034 Fair value adjustments on equity securities, net of taxes of USD -6 1 37 37 37 Net investment hedge, net of taxes of USD 19 million -50 -50 -50 Defined benefit plans, net of taxes of USD 16 million -160 -160 -160 Currency translation effects, net of taxes of USD -6 9.1 1 373 1 373 2 1 375 Total value adjustments in 2023 37 -160 1 323 1 200 2 1 202 Fair value adjustments on equity securities sold, reclassified to retained earnings net of taxes of USD -7 1 1 1 Value adjustments related to divestments, net of taxes of USD -4 2 27 29 29 Value adjustments at December 31, 2023 -158 -4 171 563 -3 766 -36 -3 802 1 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, plant and equipment [table text block] | Machinery At January 1, 2023 Cost 451 11 396 1 184 11 842 24 873 Accumulated depreciation and impairment -9 -5 903 -27 -8 170 -14 109 Net book value 442 5 493 1 157 3 672 10 764 At January 1, 2023 442 5 493 1 157 3 672 10 764 Costs and accumulated depreciation/impairments on assets related to discontinued operations 1 -54 -422 -280 -588 -1 344 Impact of acquisitions of businesses 12 1 5 18 Reclassifications 197 -420 223 Additions 1 85 734 245 1 065 Disposals and derecognitions -16 -261 -20 -63 -360 Depreciation charge -343 -573 -916 Impairment charge -3 -36 -10 -57 -106 Reversal of impairment charge 3 9 4 16 Currency translation effects 25 162 44 146 377 At December 31, 2023 398 4 896 1 206 3 014 9 514 At December 31, 2023 Cost 403 10 147 1 213 9 630 21 393 Accumulated depreciation and impairment -5 -5 251 -7 -6 616 -11 879 Net book value 398 4 896 1 206 3 014 9 514 Commitments for purchases of property, plant and equipment 744 Capitalized borrowing costs 3 1 The following table summarizes the movements of property, plant and equipment during 2022: Machinery At January 1, 2022 Cost 492 11 819 1 508 13 328 27 147 Accumulated depreciation and impairment -7 -5 744 -65 -9 786 -15 602 Net book value 485 6 075 1 443 3 542 11 545 At January 1, 2022 485 6 075 1 443 3 542 11 545 Impact of acquisitions of businesses 13 13 Reclassifications 297 -964 667 Additions 1 3 124 780 312 1 219 Disposals and derecognitions -28 -49 -33 -45 -155 Depreciation charge 2 -437 -726 -1 163 Impairment charge 2 -7 -351 -13 -43 -414 Reversal of impairment charge 2 1 1 5 7 Currency translation effects -12 -166 -57 -53 -288 At December 31, 2022 442 5 493 1 157 3 672 10 764 At December 31, 2022 Cost 451 11 396 1 184 11 842 24 873 Accumulated depreciation and impairment -9 -5 903 -27 -8 170 -14 109 Net book value 442 5 493 1 157 3 672 10 764 Commitments for purchases of property, plant and equipment 549 Capitalized borrowing costs 5 1 Additions in continuing operations were USD 930 million. Note 31 provides disclosure of discontinued operations additions. 2 |
Property, plant and equipment impairment charges and reversals [table text block] | (USD millions) 2023 2022 2021 Depreciation charge -916 -967 -1 005 Impairment charge -106 -411 -316 Impairment reversals 16 4 44 1 |
Right-of-use assets and lease_2
Right-of-use assets and lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Right of use assets Disclosure and Lease liabilities [abstract] | |
Disclosure of Right-of-use assets roll forward | (USD millions) 2023 2022 Right-of-use assets at January 1 1 431 1 561 Costs and accumulated depreciation/impairments on assets related to discontinued operations 1 -117 Impact of acquisitions of businesses 16 12 Additions 2 421 247 Depreciation charge -259 -300 Impairment charge 3 -4 -3 Lease contract terminations 4 -93 -34 Currency translation effects 15 -52 Total right-of-use assets at December 31 1 410 1 431 1 2 Additions in continuing operations were USD 216 million in 2022. 3 Impairment charge in continuing operations was USD 3 million in 2022 and nil in 2021. 4 |
Disclosure of right-of-use assets carrying value and depreciation charge | December 31, December 31, Depreciation Depreciation Depreciation Land 483 505 12 16 11 Buildings 749 745 156 162 174 Vehicles 112 117 80 82 89 Machinery and equipment, and other assets 66 64 11 7 5 Total right-of-use assets 1 410 1 431 259 267 279 1 |
Disclosure of maturity analysis of lease liability | Lease liabilities Lease liabilities Less than one year 230 284 251 297 Between one and two years 203 248 190 232 Between two and three years 170 211 167 201 Between three and four years 149 184 137 172 Between four and five years 113 142 122 154 After five years 963 2 173 922 2 149 Total lease liabilities 1 828 3 242 1 789 3 205 Less current portion of lease liabilities -230 -284 -251 -297 Non-current portion of lease liabilities 1 598 2 958 1 538 2 908 Commitments for leases not yet commenced 89 83 |
Additional disclosures related to right-of-use assets and lease liabilities | (USD millions) 2023 2022 2021 Interest expense on lease liabilities 1 62 57 59 Expense on short-term leases 5 3 6 Expense on low-value leases 6 6 7 Total cash outflows for leases 321 319 339 Thereof: Cash outflows for short-term leases and low-value leases 2 11 9 13 Payments of interest 3 52 48 48 Payments of lease liabilities 4 258 262 278 1 The weighted average interest rate is 3.5% (2022: 3.3%, 2021: 3.2%). Interest on lease liabilities as at December 31, 2023, is estimated to be USD 54 million for 2024 and USD 1.4 billion thereafter. 2 3 4 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Movements of goodwill and intangible assets | Goodwill Intangible assets other than goodwill In-process Currently Other At January 1, 2023 Cost 29 596 7 092 58 249 4 343 69 684 Accumulated amortization and impairment -295 -2 671 -32 736 -2 633 -38 040 Net book value 29 301 4 421 25 513 1 710 31 644 At January 1, 2023 29 301 4 421 25 513 1 710 31 644 Costs and accumulated amortization/impairments on assets related to discontinued operations 1 -7 445 -235 -1 026 -199 -1 460 Impact of acquisitions of businesses 1 094 2 931 15 2 946 Reclassifications -235 23 212 Additions 770 290 516 1 576 Disposals and derecognitions 2 -1 842 -3 -1 845 Amortization charge -3 319 -641 -3 960 Impairment charge -2 544 -310 -194 -3 048 Currency translation effects 391 221 688 117 1 026 At December 31, 2023 23 341 5 329 20 017 1 533 26 879 At December 31, 2023 Cost 23 391 7 822 46 909 3 588 58 319 Accumulated amortization and impairment -50 -2 493 -26 892 -2 055 -31 440 Net book value 23 341 5 329 20 017 1 533 26 879 1 2 Xiidra The following table summarizes the movements of goodwill and intangible assets other than goodwill in 2022: Goodwill Intangible assets other than goodwill In-process Currently Other At January 1, 2022 Cost 29 900 8 013 56 213 3 985 68 211 Accumulated amortization and impairment -305 -2 514 -29 107 -2 408 -34 029 Net book value 29 595 5 499 27 106 1 577 34 182 At January 1, 2022 29 595 5 499 27 106 1 577 34 182 Impact of acquisitions of businesses 161 1 209 1 209 Reclassifications 1 -1 429 1 403 26 Additions 2 330 1 175 588 2 093 Disposals and derecognitions 3 -28 -95 -3 -2 -100 Amortization charge 4 -3 603 -379 -3 982 Impairment charge 4 -917 -322 -87 -1 326 Currency translation effects -427 -176 -243 -13 -432 At December 31, 2022 29 301 4 421 25 513 1 710 31 644 At December 31, 2022 Cost 29 596 7 092 58 249 4 343 69 684 Accumulated amortization and impairment -295 -2 671 -32 736 -2 633 -38 040 Net book value 29 301 4 421 25 513 1 710 31 644 1 2 Additions in continuing operations were USD 1 930 million. Note 31 provides disclosure of discontinued operations additions. 3 4 |
Assumptions used in the calculation of valuation | (As a percentage) Terminal growth rate 1.3 Discount rate (post-tax) 8.0 |
Intangible asset impairment charges and reversals | (USD millions) 2023 2022 2021 Amortization charge -3 960 -3 760 -3 665 Impairment charge 2 -3 048 -1 301 -376 1 2 2023 impairment charge includes the write-down of IPR&D on the cessation of clinical development programs, including PPY988 (USD 1.0 billion), which was acquired with the 2022 acquisition of Gyroscope Therapeutics Holdings plc (see Note 2), VDT482 (USD 0.4 billion), and MBG453 (USD 0.3 billion), and the clinical research program NIZ985 (USD 0.3 billion); as well as the write-down of a currently marketed product by USD 0.3 billion to reflect the reduction in its recoverable amount. 2022 intangible asset impairment charges include the write-down of IPR&D on the cessation of clinical development programs, including UNR844 (USD 0.6 billion). 2021 intangible asset impairment charges includes the write down of IPR&D on the cessation of clinical development programs, including GTX312 (USD 0.2 billion). |
Deferred tax assets and liabi_2
Deferred tax assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Deferred Tax Assets and Liabilities [abstract] | |
Schedule of Deferred Tax Assets and Liabilities | Pensions and Gross deferred tax assets at January 1, 2023 158 1 726 739 2 214 425 2 789 8 051 Gross deferred tax liabilities at January 1, 2023 -343 -4 785 -420 -138 -1 312 -6 998 Net deferred tax balance at January 1, 2023 -185 -3 059 319 2 076 425 1 477 1 053 At January 1, 2023 -185 -3 059 319 2 076 425 1 477 1 053 Net deferred tax balance related to discontinued operations 1 60 120 -36 -311 -13 -233 -413 Credited/(charged) to income -13 1 344 32 386 173 -47 1 875 Credited/(charged) to other comprehensive income -3 16 -34 -21 Impact of acquisitions of businesses -2 -530 111 -19 -440 Other movements -50 85 13 -28 17 -30 7 Net deferred tax balance at December 31, 2023 -193 -2 040 344 2 123 713 1 114 2 061 Gross deferred tax assets at December 31, 2023 117 2 188 764 2 200 713 2 206 8 188 Gross deferred tax liabilities at December 31, 2023 -310 -4 228 -420 -77 -1 092 -6 127 Net deferred tax balance at December 31, 2023 -193 -2 040 344 2 123 713 1 114 2 061 After offsetting the following amount of deferred tax assets and liabilities within the same tax jurisdiction, the balance amounts to: 3 879 Deferred tax assets at December 31, 2023 4 309 Deferred tax liabilities at December 31, 2023 -2 248 Net deferred tax balance at December 31, 2023 2 061 Gross deferred tax assets at January 1, 2022 125 1 307 1 026 2 273 374 2 727 7 832 Gross deferred tax liabilities at January 1, 2022 -381 -4 704 -591 -148 -1 335 -7 159 Net deferred tax balance at January 1, 2022 -256 -3 397 435 2 125 374 1 392 673 At January 1, 2022 -256 -3 397 435 2 125 374 1 392 673 Credited/(charged) to income 2 69 628 -5 -43 5 1 655 Charged to equity 1 1 Credited/(charged) to other comprehensive income 2 -2 -104 63 -43 Impact of acquisitions of businesses -300 55 1 -244 Other movements 2 4 10 -7 -6 -9 19 11 Net deferred tax balance at December 31, 2022 -185 -3 059 319 2 076 425 1 477 1 053 Gross deferred tax assets at December 31, 2022 158 1 726 739 2 214 425 2 789 8 051 Gross deferred tax liabilities at December 31, 2022 -343 -4 785 -420 -138 -1 312 -6 998 Net deferred tax balance at December 31, 2022 -185 -3 059 319 2 076 425 1 477 1 053 After offsetting the following amount of deferred tax assets and liabilities within the same tax jurisdiction, the balance amounts to: 4 312 Deferred tax assets at December 31, 2022 3 739 Deferred tax liabilities at December 31, 2022 -2 686 Net deferred tax balance at December 31, 2022 1 053 1 2 In 2022 the total related to continuing operations for the charge to income was USD 625 million, for the charge to other comprehensive income was USD -20 |
Gross value of tax-loss carry-forwards | (USD millions) Unrecognized Recognized 2023 total One year 23 44 67 Two years 12 15 27 Three years 67 79 146 Four years 22 569 591 Five years 1 569 580 2 149 More than five years 2 891 2 975 5 866 Not subject to expiry 687 2 258 2 945 Total 5 271 6 520 11 791 (USD millions) Unrecognized Recognized 2022 total One year 18 0 18 Two years 37 5 42 Three years 25 5 30 Four years 138 0 138 Five years 79 688 767 More than five years 3 880 2 380 6 260 Not subject to expiry 433 452 885 Total 4 610 3 530 8 140 |
Tax losses carried forward that expired | (USD millions) 2023 2022 2021 Tax losses carried forward that expired 8 6 18 |
Financial and other non-curre_2
Financial and other non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of financial and other non-current assets [abstract] | |
Financial assets | (USD millions) 2023 2022 Equity securities 1 403 1 145 Debt securities 29 37 Fund investments 190 281 Total financial investments 1 622 1 463 Long-term receivables from finance subleases 104 59 Other long-term receivables 214 197 Contingent consideration receivables 1 553 607 Long-term loans, advances and security deposits 114 85 Total financial assets 2 607 2 411 1 |
Other non-current assets | (USD millions) 2023 2022 Deferred compensation plans 439 419 Prepaid post-employment benefit plans 1 545 491 Other non-current assets 215 200 Total other non-current assets 1 199 1 110 1 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories Disclosure [abstract] | |
Inventories by class | (USD millions) 2023 2022 Raw material, consumables 963 934 Work in progress 3 502 3 673 Finished products 1 448 2 568 Total inventories 5 913 7 175 |
Amount of inventory recognized as an expense in cost of goods sold | (USD billions) 2023 2022 2021 Cost of goods sold -5.8 -5.2 -5.4 |
Recognized amount of inventory provisions and reversals of inventory provision | (USD millions) 2023 2022 2021 Inventory provisions -467 -373 -283 Reversals of inventory provisions 111 121 97 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of trade receivables [abstract] | |
Provisions for trade receivables | (USD millions) 2023 2022 Total gross trade receivables 7 158 8 128 Provisions for doubtful trade receivables -51 -62 Total trade receivables 7 107 8 066 |
Overdue amounts and related provision | (USD millions) 2023 2022 Not overdue 6 791 7 664 Past due for not more than one month 146 190 Past due for more than one month but less than three months 66 110 Past due for more than three months but less than six months 64 62 Past due for more than six months but less than one year 38 23 Past due for more than one year 53 79 Provisions for doubtful trade receivables -51 -62 Total trade receivables 7 107 8 066 |
Trade receivables denominated in other currencies | (USD millions) 2023 2022 US dollar (USD) 3 520 3 709 Euro (EUR) 1 138 1 426 Japanese yen (JPY) 288 177 Russian ruble (RUB) 240 430 Chinese yuan (CNY) 231 155 British pound (GBP) 146 176 Brazilian real (BRL) 130 145 Australian dollar (AUD) 96 137 Swiss franc (CHF) 84 108 Canadian dollar (CAD) 75 151 Other currencies 1 159 1 452 Total trade receivables 7 107 8 066 |
Marketable securities, commod_2
Marketable securities, commodities, time deposits, derivative financial instruments and cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of marketable securities commodities deposits derivative instruments and cash [abstract] | |
Marketable securities, commodities, timedeposits, and derivative financial instruments | (USD millions) 2023 2022 Commodities 111 111 Debt securities 9 Time deposits and short-term investments with original maturity more than 90 days 569 11 089 Derivative financial instruments 355 204 Total marketable securities, commodities, time deposits and derivative financial instruments 1 035 11 413 |
Cash and cash equivalents | (USD millions) 2023 2022 Current accounts 3 207 2 877 Time deposits and short-term investments with original maturity less than 90 days 10 186 4 640 Total cash and cash equivalents 13 393 7 517 |
Other current assets (Tables)
Other current assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other current assets [abstract] | |
Other current assets | (USD millions) 2023 2022 VAT receivable 462 509 Withholding tax recoverable 64 50 Prepaid expenses 764 911 Contingent consideration receivable 1 65 43 Other receivables and current assets 1 252 958 Total other current assets 2 607 2 471 1 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of equity [abstract] | |
Schedule disclosing information related to movement in the share capital | Movement Movement Movement Share capital 1 913 -12 901 -11 890 -65 825 Treasury shares -53 5 -48 -44 -92 51 -41 Outstanding share capital 860 -7 853 -55 798 -14 784 1 At December 31, 2023, the Novartis AG share capital consists of registered shares with a nominal value of CHF 0.49 each. Prior to the 2023 capital decrease (see Note 19.3), Novartis AG share capital at December 31, 2022 and 2021 consists of registered shares with a nominal value of CHF 0.50 each. No authorized and conditional capital exists. |
Schedule disclosing information related to movement in the shares | 2023 2022 2021 Total Total 1 Total Total Total 1 Total Total Total 1 Total Balance at beginning of year 2 403.7 -284.1 2 119.6 2 434.4 -199.5 2 234.9 2 467.0 -210.2 2 256.8 Shares canceled for capital reduction 2 -126.2 126.2 -30.7 30.7 -32.6 32.6 Shares acquired to be canceled 3 -87.5 -87.5 -126.2 -126.2 -30.7 -30.7 Other share purchases 4 -1.6 -1.6 -1.4 -1.4 -1.5 -1.5 Exercise of options and employee transactions 5 19.9 2.8 2.8 1.9 1.9 0.6 0.6 Equity-based compensation 5 10.4 10.4 10.4 10.4 9.6 9.6 Shares delivered to Alcon employees 0.0 0.0 0.1 0.1 Shares delivered to Sandoz employees 0.3 0.3 Total movements -126.2 50.6 -75.6 -30.7 -84.6 -115.3 -32.6 10.7 -21.9 Balance at end of year 2 277.5 -233.5 2 044.0 2 403.7 -284.1 2 119.6 2 434.4 -199.5 2 234.9 1 Approximately 93.8 2 3 Shares repurchased on the SIX Swiss Exchange second trading line under a CHF 10 billion share buyback authority approved at the 2019 Annual General Meeting (AGM) for transactions after February 28, 2019, until March 2, 2021. Transactions after March 2, 2021, were executed under the CHF 10 billion share buyback authority approved at the 2021 AGM and the additional CHF 10 billion authority approved at the 2022 AGM. 4 5 |
Schedule disclosing information related to Dividend | 2023 2022 2021 Dividend per share (in CHF) 3.20 3.10 3.00 Total dividend payment (in USD billion) 7.3 7.5 7.4 |
Schedule disclosing information related treasury shares movements | 2023 2022 2021 Number of Number of Number of Shares acquired to be canceled 1 -87.5 -8 369 -126.2 -10 787 -30.7 -2 775 Other share purchases 2 -1.6 -148 -1.4 -123 -1.5 -145 Purchase of treasury shares -89.1 -8 517 -127.6 -10 910 -32.2 -2 920 Exercise of options and employee transactions 3 19.9 2.8 146 1.9 88 0.6 39 Equity-based compensation 4 10.4 904 10.4 854 9.6 745 Shares delivered to Alcon employees 0.0 5 0.1 17 Shares delivered to Sandoz employees 0.3 30 Total -75.6 -7 437 -115.3 -9 963 -21.9 -2 119 1 Shares repurchased on the SIX Swiss Exchange second trading line under a CHF 10 billion share buyback authority approved at the 2019 Annual General Meeting (AGM) for transactions after February 28, 2019, until March 2, 2021. Transactions after March 2, 2021, were executed under the CHF 10 billion share buyback authority approved at the 2021 AGM and the additional CHF 10 billion authority approved at the 2022 AGM. 2 3 4 |
Non-current financial debt (Tab
Non-current financial debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of financial liabilities [abstract] | |
Disclosure of non-current portion of non-current borrowings by type | (USD millions) 2023 2022 Straight bonds 20 585 22 341 Liabilities to banks and other financial institutions 1 42 144 Total, including current portion of non-current financial debt 20 627 22 485 Less current portion of non-current financial debt -2 191 -2 241 Total non-current financial debt 18 436 20 244 1 Average interest rate during the year 2023 2.6% (2022: 2.3%) |
Disclosure of detailed information about borrowings | Notional 2023 2022 3.700% USD 500 2012 2042 Novartis Capital Corporation, New York, United States 98.325% 491 490 3.400% USD 2 150 2014 2024 Novartis Capital Corporation, New York, United States 99.287% 2 150 2 147 4.400% USD 1 850 2014 2044 Novartis Capital Corporation, New York, United States 99.196% 1 828 1 827 1.625% EUR 600 2014 2026 Novartis Finance S.A., Luxembourg, Luxembourg 99.697% 663 638 0.250% CHF 500 2015 2025 Novartis AG, Basel, Switzerland 100.640% 595 541 0.625% CHF 550 2015 2029 Novartis AG, Basel, Switzerland 100.502% 654 595 1.050% CHF 325 2015 2035 Novartis AG, Basel, Switzerland 100.479% 387 352 3.000% USD 1 750 2015 2025 Novartis Capital Corporation, New York, United States 99.010% 1 745 1 742 4.000% USD 1 250 2015 2045 Novartis Capital Corporation, New York, United States 98.029% 1 222 1 221 0.125% EUR 1 250 2016 2023 Novartis Finance S.A., Luxembourg, Luxembourg 99.127% 1 330 0.625% EUR 500 2016 2028 Novartis Finance S.A., Luxembourg, Luxembourg 98.480% 549 528 3.100% USD 1 000 2017 2027 Novartis Capital Corporation, New York, United States 99.109% 995 994 1.125% EUR 600 2017 2027 Novartis Finance S.A., Luxembourg, Luxembourg 99.874% 662 638 0.500% EUR 750 2018 2023 Novartis Finance S.A., Luxembourg, Luxembourg 99.655% 798 1.375% EUR 750 2018 2030 Novartis Finance S.A., Luxembourg, Luxembourg 99.957% 828 797 1.700% EUR 750 2018 2038 Novartis Finance S.A., Luxembourg, Luxembourg 99.217% 823 792 1.750% USD 1 000 2020 2025 Novartis Capital Corporation, New York, United States 99.852% 999 998 2.000% USD 1 250 2020 2027 Novartis Capital Corporation, New York, United States 99.909% 1 247 1 246 2.200% USD 1 500 2020 2030 Novartis Capital Corporation, New York, United States 99.869% 1 495 1 494 2.750% USD 1 250 2020 2050 Novartis Capital Corporation, New York, United States 97.712% 1 216 1 215 0.000% 1 EUR 1 850 2020 2028 Novartis Finance S.A., Luxembourg, Luxembourg 99.354% 2 036 1 958 Total straight bonds 20 585 22 341 1 The EUR 1 850 million bond issued in 2020 features a coupon step-up of 0.25% |
Non-current financial debt including current portion by maturity | (USD millions) 2023 2022 2023 2 241 2024 2 191 2 147 2025 3 338 3 281 2026 663 638 2027 2 906 2 909 2028 2 585 2 485 After 2028 8 944 8 784 Total 20 627 22 485 |
Non-current financial debt including current portion by currency | (USD millions) 2023 2022 US dollar (USD) 13 388 13 376 Euro (EUR) 5 563 7 478 Japanese yen (JPY) 76 Swiss franc (CHF) 1 635 1 488 Others 41 67 Total 20 627 22 485 |
Comparison of balance sheet and fair value of total non-current financial debt including current portion | 2023 2023 2022 2022 Straight bonds 20 585 19 194 22 341 20 277 Others 42 42 144 144 Total 20 627 19 236 22 485 20 421 |
Provisions and other non-curr_2
Provisions and other non-current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about provisions and non-current liabilities [abstract] | |
Disclosure of other provisions [text block] | (USD millions) 2023 2022 Accrued liability for employee benefits: Defined benefit pension plans 1 1 815 1 723 Other long-term employee benefits and deferred compensation 546 554 Other post-employment benefits 1 369 362 Environmental remediation provisions 518 535 Provisions for product liabilities, governmental investigations and other legal matters 82 154 Contingent consideration 2 389 704 Other non-current liabilities 804 874 Total provisions and other non-current liabilities 4 523 4 906 1 2 |
Accrual for environmental loss contingencies [table text block] | (USD millions) 2023 2022 2021 January 1 588 616 809 Provisions related to discontinued operations 1 -53 Cash payments 2 -4 -6 -169 Releases of provisions 3 -54 - 18 -105 Additions to provisions 4 14 6 105 Currency translation effects 47 -10 -24 December 31 538 588 616 Less current provision -20 -53 -49 Non-current environmental remediation provisions at December 31 518 535 567 1 2 Cash payments from continuing operations were USD 5 million in 2022, and USD 169 million in 2021. 3 Releases of provisions credited to the consolidated income statement from continuing operations were USD 18 million in 2022, and USD 105 million in 2021. 4 Additions to provisions charged to the consolidated income statement from continuing operations were USD 6 million in 2022, and USD 105 million in 2021. |
Accrual for environmental loss contingencies, fiscal year maturity [table text block] | Expected Due within two years 82 Due later than two years, but within five years 158 Due later than five years, but within 10 years 217 Due after 10 years 81 Total environmental remediation provisions 538 |
Accrual for product liabilities government investigations other legal matters loss contingencies [table text block] | (USD millions) 2023 2022 2021 January 1 702 397 487 Provisions related to discontinued operations 1 -97 Impact of acquisitions of businesses 4 Cash payments 2 -448 -105 -292 Releases of provisions 3 -219 -52 -44 Additions to provisions 4 170 466 251 Currency translation effects 16 -8 -5 December 31 124 702 397 Less current portion -42 -548 -56 Non-current product liabilities, governmental investigations and other legal matters provisions at December 31 82 154 341 1 2 Cash payments from continuing operations were USD 67 million in 2022, and USD 64 million in 2021. 3 Releases of provisions credited to the consolidated income statement from continuing operations were USD 38 million in 2022, and USD 18 million in 2021. 4 Additions to provisions charged to the consolidated income statement from continuing operations were USD 435 million in 2022, and USD 190 million in 2021. |
Current financial debt and de_2
Current financial debt and derivative financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of current financial debt and derivative instruments [abstract] | |
Current financial debt and derivative instruments | (USD millions) 2023 2022 Bank and other financial debt 1 624 863 Commercial paper 3 269 2 772 Current portion of non-current financial debt 2 191 2 241 Derivative financial instruments 91 55 Total current financial debt and derivative financial instruments 6 175 5 931 1 Weighted average interest rate during the year 2023 13.2% (2022: 9.7%) |
Provisions and other current _2
Provisions and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of provisions and other current liabilities [abstract] | |
Provisions and other current liabilities | (USD millions) 2023 2022 Taxes other than income taxes 516 836 Restructuring provisions 703 1 131 Accrued expenses for goods and services received but not invoiced 1 026 1 059 Accruals for royalties 844 767 Accrued interests on financial debt 116 116 Provisions for deductions from revenue 6 315 6 732 Accruals for compensation and benefits, including social security 2 330 2 321 Environmental remediation provisions 20 53 Deferred income 98 123 Provisions for product liabilities, governmental investigations and other legal matters 1 42 548 Accrued share-based payments 322 235 Contingent consideration 2 14 131 Other payables 820 743 Total provisions and other current liabilities 13 166 14 795 1 2 |
Provisions for reduction of revenue | (USD millions) 2023 2022 2021 January 1 6 732 6 481 6 256 Provisions related to discontinued operations 1 -1 415 Effect of currency translation, business combinations 68 -210 -218 Payments/utilizations 2 -16 703 -22 261 -19 838 Adjustments of prior years charged to income statement 3 -206 -322 -245 Current year income statement charge 4 17 798 23 072 20 413 Change in provisions offset against gross trade receivables 5 41 -28 113 December 31 6 315 6 732 6 481 1 2 Payments/utilizations from continuing operations were USD 14 691 million in 2022 and USD 12 473 million in 2021. 3 Adjustments of prior years charged to income statement from continuing operations were USD 218 million in 2022, and USD 251 million in 2021. 4 Current year income statement charge from continuing operations were USD 15 231 million in 2022 and USD 13 084 million in 2021. 5 Change in provisions offset against gross trade receivables from continuing operations were USD 2 million in 2022 and USD -44 |
Restructuring provisions movements | (USD millions) 2023 2022 2021 January 1 1 131 345 459 Provisions related to discontinued operations 1 -51 Additions to provisions 2 658 1 368 328 Cash payments 3 -816 -468 -344 Releases of provisions 4 -193 -42 -54 Transfers 5 -57 -53 - 27 Currency translation effects 31 -19 -17 December 31 703 1 131 345 1 2 Additions to provisions charged to the consolidated income statement from continuing operations were USD 1.3 billion in 2022 and USD 266 million in 2021. 3 Cash-payments from continuing operations were USD 421 million in 2022 and USD 259 million in 2021. 4 Releases of provisions credited to the consolidated income statement from continuing operations were USD 33 million in 2022 and USD 29 million in 2021. 5 Transfers from continuing operations were USD 53 million in 2022 and USD 24 million in 2021. |
Details to the consolidated s_2
Details to the consolidated statements of cash flows (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of details to the consolidated statements of cash flows [abstract] | |
Adjustments for non-cash items from continuing operations | (USD millions) 2023 2022 2021 Depreciation, amortization and impairments on: Property, plant and equipment 1 006 1 374 1 277 Right-of-use assets 263 270 279 Intangible assets 7 008 5 061 4 041 Financial assets 1 106 260 -38 Change in provisions and other non-current liabilities 61 1 318 806 Gains on disposal and other adjustments on property, plant and equipment; intangible assets; financial assets and other non-current assets, net -180 -308 -646 Equity-settled compensation expense 865 791 700 Loss/(income) from associated companies 2 13 11 -15 337 Income taxes 551 1 128 1 625 Net financial expense 633 758 863 Other 43 -32 Total 10 369 10 631 -6 430 1 2 2021 included the gain of USD 14.6 billion recognized from the divestment of the Company's investment in Roche (see Notes 2 and 5). |
Cash flows from changes in working capital and other operating items included in operating cash flow from continuing operations | (USD millions) 2023 2022 2021 Increase in inventories -546 -560 -102 Increase in trade receivables -1 504 -397 -352 Increase/(decrease) in trade payables 479 -181 -111 Change in other current and non-current assets -125 -84 -179 Change in other current liabilities 1 327 426 671 Total -369 -796 -73 |
Cash flows arising from acquisitions and divestments of businesses | (USD millions) Note 2023 2022 2021 Net assets recognized as a result of acquisitions of businesses 25 -3 699 -1 077 -320 Fair value of previously held equity interests 26 21 42 Contingent consideration payables, net 146 224 18 Payments, deferred consideration and other adjustments, net -34 0 1 Cash flows used for acquisitions of businesses -3 561 -832 -259 Cash flows from/(used for) divestments of businesses, net 1 3 -8 54 Cash flows used for acquisitions and divestments of businesses, net -3 558 -840 -205 1 In 2023, USD 3 million represented net cash inflows from divestments in previous years. In 2022, USD 8 million net cash outflows from divestments of businesses included USD 20 million reduction to cash and cash equivalents due to the derecognized cash and cash equivalents following a loss of control of a company upon expiry of an option to purchase the company, partly offset by USD 12 million net cash inflows from business divestments in 2022 and in prior years. In 2022, the net identifiable assets of divested businesses amounted to USD 139 million, comprised of non-current assets of USD 127 million, current assets of USD 70 million, including USD 62 million cash and cash equivalents and of non-current and current liabilities of USD 58 million. The deferred sale price receivable and other adjustments amounted to USD 19 million. In 2021, USD 54 million included net cash inflows from divestments in previous years. |
Reconciliation of liabilities arising from financing activities | 2023 2022 2021 Derivative Derivative Derivative January 1 26 120 55 1 789 29 129 68 1 896 35 850 194 2 005 Financial debts, derivative financial instruments and lease liabilities related to discontinued operations 1 -214 -1 -98 Increase in non-current financial debts 2 16 16 Repayments of the current portion of non-current financial debts 3 -2 223 -2 575 -2 162 Change in current financial debts 4 546 295 -3 524 Payments of lease liabilities 5 -258 -295 -316 Interest payments for amounts included in lease liabilities classified as cash flows from operating activities 6 -52 -51 -52 New, modified and terminated leases, net 349 222 253 Impact of acquisitions and divestments of businesses, net 51 12 1 Changes in fair values, lease interest and other changes, net -2 37 28 -13 60 1 -125 62 Amortization of bonds discount 17 22 29 Currency translation effects 276 19 -767 -55 -1 082 -1 -56 December 31 24 520 91 1 828 26 120 55 1 789 29 129 68 1 896 Non-current 7 18 436 1 598 20 244 1 538 22 902 1 621 Current 7 6 084 91 230 5 876 55 251 6 227 68 275 1 2 Increases in non-current financial debts included in the consolidated statements of cash flows from continuing operations were nil in 2022 and 2021. 3 4 Changes in current financial debts included in the consolidated statements of cash flows from continuing operations were USD 252 million in 2022 (2021: USD 3 547 million) which included net cash outflows from interest-bearing accounts of employees payable on demand amounting to USD 1.7 billion. 5 Payments of lease liabilities included in the consolidated statements of cash flows from continuing operations were USD 262 million in 2022 (2021: USD 278 million). 6 Interest payments for amounts included in lease liabilities classified as cash flows from operating activities within the consolidated statements of cash flows from continuing operations were USD 48 million in 2022 (2021: USD 48 million). 7 |
Acquisitions of businesses (Tab
Acquisitions of businesses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of acquisition of businesses [abstract] | |
Fair value of assets and liabilities arising from acquisitions | (USD millions) 2023 2022 2021 Property, plant and equipment 18 13 Right-of-use assets 16 12 Currently marketed products 292 Acquired research and development 2 931 1 209 262 Other intangible assets 15 98 Deferred tax assets 34 56 28 Non-current financial and other assets 164 Trade receivables and financial and other current assets 183 5 1 Cash and cash equivalents 226 89 10 Deferred tax liabilities -474 -300 -74 Current and non-current financial debts -1 Current and non-current lease liabilities -51 -12 Trade payables and other liabilities -231 -67 -4 Net identifiable assets acquired 2 831 1 005 612 Acquired cash and cash equivalents -226 -89 -10 Non-controlling interests -105 Goodwill 1 094 161 238 Net assets recognized as a result of acquisitions of businesses 1 3 699 1 077 735 1 In 2023 and 2022 all net assets recognized relate to business combinations of continuing operations. In 2021, net assets recognized as a result of acquisitions of businesses from continuing operations were USD 320 million. |
Post-employment benefits for _2
Post-employment benefits for employees (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [line items] | |
Summary of the funded and unfunded defined benefit obligation for pension and other post retirement benefit plans table | Pension plans Other post-employment benefit plans (USD millions) 2023 2022 2023 2022 Benefit obligation at January 1 17 533 23 583 422 560 Benefit obligations related to discontinued operations 1 -529 -26 Current service cost 260 348 9 12 Interest cost 504 249 22 17 Past service costs and settlements 28 -40 1 Administrative expenses 25 23 Remeasurement gains arising from changes in financial assumptions 2 1 350 -5 046 13 -94 Remeasurement (gains)/losses arising from changes in demographic assumptions -303 -53 -14 Experience-related remeasurement losses/(gains) 23 199 44 -28 Currency translation effects 1 304 -650 4 -2 Benefit payments -1 384 -1 253 -34 -44 Contributions of employees 174 174 Effect of acquisitions, divestments or transfers 52 -1 Benefit obligation at December 31 19 037 17 533 440 422 Fair value of plan assets at January 1 18 945 22 420 60 73 Plan assets related to discontinued operations 1 -386 Interest income 514 220 2 2 Return on plan assets excluding interest income 175 -2 500 10 -12 Currency translation effects 1 524 -539 Novartis contributions 408 424 33 41 Contributions of employees 174 174 Settlements -35 -1 Benefit payments -1 384 -1 253 -34 -44 Effect of acquisitions, divestments or transfers -1 Fair value of plan assets at December 31 19 934 18 945 71 60 Funded status 897 1 412 -369 -362 Limitation on recognition of fund surplus at January 1 -2 644 -62 Limitation on recognition of fund surplus at January 1, related to discontinued operations 6 Change in limitation on recognition of fund surplus 740 -2 504 Currency translation effects -209 -76 Interest income on limitation of fund surplus -60 -2 Limitation on recognition of fund surplus at December 31 3 -2 167 -2 644 Net liability in the balance sheet at December 31 -1 270 -1 232 -369 -362 1 2 3 The most significant pension plans where the asset ceiling was required to be applied were in Switzerland and amounted to USD 2 112 million (2022: USD 2 587 million). |
Reconciliation of the net liability table | Pension plans Other post-employment benefit plans (USD millions) 2023 2022 2023 2022 Net liability at January 1 -1 232 -1 225 -362 -487 Less: net liability related to discontinued operations 1 149 26 Current service cost -260 -348 -9 -12 Net interest expense -50 -31 -20 -15 Administrative expenses -25 -23 Past service costs and settlements -63 39 -1 Remeasurements -895 2 400 -33 110 Currency translation effects 11 35 -4 2 Novartis contributions 408 424 33 41 Effect of acquisitions, divestments or transfers -53 1 Change in limitation on recognition of fund surplus 740 -2 504 Net liability at December 31 -1 270 -1 232 -369 -362 Amounts recognized in the consolidated balance sheet Prepaid benefit cost 545 491 Accrued benefit liability -1 815 -1 723 -369 -362 1 |
Principal weighted average actuarial assumptions | Pension plans Other post-employment benefit plans 2023 2022 2021 2023 2022 2021 Weighted average assumptions used to determine benefit obligations at December 31 Discount rate 2.2% 3.0% 0.9% 5.5% 6.3% 3.3% Expected rate of pension increase 0.3% 0.4% 0.5% Expected rate of salary increase 3.0% 2.9% 2.7% Interest on savings account 1.3% 2.2% 0.5% Current average life expectancy for a 65-year-old male in years 22 22 22 21 21 21 Current average life expectancy for a 65-year-old female in years 24 24 24 23 23 23 |
The sensitivity of the defined benefit pension obligation to the principal actuarial assumptions | Change in 2023 Change in 2022 25 basis point increase in discount rate -528 -466 25 basis point decrease in discount rate 557 491 One-year increase in life expectancy 644 535 25 basis point increase in rate of pension increase 366 316 25 basis point decrease in rate of pension increase -61 -63 25 basis point increase of interest on savings account 43 38 25 basis point decrease of interest on savings account -42 -37 25 basis point increase in rate of salary increase 41 37 25 basis point decrease in rate of salary increase -42 -37 |
The healthcare cost trend rate assumptions used for other post-employment benefits | 2023 2022 2021 Healthcare cost trend rate assumed for next year 6.3% 6.5% 6.0% Rate to which the cost trend rate is assumed to decline 4.5% 4.5% 4.5% Year that the rate reaches the ultimate trend rate 2031 2031 2028 |
The weighted average plan asset allocation of funded defined benefit pension plans | Pension plans Long-term Long-term Equity securities 15 40 25 24 Debt securities 20 60 34 31 Real estate 5 30 19 21 Alternative investments 0 20 17 18 Cash and other investments 0 15 5 6 Total 100 100 |
Asset allocation, investments in shares of Novartis AG | December 31, December 31, Investment in shares of Novartis AG Number of shares (in millions) 2.3 2.3 Market value (in USD billions) 0.2 0.2 |
The expected future cash flows in respect of pension and other post- employment benefit plans | Other post- Company contributions 2024 (estimated) 388 39 Expected future benefit payments 2024 1 434 40 2025 1 317 40 2026 1 186 40 2027 1 159 39 2028 1 132 38 2029–2033 5 316 175 |
Defined contribution plans | (USD millions) 2023 2022 2021 Contributions for defined contribution plans continuing operations 477 483 484 |
Pension plans | |
Statement [line items] | |
Breakdown of defined benefit obligation for pension plans and other post-employment benefit | 2023 2022 United Rest of United Rest of Benefit obligation at December 31 13 453 2 574 3 010 19 037 11 824 2 746 2 963 17 533 Thereof unfunded 538 390 928 556 363 919 By type of member Active 5 557 389 847 6 793 4 799 431 931 6 161 Deferred pensioners 770 912 1 682 830 861 1 691 Pensioners 7 896 1 415 1 251 10 562 7 025 1 485 1 171 9 681 Fair value of plan assets at December 31 15 892 1 835 2 207 19 934 14 701 1 978 2 266 18 945 Funded status 2 439 -739 -803 897 2 877 -768 -697 1 412 |
Other post-employment benefit plans | |
Statement [line items] | |
Breakdown of defined benefit obligation for pension plans and other post-employment benefit | 2023 2022 United Rest of United Rest of Benefit obligation at December 31 356 84 440 346 76 422 Thereof unfunded 285 84 369 286 76 362 By type of member Active 30 10 40 30 18 48 Deferred pensioners 1 0 1 8 0 8 Pensioners 325 74 399 308 58 366 Fair value of plan assets at December 31 71 0 71 60 0 60 Funded status -285 -84 -369 -286 -76 -362 |
Equity-based participation pl_2
Equity-based participation plans for employees (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [line items] | |
Expense related to all equity-based participation and liabilities arising from equity-based payment transactions | (USD millions) 2023 2022 2021 Expense related to equity-based participation plans 1 142 982 910 Liabilities arising from equity-based payment transactions 322 235 253 |
Schedule of unvested restricted stock units roll forward | 2023 2022 Weighted Weighted Annual Incentive – RSU 0.3 74.2 0.2 74.7 – Restricted shares 0.1 92.3 0.1 85.0 Share savings plans – RSU 0.4 71.3 0.4 75.0 – Shares 1.0 92.3 1.2 85.0 Novartis Employee Share Purchase Plan 0.9 96.2 0.8 82.8 Select North America (RSU) 4.5 73.9 4.9 74.5 Select outside North America – RSU 1.9 73.3 2.0 75.1 – Restricted shares 0.6 92.3 0.7 85.0 Long-Term Performance Plan (PSU) 1.8 80.6 1.7 82.0 Other share awards – RSU 0.6 75.9 0.5 76.3 – Restricted shares 0.1 86.9 – Shares 0.1 86.1 |
Select outside North America | |
Statement [line items] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options | 2023 2022 Weighted Weighted Options outstanding at January 1 0.5 66.0 1.7 63.6 Sold or exercised -0.5 66.0 -1.2 62.6 Outstanding at December 31 0.0 0.5 66.0 Exercisable at December 31 0.0 0.5 66.0 |
Select North America | |
Statement [line items] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options | 2023 2022 Weighted Weighted Options outstanding at January 1 1.1 66.1 4.0 64.4 Sold or exercised -1.1 66.1 -2.9 63.7 Outstanding at December 31 0.0 1.1 66.1 Exercisable at December 31 0.0 1.1 66.1 |
Transactions with related par_2
Transactions with related parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Executive Officers and Non-Executive Directors Compensation | Executive Officers Non-Executive Directors Total (USD millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Cash and other compensation 18.0 25.0 20.3 4.9 4.6 4.7 22.9 29.6 25.0 Post-employment benefits 2.1 2.8 2.5 2.1 2.8 2.5 Equity-based compensation 62.2 42.6 37.3 5.0 4.8 5.2 67.2 47.4 42.5 Total 82.3 70.4 60.1 9.9 9.4 9.9 92.2 79.8 70.0 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and contingencies [abstract] | |
Research and development commitments | (USD millions) 2023 2024 202 2025 269 2026 493 2027 316 2028 597 Thereafter 4 206 Total 6 083 |
Financial instruments - addit_2
Financial instruments - additional disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments - additional disclosure [abstract] | |
Disclosure of financial assets and financial liabilities | 2023 Financial Cash and cash equivalents 17 13 343 50 Time deposits and short-term investments with original maturity more than 90 days 17 569 Trade receivables 16 7 107 Other receivables and current assets 18 1 127 124 1 Long-term financial investments - equity securities 14 1 086 317 Long-term financial investments - debt securities 14 29 Long-term financial investments - fund investments 14 190 Long-term loans, advances, security deposits and other long-term receivables 14 432 Associated companies at fair value through profit and loss 101 Derivative financial instruments 17 355 Contingent consideration receivables 14/18 618 Total financial assets 22 578 1 289 1 582 Bank and other short-term financial debt 22 624 Commercial paper 22 3 269 Straight bonds 20 20 585 Long-term liabilities to banks and other financial institutions 20 42 Trade payables 4 926 Contingent consideration liabilities (see Note 21/23) and other financial liabilities 491 Derivative financial instruments 22 91 Lease liabilities 11 1 828 Total financial liabilities 29 446 582 1 828 2022 Financial Cash and cash equivalents 17 7 517 Time deposits and short-term investments with original maturity more than 90 days 17 11 089 Trade receivables 16 8 066 Other receivables and current assets 18 958 Marketable securities - debt securities 17 9 Long-term financial investments - equity securities 14 828 317 Long-term financial investments - debt securities 14 37 Long-term financial investments - fund investments 14 281 Long-term loans, advances, security deposits and other long-term receivables 14 341 Associated companies at fair value through profit and loss 129 Derivative financial instruments 17 204 Contingent consideration receivables 14 650 Total financial assets 27 971 874 1 581 Bank and other short-term financial debt 22 863 Commercial paper 22 2 772 Straight bonds 20 22 341 Long-term liabilities to banks and other financial institutions 20 144 Trade payables 5 146 Contingent consideration liabilities (see Note 21/23) and other financial liabilities 1 067 Derivative financial instruments 22 55 Lease liabilities 11 1 789 Total financial liabilities 31 266 1 122 1 789 |
Derivative financial instruments | Contract or underlying principal amounts Positive fair values Negative fair values (USD millions) 2023 2022 2023 2022 2023 2022 Forward foreign exchange rate contracts 11 944 7 907 335 189 -91 -41 Commodity purchase contracts 76 97 20 15 Options on equity securities 39 -14 Total derivative financial instruments included in marketable securities and in current financial debts 12 020 8 043 355 204 -91 -55 |
Contract or underlying principal amount the derivative financial instruments, by currency | 2023 (USD millions) EUR USD Other Total Forward foreign exchange rate contracts 1 629 8 980 1 335 11 944 Commodity purchase contracts 61 15 76 Total derivative financial instruments 1 690 8 995 1 335 12 020 2022 (USD millions) EUR USD Other Total Forward foreign exchange rate contracts 687 5 659 1 561 7 907 Commodity purchase contracts 80 17 97 Options on equity securities 39 39 Total derivative financial instruments 767 5 715 1 561 8 043 |
Fair value by hierarchy | 2023 (USD millions) Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents Debt securities 1 50 50 Total cash and cash equivalents at fair value 50 50 Marketable securities Derivative financial instruments 355 355 Total marketable securities and derivative financial instruments at fair value 355 355 Fund investments and equity securities current 94 31 125 Current contingent consideration receivables 65 65 Long-term financial investments Debt and equity securities 796 20 616 1 432 Fund investments 7 183 190 Non-current contingent consideration receivables 553 553 Total long-term financial investments at fair value 803 20 1 352 2 175 Associated companies at fair value through profit and loss 101 101 Financial liabilities Current contingent consideration liabilities -14 -14 Other financial liabilities current -88 -88 Derivative financial instruments -91 -91 Total current financial liabilities at fair values -91 -102 -193 Non-current contingent consideration liabilities -389 -389 Total non-current financial liabilities at fair value -389 -389 1 2022 (USD millions) Level 1 Level 2 Level 3 Total Financial assets Marketable securities and derivative financial instruments Debt securities 9 9 Derivative financial instruments 204 204 Total marketable securities and derivative financial instruments at fair value 213 213 Current contingent consideration receivables 43 43 Long-term financial investments Debt and equity securities 473 10 699 1 182 Fund investments 20 261 281 Non-current contingent consideration receivables 607 607 Total long-term financial investments at fair value 493 10 1 567 2 070 Associated companies at fair value through profit and loss 129 129 Financial liabilities Contingent consideration liabilities -131 -131 Derivative financial instruments -55 -55 Total current financial liabilities at fair value -55 -131 -186 Non-current contingent consideration liabilities -704 -704 Other financial liabilities -232 -232 Total non-current financial liabilities at fair value -936 -936 |
Reconciliation of changes in fair value measurement | 2023 Associated January 1 129 261 699 650 -835 -232 Impact from discontinued operations 1 101 Fair value gains and other adjustments, including from divestments recognized in the consolidated income statement 4 1 11 48 552 Fair value losses (including impairments and amortizations) and other adjustments recognized in the consolidated income statement -28 -48 -63 -31 -65 -9 Fair value adjustments recognized in the consolidated statement of comprehensive income, including currency translation effects 2 3 71 -32 Purchases 9 14 82 -180 Cash receipts and payments -49 20 153 Disposals -6 -47 -80 36 Reclassification -9 -73 December 31 101 184 647 618 -403 -88 Total of fair value gains and losses recognized in the consolidated income statement for assets and liabilities held at December 31, 2023 -24 -47 -52 17 487 -9 1 2022 Associated January 1 192 338 617 641 -1 075 -19 Fair value gains and other adjustments, including from divestments recognized in the consolidated income statement 4 35 53 530 15 Fair value losses (including impairments and amortizations) and other adjustments recognized in the consolidated income statement -63 -78 -84 -114 -18 Fair value adjustments recognized in the consolidated statement of comprehensive income, including currency translation effects 24 11 Purchases 4 11 160 -231 -238 Cash receipts and payments -44 44 28 Disposals -12 -13 Reclassification -4 -2 -40 December 31 129 261 699 650 -835 -232 Total of fair value gains and losses recognized in the consolidated income statement for assets and liabilities held at December 31, 2022 -63 -74 -49 53 416 -3 |
Equity securities measured at fair value through other comprehensive income | (USD millions) 2023 2022 Listed equity securities 861 438 Non-listed equity securities 349 390 Total equity securities 1 210 828 |
Monitoring of net debt or liquidity based on contractual maturities | 2023 Due later than Due later than Due later than Current assets Marketable securities, time deposits and short-term investments with original maturity more than 90 days and accrued interest 12 516 41 569 Commodities 111 111 Derivative financial instruments 24 310 1 20 355 Cash and cash equivalents 7 641 5 752 13 393 Total current financial assets 7 677 6 578 42 131 14 428 Non-current liabilities Financial debt -9 492 -8 944 -18 436 Financial debt - undiscounted -9 522 -9 050 -18 572 Total non-current financial debt -9 492 -8 944 -18 436 Current liabilities Financial debt -3 328 -372 -2 384 -6 084 Financial debt - undiscounted -3 328 -372 -2 384 -6 084 Derivative financial instruments -43 -39 -9 -91 Total current financial debt -3 371 -411 -2 393 -6 175 Net debt 4 306 6 167 -2 351 -9 492 -8 813 -10 183 2022 Due later than Due later than Due later than Current assets Marketable securities, time deposits and short-term investments with original maturity more than 90 days and accrued interest 4 142 6 911 36 9 11 098 Commodities 111 111 Derivative financial instruments 23 147 19 15 204 Cash and cash equivalents 4 011 3 506 7 517 Total current financial assets 8 176 10 564 55 135 18 930 Non-current liabilities Financial debt -8 975 -11 269 -20 244 Financial debt - undiscounted -9 002 -11 394 -20 396 Total non-current financial debt -8 975 -11 269 -20 244 Current liabilities Financial debt -3 215 -146 -2 515 -5 876 Financial debt - undiscounted -3 215 -146 -2 517 -5 878 Derivative financial instruments -38 -13 -4 -55 Total current financial debt -3 253 -159 -2 519 -5 931 Net debt 4 923 10 405 -2 464 -8 975 -11 134 -7 245 |
Derivative financial instruments and accrued interest on derivative financial instruments | 2023 Due later than Due later than Derivative financial instruments and accrued interest on derivative financial instruments Potential outflows in various currencies - from financial derivative liabilities -4 329 -6 604 -556 -11 489 Potential inflows in various currencies - from financial derivative assets 4 311 6 841 623 11 775 2022 Due later than Due later than Derivative financial instruments and accrued interest on derivative financial instruments Potential outflows in various currencies - from financial derivative liabilities -2 029 -4 598 -316 -6 943 Potential inflows in various currencies - from financial derivative assets 2 029 4 712 321 7 062 |
Other contractual liabilities of the net debt or liquidity | 2023 Due later than Due later than Contractual interest on non-current financial debt, including current portion -64 -372 -1 258 -3 376 -5 070 Lease liabilities 1 -65 -165 -635 -963 -1 828 Trade payables -4 793 -133 -4 926 Contingent consideration liabilities -14 -205 -184 -403 1 2022 Due later than Due later than Contractual interest on non-current financial debt, including current portion -64 -412 -1 432 -3 624 -5 532 Lease liabilities 1 -71 -180 -616 -922 -1 789 Trade payables -5 020 -126 -5 146 Contingent consideration liabilities -16 -115 -437 -267 -835 1 |
Potential impact on the consolidated income statement due to increase (decrease) in currency exchange rates | (USD millions) 2023 2022 5% increase in foreign currency exchange rates against USD 3 -6 5% decrease in foreign currency exchange rates against USD -3 7 |
Potential impact on the consolidated equity due to increase (decrease) in currency exchange rates | (USD millions) 2023 2022 5% increase in foreign currency exchange rates against USD 97 93 5% decrease in foreign currency exchange rates against USD -102 -98 |
Potential impact on the consolidated income statement due to increase (decrease) in equity prices | (USD millions) 2023 2022 15% increase in equity prices 91 109 15% decrease in equity prices -91 -109 |
Potential impact on the consolidated equity due to increase (decrease) in equity prices | (USD millions) 2023 2022 15% increase in equity prices 182 124 15% decrease in equity prices -182 -124 |
Discontinued operations (Tables
Discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of discontinued operations [abstract] | |
Net income from discontinued operations | (USD millions) 2023 1 2022 2021 Net sales to third parties from discontinued operations 7 128 9 160 9 650 Sales to continuing segments 300 212 184 Net sales from discontinued operations 7 428 9 372 9 834 Other revenues 19 28 58 Cost of goods sold -4 044 -4 937 -5 121 Gross profit from discontinued operations 3 403 4 463 4 771 Selling, general and administration -1 728 -2 060 -2 059 Research and development -671 -824 -899 Other income 56 109 232 Other expense -795 -437 -412 Operating income from discontinued operations 265 1 251 1 633 Income from associated companies 2 2 2 Interest expense -33 -37 -24 Other financial income and expense -20 -22 -4 Income before taxes from discontinued operations 214 1 194 1 607 Income taxes 2 208 -288 -494 Net income from discontinued operations before gain on distribution of Sandoz Group AG to Novartis AG shareholders 422 906 1 113 Gain on distribution of Sandoz Group AG to Novartis AG shareholders 3 5 860 Net income from discontinued operations 6 282 906 1 113 1 2 The tax rate in 2023 was impacted by non-recurring items such as tax benefits arising from intercompany transactions to effect the spin-off of the Sandoz business, net decreases in uncertain tax positions of the Sandoz business and the favorable settlement of a tax matter related to the Alcon business, which was spun-off in 2019. Excluding these impacts, the tax rate would have been 31.2% in 2023, compared to 24.1% and 30.7% in 2022 and 2021, respectively. The tax rate in 2023 is higher than 2022 primarily due to a change in profit mix between years. 3 |
Net assets derecognized | Oct 3, Property, plant and equipment 1 447 Right-of-use assets 133 Goodwill 7 424 Intangible assets other than goodwill 1 481 Deferred tax assets 624 Financial assets, investments in associated companies and other non-current assets 142 Inventories 2 565 Trade receivables and other current assets 2 935 Cash and cash equivalents 686 Deferred tax liabilities -270 Current and non-current lease liabilities -139 Current and non-current financial debts -3 691 Trade payables, provisions, current income tax liabilities and other liabilities -4 690 Net assets derecognized 8 647 |
Items included in net income from discontinued operations | (USD millions unless indicated otherwise) 2023 1 2022 2021 Interest income 2 2 1 Depreciation of property, plant and equipment -144 -196 -203 Depreciation of right-of-use assets -32 -33 -39 Amortization of intangible assets -171 -222 -238 Impairment charges on property, plant and equipment -5 -3 -68 Impairment charges on right-of-use assets -8 Impairment charges on intangible assets -44 -25 -27 Impairment reversals of property, plant and equipment 1 3 59 Additions to restructuring provisions -27 -40 -62 Equity-based compensation expense related to Novartis equity-based participation plans -60 -66 -69 1 |
Additions to property, plant and equipment, right-of-use assets and goodwill and intangible assets for discontinued operations | (USD millions) 2023 1 2022 Additions to property, plant and equipment 245 289 Additions to right-of-use assets 66 32 Additions to goodwill and intangible assets 221 163 1 |
Net cash flows used in investing activities from discontinued operations | (USD millions) 2023 2022 2021 Payments out of provision for transaction cost attributable to the spin-off of the Sandoz business -52 Derecognized cash and cash equivalents attributable to the spin-off of the Sandoz business -686 Other cash flows used in investing activities, net -385 -436 -689 Net cash flows used in investing activities from discontinued operations -1 123 -436 -689 |
Principal Group subsidiaries _2
Principal Group subsidiaries and associated companies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
Principal Group subsidiaries and associated companies | Share 1 Equity Argentina Novartis Argentina S.A. Buenos Aires ARS 906.1 m 100% Australia Novartis Australia Pty Ltd Macquarie Park, NSW AUD 2 100% Novartis Pharmaceuticals Australia Pty Ltd Macquarie Park, NSW AUD 3.8 m 100% Austria Novartis Holding GmbH Vienna EUR 35 000 100% Novartis Pharmaceutical Manufacturing GmbH Langkampfen EUR 763 070 100% Novartis Pharma GmbH Vienna EUR 1.1 m 100% Bangladesh Novartis (Bangladesh) Limited Gazipur BDT 162.5 m 60% Belgium Novartis Pharma NV Vilvoorde EUR 7.1 m 100% Alcon - Couvreur NV Puurs EUR 110.6 m 100% Bermuda Novartis Investment Ltd. Hamilton 2 USD 12 000 100% Novartis Securities Investment Ltd. Hamilton CHF 30 000 100% Novartis Finance Services Ltd. Hamilton CHF 20 000 100% Triangle International Reinsurance Limited Hamilton CHF 1.0 m 100% Trinity River Insurance Co Ltd. Hamilton USD 370 000 100% Brazil Novartis Biociências S.A. São Paulo BRL 507.1 m 100% Canada Novartis Pharmaceuticals Canada Inc. Montreal, Quebec CAD 420 717 100% Chile Novartis Chile S.A. Santiago de Chile CLP 2.0 bn 100% China Beijing Novartis Pharma Co., Ltd. Beijing USD 30.0 m 100% Novartis Pharmaceuticals (HK) Limited Hong Kong HKD 200 100% China Novartis Institutes for BioMedical Research Co., Ltd. Shanghai USD 320.0 m 100% Suzhou Novartis Technical Development Co., Ltd. Changshu USD 12.0 m 100% Shanghai Novartis Trading Ltd. Shanghai USD 3.2 m 100% Colombia Novartis de Colombia S.A. Santafé de Bogotá COP 7.9 bn 100% Czech Republic Novartis s.r.o. Prague CZK 51.5 m 100% Denmark Novartis Healthcare A/S Copenhagen DKK 14.0 m 100% Dominican Republic Novartis Caribe, S.A. Santo Domingo DOP 20.0 m 100% Ecuador Novartis Ecuador S.A. Quito USD 4.0 m 100% Egypt Novartis Pharma S.A.E. Cairo EGP 2.1 bn 99.98% Finland Novartis Finland Oy Espoo EUR 459 000 100% France Novartis Groupe France S.A.S. Rueil-Malmaison EUR 903.0 m 100% Novartis Pharma S.A.S. Rueil-Malmaison EUR 43.4 m 100% Advanced Accelerator Applications S.A. Rueil-Malmaison EUR 9.6 m 99.23% Advanced Accelerator Applications Molecular Imaging France Saint-Genis-Pouilly EUR 7.5 m 99.23% Germany Novartis Business Services GmbH Wehr EUR 25 000 100% Novartis Pharma GmbH Nuremberg EUR 25.6 m 100% Novartis Pharma Produktions GmbH Wehr EUR 2.0 m 100% Novartis Pharma Vertriebs GmbH Nuremberg EUR 25 000 100% Greece Novartis (Hellas) S.A.C.I. Metamorphosis / Athens EUR 233.9 m 100% Share 1 Equity Hungary Novartis Hungary Healthcare Limited Liability Company Budapest HUF 545.6 m 100% India Novartis India Limited Mumbai INR 123.5 m 70.68% Novartis Healthcare Private Limited Mumbai INR 60.0 m 100% Indonesia PT. Novartis Indonesia Jakarta IDR 7.7 bn 100% Ireland Novartis Ireland Limited Dublin EUR 25 000 100% Novartis Integrated Services Limited Cork City EUR 100 100% Israel Novartis Israel Ltd. Tel Aviv ILS 1 000 100% Italy Novartis Farma S.p.A. Milan EUR 18.2 m 100% Advanced Accelerator Applications (Italy) S.r.l. Pozzilli EUR 119 000 99.23% Japan Novartis Pharma K.K. Tokyo JPY 100.0 m 100% Ciba-Geigy Japan Limited Tokyo JPY 100.0 m 100% Latvia Novartis Baltics SIA Riga EUR 3.0 m 100% Luxembourg Novartis Investments S.à r.l. Luxembourg City 2 USD 100.0 m 100% Novartis Finance S.A. Luxembourg City USD 100 000 100% Malaysia Novartis Corporation (Malaysia) Sdn. Bhd. Petaling Jaya MYR 3.3 m 100% Mexico Novartis Farmacéutica, S.A. de C.V. Mexico City MXN 206.7 m 100% Morocco Novartis Pharma Maroc SA Casablanca MAD 80.0 m 100% Netherlands Novartis Netherlands B.V. Amsterdam EUR 1.4 m 100% Novartis Pharma B.V. Amsterdam EUR 4.5 m 100% Aduro Netherlands Coöperatief U.A. Rosmalen 4 -- -- -- Aduro Biotech Holdings Europe B.V. Rosmalen EUR 46 216 100% IDB Holland BV Baarle-Nassau EUR 18 000 99.23% New Zealand Novartis New Zealand Ltd Auckland NZD 820 000 100% Norway Novartis Norge AS Oslo NOK 1.5 m 100% Pakistan Novartis Pharma (Pakistan) Limited Karachi PKR 6.7 bn 99.99% Panama Novartis Pharma (Logistics), Inc. Panama City USD 10 000 100% Philippines Novartis Healthcare Philippines, Inc. Makati City PHP 298.8 m 100% Poland Novartis Poland Sp. z o.o. Warsaw PLN 44.2 m 100% Portugal Novartis Portugal, S.G.P.S., Lda. Porto Salvo EUR 500 000 100% Novartis Farma - Produtos Farmacêuticos, S.A. Porto Salvo EUR 2.4 m 100% Romania Novartis Pharma Services Romania S.R.L. Bucharest RON 3.0 m 100% Sandoz S.R.L. Targu-Mures RON 119.5 m 100% Russian Federation Novartis Pharma LLC Moscow RUB 20.0 m 100% Novartis Neva LLC St. Petersburg RUB 500 m 100% Saudi Arabia Novartis Saudi Company Riyadh SAR 30.0 m 100% Share 1 Equity Singapore Novartis (Singapore) Pte Ltd. Singapore SGD 100 000 100% Novartis Singapore Pharmaceutical Manufacturing Pte Ltd Singapore SGD 45.0 m 100% Novartis Asia Pacific Pharmaceuticals Pte Ltd Singapore SGD 39.0 m 100% Slovakia Novartis Slovakia s.r.o. Bratislava EUR 2.0 m 100% Slovenia Novartis farmacevtska proizvodnja d.o.o. Ljubljana EUR 7 500 100% South Africa Novartis South Africa (Pty) Ltd Midrand ZAR 86.3 m 100% South Korea Novartis Korea Ltd. Seoul KRW 24.5 bn 100% Spain Novartis Farmacéutica, S.A. Barcelona EUR 63.0 m 100% Advanced Accelerator Applications Iberica, S. L. U. Esplugues de Llobregat EUR 22.6 m 99.23% Abadia Retuerta S.A. Sardón de Duero / Valladolid EUR 6.0 m 100% Sweden Novartis Sverige AB Stockholm SEK 5.0 m 100% Switzerland Novartis International AG Basel CHF 10.0 m 100% Novartis Holding AG Basel 2 CHF 100.2 m 100% Novartis International Pharmaceutical Investment AG Basel CHF 100 000 100% Novartis Bioventures AG Basel CHF 100 000 100% Novartis Forschungsstiftung Basel 3 -- -- -- Novartis Stiftung für Kaderausbildung Basel 3 -- -- -- Novartis-Mitarbeiterbeteiligungsstiftung Basel 3 -- -- -- Novartis Stiftung für Mensch und Umwelt Basel 3 -- -- -- Stiftung der Novartis AG für Erziehung, Ausbildung und Bildung Basel 3 -- -- -- Novartis Overseas Investments AG Basel CHF 1.0 m 100% Japat AG Basel CHF 100 000 100% Novartis Pharma AG Basel 2 CHF 350.0 m 100% Novartis Pharma Services AG Basel CHF 20.0 m 100% Novartis Pharma Schweizerhalle AG Muttenz CHF 18.9 m 100% Novartis Pharma Stein AG Stein CHF 251 000 100% Novartis Pharma Schweiz AG Risch CHF 5.0 m 100% Cellerys AG Schlieren CHF 129 630 20% Novartis Innovative Therapies AG Risch CHF 100 000 100% Advanced Accelerator Applications International SA Geneva CHF 9.3 m 99.23% Taiwan Novartis (Taiwan) Co., Ltd. Taipei TWD 170.0 m 100% Thailand Novartis (Thailand) Limited Bangkok THB 302.0 m 100% Turkey Novartis Saglik, Gida ve Tarim Ürünleri Sanayi ve Ticaret A.S. Istanbul TRY 448.0 m 100% Share 1 Equity United Arab Emirates Novartis Middle East FZE Dubai AED 7.0 m 100% United Kingdom Novartis UK Limited London GBP 25.5 m 100% Novartis Pharmaceuticals UK Limited London GBP 5.4 m 100% Novartis Grimsby Limited London GBP 250.0 m 100% Advanced Accelerator Applications (UK & Ireland) London GBP 100 99.23% Neutec Pharma Limited London GBP 7.7 m 100% Gyroscope Therapeutics Limited London GBP 1 492 100% United States of America Novartis Corporation East Hanover, NJ USD 72.2 m 100% Novartis Finance Corporation East Hanover, NJ 2 USD 1 000 100% Novartis Capital Corporation East Hanover, NJ USD 1 100% Novartis Services, Inc. East Hanover, NJ USD 1 100% Novartis US Foundation East Hanover, NJ 3 -- -- -- Novartis Pharmaceuticals Corporation East Hanover, NJ 2 USD 650 100% Advanced Accelerator Applications USA, Inc. Millburn, NJ USD 1 99.23% Novartis Gene Therapies, Inc. Bannockburn, IL USD 1 100% Novartis Technology LLC East Hanover, NJ 4 -- -- -- Novartis Institutes for BioMedical Research, Inc. Cambridge, MA USD 1 100% Novartis Manufacturing LLC East Hanover, NJ 4 -- -- -- Cadent Therapeutics, Inc. Cambridge, MA USD 0.1 100% Endocyte, Inc. East Hanover, NJ USD 1 100% Navigate BioPharma Services, Inc. Carlsbad, CA USD 1 100% The Medicines Company East Hanover, NJ USD 1 000 100% DTX Pharma, Inc. San Diego, CA USD 1 100% Chinook Therapeutics, Inc. Seattle, WA USD 1 100% Chinook Therapeutics U.S., Inc. Seattle, WA USD 1 100% Venezuela Novartis de Venezuela, S.A. Caracas VES 0 100% Vietnam Novartis Vietnam Company Limited Ho Chi Minh City VND 70 bn 100% In addition, the Company is represented by subsidiaries and associated companies with total assets or net sales to third parties below USD 25 million in the following countries: Bosnia and Herzegovina, Bulgaria, Cameroon, Croatia, Ghana, Guatemala, Ivory Coast, Kenya, Kuwait, Nigeria, Peru, Senegal, Ukraine and Uruguay. 1 2 3 4 m = million; bn = billion |
Significant transactions (Detai
Significant transactions (Details) shares in Millions, $ in Millions, € in Billions | 12 Months Ended | |||||||||||||
Oct. 03, 2023 USD ($) | Aug. 11, 2023 USD ($) | Jul. 14, 2023 USD ($) | Feb. 17, 2022 USD ($) | Dec. 22, 2021 USD ($) | Oct. 08, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) shares | Dec. 31, 2023 SFr / shares | Sep. 18, 2023 USD ($) | Sep. 18, 2023 EUR (€) | Dec. 31, 2022 SFr / shares | Feb. 10, 2021 | |
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Identifiable assets acquired (liabilities assumed) | $ 3,699 | $ 1,077 | $ 735 | |||||||||||
Profit (loss) from discontinued operations | 6,282 | 906 | 1,113 | |||||||||||
Par value per share | SFr / shares | SFr 0.49 | SFr 0.50 | ||||||||||||
Deferred tax liability (asset) | (2,061) | (1,053) | (673) | |||||||||||
Intangible assets other than goodwill | 26,879 | 31,644 | ||||||||||||
Revenue from sale of goods | 45,440 | 42,206 | 42,781 | |||||||||||
Dividend in kind distribution liability | 13,962 | |||||||||||||
Borrowings | 20,627 | 22,485 | ||||||||||||
Difference between carrying amount of dividends payable and carrying amount of non-cash assets distributed | 5,315 | |||||||||||||
Difference between carrying amount of dividends payable and carrying amount of non-cash assets distributed, Net | $ 5,860 | |||||||||||||
Depreciation, property, plant and equipment | 1,163 | |||||||||||||
Roche Holding AG, Switzerland | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations | $ 20,700 | |||||||||||||
Number of bearer shares | shares | 53.3 | |||||||||||||
Gain on divestment of interests in associated companies | $ 14,556 | |||||||||||||
Sandoz | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Detailed information about significant transaction | The conditions precedent to the spin-off were met and on October 3, 2023 the spin-off of the Sandoz business was effected by way of a distribution of a dividend in kind of Sandoz Group AG shares to Novartis AG shareholders and American Depositary Receipt (ADR) holders (the Distribution). Through the Distribution, each Novartis AG shareholder received 1 Sandoz Group AG share for every 5 Novartis AG shares and each Novartis ADR holder received 1 Sandoz ADR for every 5 Novartis ADR that they held at the close of business on October 3, 2023. As of October 4, 2023, the shares of Sandoz Group AG have been listed on the SIX Swiss Exchange (SIX) under the stock symbol “SDZ”. | |||||||||||||
Gyroscope Therapeutics Holdings plc. | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Consideration transferred, acquisition-date fair value | $ 1,000 | |||||||||||||
Portion of consideration paid consisting of cash and cash equivalents upfront payment | (800) | $ (800) | ||||||||||||
Identifiable assets acquired (liabilities assumed) | 900 | |||||||||||||
Additional recognition, goodwill | 100 | |||||||||||||
Deferred tax liability (asset) | 200 | |||||||||||||
Intangible assets other than goodwill | 1,100 | |||||||||||||
Potential milestone maximum payments | $ 700 | |||||||||||||
Contingent consideration recognised as of acquisition date | $ 200 | |||||||||||||
Chinook Therapeutics | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Consideration transferred, acquisition-date fair value | $ 3,300 | |||||||||||||
Portion of consideration paid (received) consisting of cash and cash equivalents | (3,200) | |||||||||||||
Portion of consideration paid consisting of cash and cash equivalents upfront payment | (100) | |||||||||||||
Identifiable assets acquired (liabilities assumed) | 2,400 | |||||||||||||
Additional recognition, goodwill | 900 | |||||||||||||
Other net assets | 300 | |||||||||||||
Deferred tax liability (asset) | 400 | |||||||||||||
Intangible assets other than goodwill | 2,500 | |||||||||||||
Potential milestone maximum payments | 300 | |||||||||||||
Contingent consideration recognised as of acquisition date | $ 100 | |||||||||||||
DTx Pharma Inc. | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Consideration transferred, acquisition-date fair value | $ 600 | |||||||||||||
Portion of consideration paid (received) consisting of cash and cash equivalents | (600) | |||||||||||||
Portion of consideration paid consisting of cash and cash equivalents upfront payment | (100) | |||||||||||||
Identifiable assets acquired (liabilities assumed) | 400 | |||||||||||||
Additional recognition, goodwill | 200 | |||||||||||||
Deferred tax liability (asset) | 100 | |||||||||||||
Intangible assets other than goodwill | 400 | |||||||||||||
Potential milestone maximum payments | 500 | |||||||||||||
Contingent consideration recognised as of acquisition date | $ 30 | |||||||||||||
Continuing operations | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Identifiable assets acquired (liabilities assumed) | 320 | |||||||||||||
Depreciation, property, plant and equipment | $ 916 | 967 | 1,005 | |||||||||||
Discontinued operations | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Intangible assets other than goodwill | 1,481 | |||||||||||||
Revenue from sale of goods | $ 7,428 | $ 9,372 | $ 9,834 | |||||||||||
Discontinued operations | Sandoz | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Repayment of intercompany balances | $ (3,300) | |||||||||||||
Other borrowings | $ 3,300 | |||||||||||||
Dividend in kind distribution liability | 14,000 | |||||||||||||
Borrowings | 3,700 | |||||||||||||
Financial assets, at fair value | $ 500 | |||||||||||||
Percentage of equity interest shares received | 4.31% | |||||||||||||
Discontinued operations | Sandoz | Bridge loan [member] | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Other borrowings | € | € 2.4 | |||||||||||||
Discontinued operations | Sandoz | Term loan [member] | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Other borrowings | 500 | € 0.2 | ||||||||||||
Discontinued operations | Sandoz | Local bilateral facilities [member] | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Other borrowings | $ 400 | |||||||||||||
Discontinued operations | GlaxoSmithKline plc (GSK) | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Consideration transferred, acquisition-date fair value | $ 415 | |||||||||||||
Portion of consideration paid consisting of cash and cash equivalents upfront payment | (350) | |||||||||||||
Identifiable assets acquired (liabilities assumed) | 308 | |||||||||||||
Additional recognition, goodwill | 107 | |||||||||||||
Deferred tax liability (asset) | 16 | |||||||||||||
Intangible assets other than goodwill | 292 | |||||||||||||
Number of brands in portfolio to acquire | 3 | |||||||||||||
Number of markets for the acquired brands | 100 | |||||||||||||
Potential milestone maximum payments | 150 | |||||||||||||
Cash transferred | 351 | |||||||||||||
Contingent consideration recognised as of acquisition date | $ 64 | |||||||||||||
Subsidiaries [member] | The Medicines Company | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Proportion of ownership interest in subsidiary | 100% |
Significant transactions (Det_2
Significant transactions (Details 1) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Disclosure of detailed information about business combination [line items] | |
Net assets derecognized | $ (8,647) |
Derecognition of distribution liability | 13,962 |
Difference between net assets and distribution liability | 5,315 |
Distribution of dividend to dividend bearing shares | 492 |
Cumulative currency translation gains/losses recycled through income statement | 357 |
Transaction costs recognized in the consolidated income statement | (304) |
Gain on distribution of Sandoz Group AG to Novartis AG shareholders | $ 5,860 |
Operating segment (Details)
Operating segment (Details) | 12 Months Ended | |
Sep. 15, 2023 | Dec. 31, 2023 | |
Disclosure of operating segments [line items] | ||
Number of Reportable Segments | 2 | 1 |
Revenues and geographic infor_3
Revenues and geographic information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Net sales to third parties from continuing operations | $ 44,635 | $ 41,385 | $ 41,976 |
Sales to discontinued operations | 805 | 821 | 805 |
Net sales from continuing operations | $ 45,440 | $ 42,206 | $ 42,781 |
Revenues and geographic infor_4
Revenues and geographic information (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 45,440 | $ 42,206 | $ 42,781 |
Net sales (in % of total net sales) | 100% | 100% | 100% |
Total of selected non-current assets | $ 61,564 | $ 73,483 | |
Selected non-current assets (in % of total selected non-current assets) | 100% | 100% | |
Switzerland | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 1,308 | $ 1,036 | $ 926 |
Net sales (in % of total net sales) | 3% | 2% | 2% |
Total of selected non-current assets | $ 19,396 | $ 23,708 | |
Selected non-current assets (in % of total selected non-current assets) | 32% | 32% | |
US | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 17,959 | $ 15,935 | $ 14,923 |
Net sales (in % of total net sales) | 40% | 38% | 35% |
Total of selected non-current assets | $ 34,059 | $ 35,353 | |
Selected non-current assets (in % of total selected non-current assets) | 55% | 48% | |
Germany | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 3,367 | $ 3,101 | $ 3,595 |
Net sales (in % of total net sales) | 7% | 7% | 8% |
Total of selected non-current assets | $ 88 | $ 2,229 | |
Selected non-current assets (in % of total selected non-current assets) | 3% | ||
China | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 3,267 | $ 2,948 | $ 2,849 |
Net sales (in % of total net sales) | 7% | 7% | 7% |
Total of selected non-current assets | $ 547 | $ 599 | |
Selected non-current assets (in % of total selected non-current assets) | 1% | 1% | |
Japan | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 1,924 | $ 1,883 | $ 2,259 |
Net sales (in % of total net sales) | 4% | 4% | 5% |
Total of selected non-current assets | $ 120 | $ 165 | |
France | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 1,749 | $ 1,754 | $ 1,955 |
Net sales (in % of total net sales) | 4% | 4% | 5% |
Total of selected non-current assets | $ 3,085 | $ 3,188 | |
Selected non-current assets (in % of total selected non-current assets) | 5% | 4% | |
Other | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 15,866 | $ 15,549 | $ 16,274 |
Net sales (in % of total net sales) | 35% | 38% | 38% |
Total of selected non-current assets | $ 4,269 | $ 8,241 | |
Selected non-current assets (in % of total selected non-current assets) | 7% | 12% |
Revenues and geographic infor_5
Revenues and geographic information - Net sales by region (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 45,440 | $ 42,206 | $ 42,781 |
Net sales, change in % | 8% | (1.00%) | |
Change to prior year-end [member] | |||
Disclosure of operating segments [line items] | |||
Net sales, change in % | 8% | (1.00%) | |
US | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 17,959 | $ 15,935 | 14,923 |
US | Change to prior year-end [member] | |||
Disclosure of operating segments [line items] | |||
Net sales, change in % | 13% | 7% | |
Europe [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 14,997 | $ 14,371 | 15,721 |
Europe [member] | Change to prior year-end [member] | |||
Disclosure of operating segments [line items] | |||
Net sales, change in % | 4% | (9.00%) | |
Asia/Africa/Australasia [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 9,308 | $ 8,978 | 9,355 |
Asia/Africa/Australasia [member] | Change to prior year-end [member] | |||
Disclosure of operating segments [line items] | |||
Net sales, change in % | 4% | (4.00%) | |
Canada and Latin America [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 3,176 | $ 2,922 | 2,782 |
Canada and Latin America [member] | Change to prior year-end [member] | |||
Disclosure of operating segments [line items] | |||
Net sales, change in % | 9% | 5% | |
Established Markets [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 33,725 | $ 31,386 | 32,183 |
Established Markets [member] | Change to prior year-end [member] | |||
Disclosure of operating segments [line items] | |||
Net sales, change in % | 7% | (2.00%) | |
Emerging Growth Markets [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 11,715 | $ 10,820 | $ 10,598 |
Emerging Growth Markets [member] | Change to prior year-end [member] | |||
Disclosure of operating segments [line items] | |||
Net sales, change in % | 8% | 2% |
Revenues and geographic infor_6
Revenues and geographic information (Details 3) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of major customers [line items] | |||
Customers with net sales over five percent | The Company’s largest, second-largest and third-largest customers account for approximately 15%, 13% and 8% of net sales from third parties from continuing operations, respectively (2022: 16%, 12% and 8%, respectively; 2021: 14%, 13% and 7%, respectively). The highest amounts of trade receivables outstanding were for these same three customers and amounted to approximately 17%, 13% and 8%, respectively, of the trade receivables at December 31, 2023 (2022: 16%, 14% and 7%, respectively). | ||
Largest customer [member] | |||
Disclosure of major customers [line items] | |||
Percentage of entity's revenue | 15% | 16% | 14% |
Percentage of entitys trade receivable | 17% | 16% | |
Second largest customer [member] | |||
Disclosure of major customers [line items] | |||
Percentage of entity's revenue | 13% | 12% | 13% |
Percentage of entitys trade receivable | 13% | 14% | |
Third largest customer [member] | |||
Disclosure of major customers [line items] | |||
Percentage of entity's revenue | 8% | 8% | 7% |
Percentage of entitys trade receivable | 8% | 7% |
Revenues and geographic infor_7
Revenues and geographic information (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 45,440 | $ 42,206 | $ 42,781 |
Net sales, change in % | 8% | (1.00%) | |
Change to prior year-end [member] | |||
Disclosure of operating segments [line items] | |||
Net sales, change in % | 8% | (1.00%) | |
Promoted Brands [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 31,822 | $ 26,257 | 23,519 |
Net sales, change in % | 21% | 12% | |
Promoted Brands [member] | Cardiovascular, renal and metabolic [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 6,391 | $ 4,756 | 3,561 |
Net sales, change in % | 34% | 34% | |
Promoted Brands [member] | Cardiovascular, renal and metabolic [member] | Entresto [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 6,035 | $ 4,644 | 3,548 |
Net sales, change in % | 30% | 31% | |
Promoted Brands [member] | Cardiovascular, renal and metabolic [member] | Leqvio [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 355 | $ 112 | 12 |
Net sales, change in % | 217% | ||
Promoted Brands [member] | Cardiovascular, renal and metabolic [member] | Other [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 1 | 1 | |
Promoted Brands [member] | Immunology [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 7,798 | $ 7,287 | 7,206 |
Net sales, change in % | 7% | 1% | |
Promoted Brands [member] | Immunology [member] | Cosentyx [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 4,980 | $ 4,788 | 4,718 |
Net sales, change in % | 4% | 1% | |
Promoted Brands [member] | Immunology [member] | Xolair [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 1,463 | $ 1,365 | 1,428 |
Net sales, change in % | 7% | (4.00%) | |
Promoted Brands [member] | Immunology [member] | Ilaris [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 1,355 | $ 1,133 | 1,059 |
Net sales, change in % | 20% | 7% | |
Promoted Brands [member] | Immunology [member] | Other [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 1 | 1 | |
Net sales, change in % | 0% | ||
Promoted Brands [member] | Neuroscience [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 4,043 | $ 3,038 | 2,220 |
Net sales, change in % | 33% | 37% | |
Promoted Brands [member] | Neuroscience [member] | Kesimpta [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 2,171 | $ 1,092 | 372 |
Net sales, change in % | 99% | 194% | |
Promoted Brands [member] | Neuroscience [member] | Zolgensma [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 1,214 | $ 1,370 | 1,351 |
Net sales, change in % | (11.00%) | 1% | |
Promoted Brands [member] | Neuroscience [member] | Mayzent [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 392 | $ 357 | 281 |
Net sales, change in % | 10% | 27% | |
Promoted Brands [member] | Neuroscience [member] | Aimovig [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 266 | $ 218 | 215 |
Net sales, change in % | 22% | 1% | |
Promoted Brands [member] | Neuroscience [member] | Other [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 1 | 1 | |
Net sales, change in % | 0% | ||
Promoted Brands [member] | Oncology [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 13,590 | $ 11,176 | 10,532 |
Net sales, change in % | 22% | 6% | |
Promoted Brands [member] | Oncology [member] | Promacta/Revolade [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 2,269 | $ 2,088 | 2,016 |
Net sales, change in % | 9% | 4% | |
Promoted Brands [member] | Oncology [member] | Kisqali [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 2,080 | $ 1,231 | 937 |
Net sales, change in % | 69% | 31% | |
Promoted Brands [member] | Oncology [member] | Tafinlar + Mekinist [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 1,922 | $ 1,770 | 1,693 |
Net sales, change in % | 9% | 5% | |
Promoted Brands [member] | Oncology [member] | Tasigna [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 1,848 | $ 1,923 | 2,060 |
Net sales, change in % | (4.00%) | (7.00%) | |
Promoted Brands [member] | Oncology [member] | Jakavi [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 1,720 | $ 1,561 | 1,595 |
Net sales, change in % | 10% | (2.00%) | |
Promoted Brands [member] | Oncology [member] | Pluvicto [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 980 | $ 271 | |
Net sales, change in % | 262% | ||
Promoted Brands [member] | Oncology [member] | Lutathera [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 605 | $ 471 | 475 |
Net sales, change in % | 28% | (1.00%) | |
Promoted Brands [member] | Oncology [member] | Kymriah [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 508 | $ 536 | 587 |
Net sales, change in % | (5.00%) | (9.00%) | |
Promoted Brands [member] | Oncology [member] | Piqray/Vijoice [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 505 | $ 373 | 329 |
Net sales, change in % | 35% | 13% | |
Promoted Brands [member] | Oncology [member] | Scemblix [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 413 | $ 149 | 7 |
Net sales, change in % | 177% | ||
Promoted Brands [member] | Oncology [member] | Votrient [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 390 | $ 474 | 577 |
Net sales, change in % | (18.00%) | (18.00%) | |
Promoted Brands [member] | Oncology [member] | Adakveo [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 195 | $ 194 | 164 |
Net sales, change in % | 1% | 18% | |
Promoted Brands [member] | Oncology [member] | Tabrecta [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 154 | $ 133 | 90 |
Net sales, change in % | 16% | 48% | |
Promoted Brands [member] | Oncology [member] | Other [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 1 | $ 2 | 2 |
Net sales, change in % | 0% | ||
Established Brands [member] | Established Brands [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 13,618 | $ 15,949 | 19,262 |
Net sales, change in % | (15.00%) | (17.00%) | |
Established Brands [member] | Established Brands [member] | Gilenya [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 925 | $ 2,013 | 2,787 |
Net sales, change in % | (54.00%) | (28.00%) | |
Established Brands [member] | Established Brands [member] | Lucentis [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 1,475 | $ 1,874 | 2,160 |
Net sales, change in % | (21.00%) | (13.00%) | |
Established Brands [member] | Established Brands [member] | Sandostatin [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 1,314 | $ 1,238 | 1,413 |
Net sales, change in % | 6% | (12.00%) | |
Established Brands [member] | Established Brands [member] | Exforge Group [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 713 | $ 743 | 901 |
Net sales, change in % | (4.00%) | (18.00%) | |
Established Brands [member] | Established Brands [member] | Galvus Group [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 692 | $ 859 | 1,092 |
Net sales, change in % | (19.00%) | (21.00%) | |
Established Brands [member] | Established Brands [member] | Diovan Group [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 613 | $ 652 | 773 |
Net sales, change in % | (6.00%) | (16.00%) | |
Established Brands [member] | Established Brands [member] | Gleevec/Glivec [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 561 | $ 745 | 1,024 |
Net sales, change in % | (25.00%) | (27.00%) | |
Established Brands [member] | Established Brands [member] | Afinitor/Votubia [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 408 | $ 512 | 938 |
Net sales, change in % | (20.00%) | (45.00%) | |
Established Brands [member] | Established Brands [member] | Contract manufacturing [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 1,490 | $ 1,200 | 1,083 |
Net sales, change in % | 24% | 11% | |
Established Brands [member] | Established Brands [member] | Other [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 5,427 | $ 6,113 | $ 7,091 |
Net sales, change in % | (11.00%) | (14.00%) |
Revenues and geographic infor_8
Revenues and geographic information - Top 20 (Details 5) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 45,440 | $ 42,206 | $ 42,781 |
Top 20 products [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 34,935 | 32,137 | 32,664 |
Rest of portfolio [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 10,505 | 10,069 | 10,117 |
Promoted Brands [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 31,822 | 26,257 | 23,519 |
Promoted Brands [member] | Cardiovascular, renal and metabolic [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 6,391 | 4,756 | 3,561 |
Promoted Brands [member] | Cardiovascular, renal and metabolic [member] | Entresto [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 6,035 | 4,644 | 3,548 |
Promoted Brands [member] | Cardiovascular, renal and metabolic [member] | Top 20 products [member] | Entresto [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 6,035 | 4,644 | 3,548 |
Promoted Brands [member] | Immunology [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 7,798 | 7,287 | 7,206 |
Promoted Brands [member] | Immunology [member] | Cosentyx [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 4,980 | 4,788 | 4,718 |
Promoted Brands [member] | Immunology [member] | Xolair [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,463 | 1,365 | 1,428 |
Promoted Brands [member] | Immunology [member] | Ilaris [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,355 | 1,133 | 1,059 |
Promoted Brands [member] | Immunology [member] | Top 20 products [member] | Cosentyx [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 4,980 | 4,788 | 4,718 |
Promoted Brands [member] | Immunology [member] | Top 20 products [member] | Xolair [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,463 | 1,365 | 1,428 |
Promoted Brands [member] | Immunology [member] | Top 20 products [member] | Ilaris [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,355 | 1,133 | 1,059 |
Promoted Brands [member] | Neuroscience [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 4,043 | 3,038 | 2,220 |
Promoted Brands [member] | Neuroscience [member] | Kesimpta [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 2,171 | 1,092 | 372 |
Promoted Brands [member] | Neuroscience [member] | Zolgensma [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,214 | 1,370 | 1,351 |
Promoted Brands [member] | Neuroscience [member] | Top 20 products [member] | Kesimpta [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 2,171 | 1,092 | |
Promoted Brands [member] | Neuroscience [member] | Top 20 products [member] | Zolgensma [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,214 | 1,370 | 1,351 |
Promoted Brands [member] | Oncology [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 13,590 | 11,176 | 10,532 |
Promoted Brands [member] | Oncology [member] | Promacta/Revolade [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 2,269 | 2,088 | 2,016 |
Promoted Brands [member] | Oncology [member] | Kisqali [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 2,080 | 1,231 | 937 |
Promoted Brands [member] | Oncology [member] | Tafinlar + Mekinist [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,922 | 1,770 | 1,693 |
Promoted Brands [member] | Oncology [member] | Tasigna [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,848 | 1,923 | 2,060 |
Promoted Brands [member] | Oncology [member] | Jakavi [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,720 | 1,561 | 1,595 |
Promoted Brands [member] | Oncology [member] | Pluvicto [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 980 | 271 | |
Promoted Brands [member] | Oncology [member] | Lutathera [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 605 | 471 | 475 |
Promoted Brands [member] | Oncology [member] | Kymriah [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 508 | 536 | 587 |
Promoted Brands [member] | Oncology [member] | Votrient [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 390 | 474 | 577 |
Promoted Brands [member] | Oncology [member] | Adakveo [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 195 | 194 | 164 |
Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Promacta/Revolade [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 2,269 | 2,088 | 2,016 |
Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Kisqali [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 2,080 | 1,231 | 937 |
Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Tafinlar + Mekinist [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,922 | 1,770 | 1,693 |
Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Tasigna [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,848 | 1,923 | 2,060 |
Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Jakavi [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,720 | 1,561 | 1,595 |
Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Pluvicto [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 980 | ||
Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Lutathera [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 605 | ||
Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Kymriah [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 536 | 587 | |
Established Brands [member] | Established Brands [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 13,618 | 15,949 | 19,262 |
Established Brands [member] | Established Brands [member] | Lucentis [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,475 | 1,874 | 2,160 |
Established Brands [member] | Established Brands [member] | Sandostatin [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,314 | 1,238 | 1,413 |
Established Brands [member] | Established Brands [member] | Gilenya [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 925 | 2,013 | 2,787 |
Established Brands [member] | Established Brands [member] | Exforge Group [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 713 | 743 | 901 |
Established Brands [member] | Established Brands [member] | Galvus Group [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 692 | 859 | 1,092 |
Established Brands [member] | Established Brands [member] | Diovan Group [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 613 | 652 | 773 |
Established Brands [member] | Established Brands [member] | Gleevec/Glivec [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 561 | 745 | 1,024 |
Established Brands [member] | Established Brands [member] | Afinitor/Votubia [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 408 | 512 | 938 |
Established Brands [member] | Established Brands [member] | Top 20 products [member] | Lucentis [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,475 | 1,874 | 2,160 |
Established Brands [member] | Established Brands [member] | Top 20 products [member] | Sandostatin [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,314 | 1,238 | 1,413 |
Established Brands [member] | Established Brands [member] | Top 20 products [member] | Gilenya [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 925 | 2,013 | 2,787 |
Established Brands [member] | Established Brands [member] | Top 20 products [member] | Exforge Group [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 713 | 743 | 901 |
Established Brands [member] | Established Brands [member] | Top 20 products [member] | Galvus Group [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 692 | 859 | 1,092 |
Established Brands [member] | Established Brands [member] | Top 20 products [member] | Diovan Group [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 613 | 652 | 773 |
Established Brands [member] | Established Brands [member] | Top 20 products [member] | Gleevec/Glivec [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 561 | 745 | 1,024 |
Established Brands [member] | Established Brands [member] | Top 20 products [member] | Afinitor/Votubia [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 512 | 938 | |
Established Brands [member] | Established Brands [member] | Top 20 products [member] | Ultibro Group [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 584 | ||
US | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 17,959 | 15,935 | 14,923 |
US | Top 20 products [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 14,952 | 12,753 | 11,688 |
US | Rest of portfolio [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 3,007 | 3,182 | 3,235 |
US | Promoted Brands [member] | Cardiovascular, renal and metabolic [member] | Top 20 products [member] | Entresto [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 3,067 | 2,354 | 1,712 |
US | Promoted Brands [member] | Immunology [member] | Top 20 products [member] | Cosentyx [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 2,636 | 2,770 | 2,883 |
US | Promoted Brands [member] | Immunology [member] | Top 20 products [member] | Ilaris [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 686 | 570 | 501 |
US | Promoted Brands [member] | Neuroscience [member] | Top 20 products [member] | Kesimpta [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,528 | 921 | |
US | Promoted Brands [member] | Neuroscience [member] | Top 20 products [member] | Zolgensma [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 372 | 434 | 469 |
US | Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Promacta/Revolade [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,205 | 1,083 | 947 |
US | Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Kisqali [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,032 | 472 | 339 |
US | Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Tafinlar + Mekinist [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 791 | 678 | 606 |
US | Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Tasigna [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 884 | 877 | 882 |
US | Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Pluvicto [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 921 | ||
US | Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Lutathera [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 427 | ||
US | Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Kymriah [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 196 | 230 | |
US | Established Brands [member] | Established Brands [member] | Top 20 products [member] | Sandostatin [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 829 | 800 | 843 |
US | Established Brands [member] | Established Brands [member] | Top 20 products [member] | Gilenya [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 359 | 1,153 | 1,427 |
US | Established Brands [member] | Established Brands [member] | Top 20 products [member] | Exforge Group [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 13 | 14 | 14 |
US | Established Brands [member] | Established Brands [member] | Top 20 products [member] | Diovan Group [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 52 | 55 | 51 |
US | Established Brands [member] | Established Brands [member] | Top 20 products [member] | Gleevec/Glivec [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 150 | 205 | 263 |
US | Established Brands [member] | Established Brands [member] | Top 20 products [member] | Afinitor/Votubia [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 171 | 521 | |
Rest of the world [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 27,481 | 26,271 | 27,858 |
Rest of the world [member] | Top 20 products [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 19,983 | 19,384 | 20,976 |
Rest of the world [member] | Rest of portfolio [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 7,498 | 6,887 | 6,882 |
Rest of the world [member] | Promoted Brands [member] | Cardiovascular, renal and metabolic [member] | Top 20 products [member] | Entresto [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 2,968 | 2,290 | 1,836 |
Rest of the world [member] | Promoted Brands [member] | Immunology [member] | Top 20 products [member] | Cosentyx [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 2,344 | 2,018 | 1,835 |
Rest of the world [member] | Promoted Brands [member] | Immunology [member] | Top 20 products [member] | Xolair [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,463 | 1,365 | 1,428 |
Rest of the world [member] | Promoted Brands [member] | Immunology [member] | Top 20 products [member] | Ilaris [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 669 | 563 | 558 |
Rest of the world [member] | Promoted Brands [member] | Neuroscience [member] | Top 20 products [member] | Kesimpta [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 643 | 171 | |
Rest of the world [member] | Promoted Brands [member] | Neuroscience [member] | Top 20 products [member] | Zolgensma [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 842 | 936 | 882 |
Rest of the world [member] | Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Promacta/Revolade [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,064 | 1,005 | 1,069 |
Rest of the world [member] | Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Kisqali [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,048 | 759 | 598 |
Rest of the world [member] | Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Tafinlar + Mekinist [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,131 | 1,092 | 1,087 |
Rest of the world [member] | Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Tasigna [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 964 | 1,046 | 1,178 |
Rest of the world [member] | Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Jakavi [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,720 | 1,561 | 1,595 |
Rest of the world [member] | Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Pluvicto [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 59 | ||
Rest of the world [member] | Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Lutathera [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 178 | ||
Rest of the world [member] | Promoted Brands [member] | Oncology [member] | Top 20 products [member] | Kymriah [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 340 | 357 | |
Rest of the world [member] | Established Brands [member] | Established Brands [member] | Top 20 products [member] | Lucentis [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 1,475 | 1,874 | 2,160 |
Rest of the world [member] | Established Brands [member] | Established Brands [member] | Top 20 products [member] | Sandostatin [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 485 | 438 | 570 |
Rest of the world [member] | Established Brands [member] | Established Brands [member] | Top 20 products [member] | Gilenya [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 566 | 860 | 1,360 |
Rest of the world [member] | Established Brands [member] | Established Brands [member] | Top 20 products [member] | Exforge Group [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 700 | 729 | 887 |
Rest of the world [member] | Established Brands [member] | Established Brands [member] | Top 20 products [member] | Galvus Group [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 692 | 859 | 1,092 |
Rest of the world [member] | Established Brands [member] | Established Brands [member] | Top 20 products [member] | Diovan Group [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | 561 | 597 | 722 |
Rest of the world [member] | Established Brands [member] | Established Brands [member] | Top 20 products [member] | Gleevec/Glivec [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 411 | 540 | 761 |
Rest of the world [member] | Established Brands [member] | Established Brands [member] | Top 20 products [member] | Afinitor/Votubia [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 341 | 417 | |
Rest of the world [member] | Established Brands [member] | Established Brands [member] | Top 20 products [member] | Ultibro Group [member] | |||
Disclosure of operating segments [line items] | |||
Net sales from continuing operations | $ 584 |
Revenues and geographic infor_9
Revenues and geographic information (Details 6) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Profit sharing income | $ 941 | $ 921 | $ 873 |
Royalty income | 87 | 35 | 85 |
Milestone income | 45 | 145 | 127 |
Other | 147 | 154 | 108 |
Other revenues | $ 1,220 | $ 1,255 | $ 1,193 |
Associated companies (Details)
Associated companies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of associates [line items] | |||
Net income statement effect | $ (13) | $ (11) | $ 15,337 |
Other comprehensive income effect | 46 | ||
Total comprehensive income effect | (13) | (11) | 15,383 |
Recycling of the Novartis share of other comprehensive income from associated companies | 0 | 3 | |
Roche Holding AG, Switzerland | |||
Disclosure of associates [line items] | |||
Net income statement effect | 15,341 | ||
Other comprehensive income effect | 46 | ||
Total comprehensive income effect | 15,387 | ||
Others | |||
Disclosure of associates [line items] | |||
Net income statement effect | (13) | (11) | (4) |
Total comprehensive income effect | $ (13) | $ (11) | $ (4) |
Associated companies (Details 1
Associated companies (Details 1) - Roche Holding AG, Switzerland $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Disclosure of associates [line items] | |
Proportion of voting rights held in associate | 33.30% |
Proportion of ownership interest in associate | 6.20% |
Gain on divestment of interests in associated companies | $ 14,556 |
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations | $ 20,700 |
Associated companies (Details 2
Associated companies (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of associates [line items] | |||
Net income statement effect | $ (13) | $ (11) | $ 15,337 |
Cumulative currency translation gains/losses recycled through income statement | 357 | ||
Cumulative currency translation effects | |||
Disclosure of associates [line items] | |||
Cumulative currency translation gains/losses recycled through income statement | $ 358 | $ 13 | 3,200 |
Roche Holding AG, Switzerland | |||
Disclosure of associates [line items] | |||
Novartis share of current year consolidated net income | 815 | ||
Prior year adjustment | 40 | ||
Amortization of fair value adjustments relating to intangible assets | (70) | ||
Gain on divestment | 14,556 | ||
Net income statement effect | 15,341 | ||
Amortization of fair value adjustments relating to intangible assets tax | $ 10 |
Interest expense and other fi_3
Interest expense and other financial income and expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest expense [abstract] | |||
Interest expense | $ (730) | $ (642) | $ (633) |
Interest expense on lease liabilities | (62) | (57) | (59) |
Expense arising from discounting long-term liabilities and capitalized borrowing costs | (63) | (101) | (95) |
Total interest expense | $ (855) | $ (800) | $ (787) |
Interest expense and other fi_4
Interest expense and other financial income and expense (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other financial income and expense [abstract] | |||
Interest income | $ 627 | $ 377 | $ 70 |
Other financial income | 21 | 19 | 12 |
Monetary loss from hyperinflation | (194) | (137) | (48) |
Financial expense | (18) | (33) | (41) |
Currency result, net | (214) | (184) | (69) |
Total other financial income and expense | $ 222 | $ 42 | $ (76) |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [line items] | |||
Income before taxes from continuing operations | $ 9,123 | $ 7,177 | $ 24,530 |
Switzerland | |||
Statement [line items] | |||
Income before taxes from continuing operations | 9,719 | 5,751 | 21,830 |
Foreign | |||
Statement [line items] | |||
Income before taxes from continuing operations | (596) | 1,426 | 2,700 |
Discontinued operations [member] | |||
Statement [line items] | |||
Income before taxes from continuing operations | $ 214 | $ 1,194 | $ 1,607 |
Income taxes (Details 1)
Income taxes (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [line items] | |||
Current tax expense (income) | $ (2,426) | $ (1,753) | $ (1,922) |
Deferred tax expense (income) | 1,875 | 625 | 297 |
Income tax expense from continuing operations | (551) | (1,128) | (1,625) |
Switzerland | |||
Statement [line items] | |||
Current tax expense (income) | (1,136) | (598) | (949) |
Deferred tax expense (income) | 355 | (131) | 39 |
Foreign | |||
Statement [line items] | |||
Current tax expense (income) | (1,290) | (1,155) | (973) |
Deferred tax expense (income) | 1,520 | 756 | 258 |
Discontinued operations [member] | |||
Statement [line items] | |||
Income tax expense from continuing operations | $ 208 | $ (288) | $ (494) |
Income taxes (Details 2)
Income taxes (Details 2) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [line items] | |||
Applicable tax rate | 15% | 15.30% | 14.20% |
Effect of disallowed expenditures | 1.40% | 2.60% | 1% |
Effect of income taxed at reduced rates | (0.60%) | (0.40%) | (0.10%) |
Effect of income not subject to tax | (2.50%) | (0.10%) | (7.90%) |
Effect of tax credits and allowances | (3.90%) | (4.10%) | (1.50%) |
Effect of release of contingent consideration liability | (0.30%) | (0.50%) | (0.10%) |
Effect of tax rate change on current and deferred tax assets and liabilities | (1.60%) | 0% | 0% |
Effect of derecognition and reversals of derecognition of deferred tax assets | 0.90% | 1.30% | 0% |
Effect of write down and reversal of write down of investments in subsidiaries | (3.00%) | 0% | 0% |
Effect of prior year items | 0% | (0.30%) | 0.10% |
Effective income tax rate reconciliation change in uncertain tax positions | 0.10% | 1.70% | 1% |
Effect of other items | 0.50% | 0.20% | (0.10%) |
Effective tax rate from discontinued operations | 6% | 15.70% | 6.60% |
Effect of income not subject to tax on divestment gain | (770.00%) | ||
Switzerland | |||
Statement [line items] | |||
Minimum taxation rate | 15% | ||
Discontinued operations [member] | |||
Statement [line items] | |||
Applicable tax rate | 31.20% | 24.10% | 30.70% |
Earnings per share (Details)
Earnings per share (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Earnings per share [line items] | |||
Profit/loss attributable to shareholders of Novartis AG | $ | $ 14,850 | $ 6,955 | $ 24,021 |
Weighted average number of shares outstanding used in the basic earnings per share | shares | 2,077 | 2,181 | 2,243 |
Adjustment for vesting of restricted shares, restricted share units and dilutive shares from options | shares | 15 | 16 | 17 |
Weighted average number of shares in diluted earnings per share | shares | 2,092 | 2,197 | 2,260 |
Basic earnings per share, Continuing operations | $ 4.13 | $ 2.77 | $ 10.22 |
Basic earnings per share, Discontinued operations | 3.02 | 0.42 | 0.49 |
Total basic earnings per share | 7.15 | 3.19 | 10.71 |
Diluted earnings per share, Continuing operations | 4.10 | 2.76 | 10.14 |
Diluted earnings per share, Discontinued operations | 3 | 0.41 | 0.49 |
Total diluted earnings per share | $ 7.10 | $ 3.17 | $ 10.63 |
Options excluded from the calculation | 0 | 0 | 0 |
Continuing operations [member] | |||
Earnings per share [line items] | |||
Profit/loss attributable to shareholders of Novartis AG | $ | $ 8,568 | $ 6,049 | $ 22,908 |
Discontinued operations [member] | |||
Earnings per share [line items] | |||
Profit/loss attributable to shareholders of Novartis AG | $ | $ 6,282 | $ 906 | $ 1,113 |
Changes in consolidated state_3
Changes in consolidated statements of comprehensive income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in consolidated statements of comprehensive income [line items] | |||
Net investment hedge | $ (50) | $ 91 | $ 216 |
Net actuarial gains/losses from defined benefit plans, net of taxes | (160) | (103) | 1,809 |
Currency translation effects | 1,375 | (450) | (4,762) |
Income tax relating to components of other comprehensive income | (43) | ||
Cumulative currency translation gains/losses recycled through income statement | 357 | ||
Continuing operations | |||
Changes in consolidated statements of comprehensive income [line items] | |||
Income tax relating to components of other comprehensive income | (21) | (20) | |
Fair value adjustments on financial instruments [member] | |||
Changes in consolidated statements of comprehensive income [line items] | |||
Value adjustments on comprehensive income at beginning of period | (198) | 188 | 220 |
Total value adjustments | 37 | (382) | 194 |
Fair value adjustments on equity securities sold, reclassified to retained earnings | 1 | ||
Fair value adjustments related to divestments | 2 | (62) | |
Value adjustments on comprehensive income at end of period | (158) | (198) | 188 |
Fair value adjustments on equity securities | |||
Changes in consolidated statements of comprehensive income [line items] | |||
Fair value adjustments on equity securities, net of taxes | 37 | (382) | 194 |
Fair value adjustments on equity securities sold, reclassified to retained earnings | (4) | (164) | |
Income tax relating to components of other comprehensive income | (6) | 81 | (44) |
Fair value adjustments on equity securities sold | |||
Changes in consolidated statements of comprehensive income [line items] | |||
Income tax relating to components of other comprehensive income | (7) | 0 | 48 |
Value adjustments related to divestments | |||
Changes in consolidated statements of comprehensive income [line items] | |||
Income tax relating to components of other comprehensive income | (4) | (4) | |
Net investment hedge | |||
Changes in consolidated statements of comprehensive income [line items] | |||
Income tax relating to components of other comprehensive income | 19 | (30) | 33 |
Actuarial gains/losses from defined benefit plans | |||
Changes in consolidated statements of comprehensive income [line items] | |||
Value adjustments on comprehensive income at beginning of period | (4,038) | (3,968) | (5,773) |
Net actuarial gains/losses from defined benefit plans, net of taxes | (160) | (104) | 1,808 |
Total value adjustments | (160) | (104) | 1,808 |
Fair value adjustments related to divestments | 27 | 34 | (3) |
Value adjustments on comprehensive income at end of period | (4,171) | (4,038) | (3,968) |
Income tax relating to components of other comprehensive income | 16 | (104) | (323) |
Cumulative currency translation effects | |||
Changes in consolidated statements of comprehensive income [line items] | |||
Value adjustments on comprehensive income at beginning of period | (760) | (407) | 4,134 |
Net investment hedge | (50) | 91 | 216 |
Currency translation effects | 1,373 | (444) | (4,757) |
Total value adjustments | 1,323 | (353) | (4,541) |
Value adjustments on comprehensive income at end of period | 563 | (760) | (407) |
Income tax relating to components of other comprehensive income | (6) | 18 | 17 |
Cumulative currency translation gains/losses recycled through income statement | 358 | 13 | 3,200 |
Cumulative currency translation effects | Continuing operations | |||
Changes in consolidated statements of comprehensive income [line items] | |||
Cumulative currency translation gains/losses recycled through income statement | 1 | ||
Cumulative currency translation effects | Discontinued operations | |||
Changes in consolidated statements of comprehensive income [line items] | |||
Cumulative currency translation gains/losses recycled through income statement | 357 | ||
Total value adjustments | |||
Changes in consolidated statements of comprehensive income [line items] | |||
Value adjustments on comprehensive income at beginning of period | (4,996) | (4,187) | (1,419) |
Fair value adjustments on equity securities, net of taxes | 37 | (382) | 194 |
Net investment hedge | (50) | 91 | 216 |
Net actuarial gains/losses from defined benefit plans, net of taxes | (160) | (104) | 1,808 |
Currency translation effects | 1,373 | (444) | (4,757) |
Total value adjustments | 1,200 | (839) | (2,539) |
Fair value adjustments on equity securities sold, reclassified to retained earnings | 1 | (4) | (164) |
Fair value adjustments related to divestments | 29 | 34 | (65) |
Value adjustments on comprehensive income at end of period | (3,766) | (4,996) | (4,187) |
Non-controlling interests [member] | |||
Changes in consolidated statements of comprehensive income [line items] | |||
Value adjustments on comprehensive income at beginning of period | (38) | (33) | (29) |
Net actuarial gains/losses from defined benefit plans, net of taxes | 1 | 1 | |
Currency translation effects | 2 | (6) | (5) |
Total value adjustments | 2 | (5) | (4) |
Value adjustments on comprehensive income at end of period | (36) | (38) | (33) |
Total fair value adjustments [member] | |||
Changes in consolidated statements of comprehensive income [line items] | |||
Value adjustments on comprehensive income at beginning of period | (5,034) | (4,220) | (1,448) |
Fair value adjustments on equity securities, net of taxes | 37 | (382) | 194 |
Net investment hedge | (50) | 91 | 216 |
Net actuarial gains/losses from defined benefit plans, net of taxes | (160) | (103) | 1,809 |
Currency translation effects | 1,375 | (450) | (4,762) |
Total value adjustments | 1,202 | (844) | (2,543) |
Fair value adjustments on equity securities sold, reclassified to retained earnings | 1 | (4) | (164) |
Fair value adjustments related to divestments | 29 | 34 | (65) |
Value adjustments on comprehensive income at end of period | $ (3,802) | $ (5,034) | $ (4,220) |
Changes in consolidated state_4
Changes in consolidated statements of comprehensive income (Details 1) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Comprehensive income [abstract] | |
Cumulative currency translation gains/losses recycled through income statement | $ 357 |
Property, plant and equipment_2
Property, plant and equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movements of property, plant and equipment [roll forward] | |||
Property, plant and equipment at beginning of period | $ 10,764 | $ 11,545 | |
Impact of business combinations | 13 | ||
Additions | 1,219 | ||
Disposals and derecognitions | (155) | ||
Depreciation charge | (1,163) | ||
Impairment loss recognised in profit or loss, property, plant and equipment | (414) | ||
Reversal of impairment charge | 7 | ||
Currency translation effects | (288) | ||
Property, plant and equipment at end of period | 9,514 | 10,764 | $ 11,545 |
Commitments for purchases of property, plant and equipment | 744 | 549 | |
Capitalized borrowing costs | 3 | 5 | |
Continuing operations | |||
Movements of property, plant and equipment [roll forward] | |||
Impact of business combinations | 18 | ||
Additions | 1,065 | 930 | |
Disposals and derecognitions | (360) | ||
Depreciation charge | (916) | (967) | (1,005) |
Impairment loss recognised in profit or loss, property, plant and equipment | (106) | (411) | (316) |
Reversal of impairment charge | 16 | 4 | 44 |
Currency translation effects | 377 | ||
Discontinued operations | |||
Movements of property, plant and equipment [roll forward] | |||
Costs and accumulated depreciation/impairments on assets related to discontinued operations | (1,344) | ||
Additions | 245 | 289 | |
Property, plant and equipment at end of period | 1,447 | ||
Gross carrying amount | |||
Movements of property, plant and equipment [roll forward] | |||
Property, plant and equipment at beginning of period | 24,873 | 27,147 | |
Property, plant and equipment at end of period | 21,393 | 24,873 | 27,147 |
Accumulated depreciation, amortisation and impairment | |||
Movements of property, plant and equipment [roll forward] | |||
Property, plant and equipment at beginning of period | (14,109) | (15,602) | |
Property, plant and equipment at end of period | (11,879) | (14,109) | (15,602) |
Land | |||
Movements of property, plant and equipment [roll forward] | |||
Property, plant and equipment at beginning of period | 442 | 485 | |
Additions | 3 | ||
Disposals and derecognitions | (28) | ||
Impairment loss recognised in profit or loss, property, plant and equipment | (7) | ||
Reversal of impairment charge | 1 | ||
Currency translation effects | (12) | ||
Property, plant and equipment at end of period | 398 | 442 | 485 |
Land | Continuing operations | |||
Movements of property, plant and equipment [roll forward] | |||
Additions | 1 | ||
Disposals and derecognitions | (16) | ||
Impairment loss recognised in profit or loss, property, plant and equipment | (3) | ||
Reversal of impairment charge | 3 | ||
Currency translation effects | 25 | ||
Land | Discontinued operations | |||
Movements of property, plant and equipment [roll forward] | |||
Costs and accumulated depreciation/impairments on assets related to discontinued operations | (54) | ||
Land | Gross carrying amount | |||
Movements of property, plant and equipment [roll forward] | |||
Property, plant and equipment at beginning of period | 451 | 492 | |
Property, plant and equipment at end of period | 403 | 451 | 492 |
Land | Accumulated depreciation, amortisation and impairment | |||
Movements of property, plant and equipment [roll forward] | |||
Property, plant and equipment at beginning of period | (9) | (7) | |
Property, plant and equipment at end of period | (5) | (9) | (7) |
Buildings | |||
Movements of property, plant and equipment [roll forward] | |||
Property, plant and equipment at beginning of period | 5,493 | 6,075 | |
Reclassifications | 297 | ||
Additions | 124 | ||
Disposals and derecognitions | (49) | ||
Depreciation charge | (437) | ||
Impairment loss recognised in profit or loss, property, plant and equipment | (351) | ||
Currency translation effects | (166) | ||
Property, plant and equipment at end of period | 4,896 | 5,493 | 6,075 |
Buildings | Continuing operations | |||
Movements of property, plant and equipment [roll forward] | |||
Impact of business combinations | 12 | ||
Reclassifications | 197 | ||
Additions | 85 | ||
Disposals and derecognitions | (261) | ||
Depreciation charge | (343) | ||
Impairment loss recognised in profit or loss, property, plant and equipment | (36) | ||
Reversal of impairment charge | 9 | ||
Currency translation effects | 162 | ||
Buildings | Discontinued operations | |||
Movements of property, plant and equipment [roll forward] | |||
Costs and accumulated depreciation/impairments on assets related to discontinued operations | (422) | ||
Buildings | Gross carrying amount | |||
Movements of property, plant and equipment [roll forward] | |||
Property, plant and equipment at beginning of period | 11,396 | 11,819 | |
Property, plant and equipment at end of period | 10,147 | 11,396 | 11,819 |
Buildings | Accumulated depreciation, amortisation and impairment | |||
Movements of property, plant and equipment [roll forward] | |||
Property, plant and equipment at beginning of period | (5,903) | (5,744) | |
Property, plant and equipment at end of period | (5,251) | (5,903) | (5,744) |
Construction in progress | |||
Movements of property, plant and equipment [roll forward] | |||
Property, plant and equipment at beginning of period | 1,157 | 1,443 | |
Reclassifications | (964) | ||
Additions | 780 | ||
Disposals and derecognitions | (33) | ||
Impairment loss recognised in profit or loss, property, plant and equipment | (13) | ||
Reversal of impairment charge | 1 | ||
Currency translation effects | (57) | ||
Property, plant and equipment at end of period | 1,206 | 1,157 | 1,443 |
Construction in progress | Continuing operations | |||
Movements of property, plant and equipment [roll forward] | |||
Impact of business combinations | 1 | ||
Reclassifications | (420) | ||
Additions | 734 | ||
Disposals and derecognitions | (20) | ||
Impairment loss recognised in profit or loss, property, plant and equipment | (10) | ||
Currency translation effects | 44 | ||
Construction in progress | Discontinued operations | |||
Movements of property, plant and equipment [roll forward] | |||
Costs and accumulated depreciation/impairments on assets related to discontinued operations | (280) | ||
Construction in progress | Gross carrying amount | |||
Movements of property, plant and equipment [roll forward] | |||
Property, plant and equipment at beginning of period | 1,184 | 1,508 | |
Property, plant and equipment at end of period | 1,213 | 1,184 | 1,508 |
Construction in progress | Accumulated depreciation, amortisation and impairment | |||
Movements of property, plant and equipment [roll forward] | |||
Property, plant and equipment at beginning of period | (27) | (65) | |
Property, plant and equipment at end of period | (7) | (27) | (65) |
Machinery and other equipment | |||
Movements of property, plant and equipment [roll forward] | |||
Property, plant and equipment at beginning of period | 3,672 | 3,542 | |
Impact of business combinations | 13 | ||
Reclassifications | 667 | ||
Additions | 312 | ||
Disposals and derecognitions | (45) | ||
Depreciation charge | (726) | ||
Impairment loss recognised in profit or loss, property, plant and equipment | (43) | ||
Reversal of impairment charge | 5 | ||
Currency translation effects | (53) | ||
Property, plant and equipment at end of period | 3,014 | 3,672 | 3,542 |
Machinery and other equipment | Continuing operations | |||
Movements of property, plant and equipment [roll forward] | |||
Impact of business combinations | 5 | ||
Reclassifications | 223 | ||
Additions | 245 | ||
Disposals and derecognitions | (63) | ||
Depreciation charge | (573) | ||
Impairment loss recognised in profit or loss, property, plant and equipment | (57) | ||
Reversal of impairment charge | 4 | ||
Currency translation effects | 146 | ||
Machinery and other equipment | Discontinued operations | |||
Movements of property, plant and equipment [roll forward] | |||
Costs and accumulated depreciation/impairments on assets related to discontinued operations | (588) | ||
Machinery and other equipment | Gross carrying amount | |||
Movements of property, plant and equipment [roll forward] | |||
Property, plant and equipment at beginning of period | 11,842 | 13,328 | |
Property, plant and equipment at end of period | 9,630 | 11,842 | 13,328 |
Machinery and other equipment | Accumulated depreciation, amortisation and impairment | |||
Movements of property, plant and equipment [roll forward] | |||
Property, plant and equipment at beginning of period | (8,170) | (9,786) | |
Property, plant and equipment at end of period | $ (6,616) | $ (8,170) | $ (9,786) |
Property, plant and equipment_3
Property, plant and equipment (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation charge | $ (1,163) | ||
Impairment loss recognised in profit or loss, property, plant and equipment | (414) | ||
Reversal of impairment charge | 7 | ||
Continuing operations | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation charge | $ (916) | (967) | $ (1,005) |
Impairment loss recognised in profit or loss, property, plant and equipment | (106) | (411) | (316) |
Reversal of impairment charge | $ 16 | $ 4 | $ 44 |
Lease liability and Right-of-us
Lease liability and Right-of-use assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movements of the right-of-use assets [roll forward] | |||
Right-of-use assets at beginning of period | $ 1,431 | $ 1,561 | |
Impact of business combinations | 12 | ||
Additions to right-of-use assets | 247 | ||
Depreciation charge | (300) | ||
Lease contract terminations, right-of-use assets | (34) | ||
Impairment loss recognised in profit or loss, right of use assets | (3) | ||
Increase decrease through net exchange differences, right-of-use assets | (52) | ||
Right-of-use assets at end of period | 1,410 | 1,431 | $ 1,561 |
Continuing operations | |||
Movements of the right-of-use assets [roll forward] | |||
Impact of business combinations | 16 | ||
Additions to right-of-use assets | 421 | 216 | |
Depreciation charge | (259) | (267) | (279) |
Lease contract terminations, right-of-use assets | (93) | ||
Impairment loss recognised in profit or loss, right of use assets | (4) | (3) | $ 0 |
Increase decrease through net exchange differences, right-of-use assets | 15 | ||
Discontinued operations | |||
Movements of the right-of-use assets [roll forward] | |||
Costs and accumulated depreciation/impairments on assets related to discontinued operations | (117) | ||
Additions to right-of-use assets | 66 | $ 32 | |
Right-of-use assets at end of period | $ 133 |
Lease liability and Right-of-_2
Lease liability and Right-of-use assets (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | $ 1,410 | $ 1,431 | $ 1,561 |
Depreciation charge | (300) | ||
Continuing operations | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation charge | (259) | (267) | (279) |
Discontinued operations | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | 133 | ||
Land [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | 483 | 505 | |
Land [member] | Continuing operations | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation charge | (12) | (16) | (11) |
Buildings [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | 749 | 745 | |
Buildings [member] | Continuing operations | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation charge | (156) | (162) | (174) |
Vehicles [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | 112 | 117 | |
Vehicles [member] | Continuing operations | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation charge | (80) | (82) | (89) |
Machinery & equipment and other assets | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | 66 | 64 | |
Machinery & equipment and other assets | Continuing operations | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation charge | $ (11) | $ (7) | $ (5) |
Lease liability and Right-of-_3
Lease liability and Right-of-use assets (Details 2) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of maturity analysis of total lease liabilities [line items] | ||
Lease liabilities | $ 1,828 | $ 1,789 |
Lease liabilities undiscounted | 3,242 | 3,205 |
Less current lease liabilities | (230) | (251) |
Less current lease liabilities undiscounted | (284) | (297) |
Non-current lease liabilities | 1,598 | 1,538 |
Non-current lease liabilities undiscounted | 2,958 | 2,908 |
Commitments for leases not yet commenced | 89 | 83 |
Most material lease with lease term extension | $ 700 | $ 700 |
Lease term end date | 2071 | 2071 |
Information about lessee's exposure arising from extension options and termination options | At December 31, 2023, and December 31, 2022, there were no material future cash outflows, including extension options, excluded from the measurement of lease liabilities. The Company’s most material lease with a lease term extension, representing a lease liability value of USD 0.7 billion (2022: USD 0.7 billion), has a determined lease term end date of 2071 (2022: 2071). Non-enforceable extension options of up to 10 years have not been included within the measurement of this lease liability, and do not have a material impact to the carrying value of the lease for both 2023 and 2022. Should the landlord agree to a lease extension, rent will be referenced to the market rates as at the commencement of the extension period.In 2023, the Company completed two sale and leaseback transactions for certain property, plant and equipment as part of the Company’s strategy. The transactions resulted in net cash inflows of USD 273 million (2022: USD 49 million) and the recognition of USD 146 million of lease liabilities(2022: USD 23 million), and USD 109 million of right-of-use assets (2022: USD 13 million). The right-of-use assets value reflects the proportion of the property, plant and equipment retained. Extension options have been included where management believe that such options will be exercised. The liabilities reflect the net present value of future lease payments. The net gain on the sale and leaseback transactions amounted to USD 18 million (2022: USD 17 million). There were no significant sale and leaseback transactions in 2021.The following table provides additional disclosures related to continuing operations right-of-use assets and lease liabilities for 2023, 2022 and 2021:(USD millions) 2023 2022 2021Interest expense on lease liabilities 1625759Expense on short-term leases536Expense on low-value leases667Total cash outflows for leases321319339 Thereof: Cash outflows for short-term leases and low-value leases 211913 Payments of interest 3524848 Payments of lease liabilities 4258262278 1 The weighted average interest rate is 3.5% (2022: 3.3%, 2021: 3.2%). Interest on lease liabilities as at December 31, 2023, is estimated to be USD 54 million for 2024 and USD 1.4 billion thereafter. 2 Cash flows from short-term and low-value leases are included within total net cash flows from operating activities. The portfolio of short-term leases to which the Company is committed to at December 31, 2023, 2022 and 2021, is similar to the portfolio of short-term leases the Company entered into during 2023, 2022 and 2021. 3 Included within total net cash flows from operating activities 4 Reported as cash outflows in financing activities net of lease incentives received, if any.The net investment held and income from subleasing right-of-use assets were not significant for 2023, 2022, and 2021. Income from leasing Novartis property, plant and equipment to third parties for 2023, 2022 and 2021 was not significant. | |
Not later than one year [member] | ||
Disclosure of maturity analysis of total lease liabilities [line items] | ||
Lease liabilities | $ 230 | $ 251 |
Lease liabilities undiscounted | 284 | 297 |
Later than one year and not later than two years [member] | ||
Disclosure of maturity analysis of total lease liabilities [line items] | ||
Lease liabilities | 203 | 190 |
Lease liabilities undiscounted | 248 | 232 |
Later than two years and not later than three years [member] | ||
Disclosure of maturity analysis of total lease liabilities [line items] | ||
Lease liabilities | 170 | 167 |
Lease liabilities undiscounted | 211 | 201 |
Later than three years and not later than four years [member] | ||
Disclosure of maturity analysis of total lease liabilities [line items] | ||
Lease liabilities | 149 | 137 |
Lease liabilities undiscounted | 184 | 172 |
Later than four years and not later than five years [member] | ||
Disclosure of maturity analysis of total lease liabilities [line items] | ||
Lease liabilities | 113 | 122 |
Lease liabilities undiscounted | 142 | 154 |
Later than five years [member] | ||
Disclosure of maturity analysis of total lease liabilities [line items] | ||
Lease liabilities | 963 | 922 |
Lease liabilities undiscounted | $ 2,173 | $ 2,149 |
Lease liability and Right-of-_4
Lease liability and Right-of-use assets (Details 3) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease liabilities | $ 1,828 | $ 1,789 | |
Right-of-use assets | $ 1,410 | 1,431 | $ 1,561 |
Number of sale and lease-back transactions completed | 2 | ||
Sale and lease back [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Cash inflow for sale and leaseback | $ (273) | (49) | |
Lease liabilities | 146 | 23 | |
Right-of-use assets | 109 | 13 | |
Gains or losses from sales leaseback | $ 18 | $ 17 |
Lease liability and Right-of-_5
Lease liability and Right-of-use assets (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Interest expense on lease liabilities | $ 62 | $ 57 | $ 59 |
Expense relating to short-term leases for which recognition exemption has been used | 5 | 3 | 6 |
Expense relating to leases of low-value assets for which recognition exemption has been used | 6 | 6 | 7 |
Cash outflow | 321 | 319 | 339 |
Cash outflows for short term and low value leases | 11 | 9 | 13 |
Cash outflows for payments of leases interest | 52 | 48 | 48 |
Repayment of lease liability | $ 258 | $ 262 | $ 278 |
Weighted average interest rate lease liabilities | 3.50% | 3.30% | 3.20% |
Not later than one year | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Interest expense on lease liabilities | $ 54 | ||
Later than one year | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Interest expense on lease liabilities | $ 1,400 |
Goodwill and intangible asset_2
Goodwill and intangible assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Discontinued operations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Additions | $ 221 | $ 163 | |
Goodwill | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill at beginning of period | 29,301 | 29,595 | |
Impact of business combinations | 161 | ||
Disposals and derecognitions | (28) | ||
Currency translation effects | (427) | ||
Intangible assets and goodwill at end of period | 23,341 | 29,301 | $ 29,595 |
Goodwill | Continuing operations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impact of business combinations | 1,094 | ||
Currency translation effects | 391 | ||
Goodwill | Discontinued operations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Costs and accumulated depreciation/impairments on assets related to discontinued operations | (7,445) | ||
Intangible Assets other than Goodwill | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill at beginning of period | 31,644 | 34,182 | |
Impact of business combinations | 1,209 | ||
Additions | 2,093 | ||
Disposals and derecognitions | (100) | ||
Amortization charge | (3,982) | ||
Impairment charge | (1,326) | ||
Currency translation effects | (432) | ||
Intangible assets and goodwill at end of period | 26,879 | 31,644 | 34,182 |
Intangible Assets other than Goodwill | Continuing operations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impact of business combinations | 2,946 | ||
Additions | 1,576 | 1,930 | |
Disposals and derecognitions | (1,845) | ||
Amortization charge | (3,960) | (3,760) | (3,665) |
Impairment charge | (3,048) | (1,301) | (376) |
Currency translation effects | 1,026 | ||
Intangible Assets other than Goodwill | Discontinued operations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Costs and accumulated depreciation/impairments on assets related to discontinued operations | (1,460) | ||
Acquired research and development [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill at beginning of period | 4,421 | 5,499 | |
Impact of business combinations | 1,209 | ||
Reclassifications | (1,429) | ||
Additions | 330 | ||
Disposals and derecognitions | (95) | ||
Impairment charge | (917) | ||
Currency translation effects | (176) | ||
Intangible assets and goodwill at end of period | 5,329 | 4,421 | 5,499 |
Acquired research and development [member] | Continuing operations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impact of business combinations | 2,931 | ||
Reclassifications | (235) | ||
Additions | 770 | ||
Impairment charge | (2,544) | ||
Currency translation effects | 221 | ||
Acquired research and development [member] | Discontinued operations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Costs and accumulated depreciation/impairments on assets related to discontinued operations | (235) | ||
Currently marketed products | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill at beginning of period | 25,513 | 27,106 | |
Reclassifications | 1,403 | ||
Additions | 1,175 | ||
Disposals and derecognitions | (3) | ||
Amortization charge | (3,603) | ||
Impairment charge | (322) | ||
Currency translation effects | (243) | ||
Intangible assets and goodwill at end of period | 20,017 | 25,513 | 27,106 |
Currently marketed products | Continuing operations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Reclassifications | 23 | ||
Additions | 290 | ||
Disposals and derecognitions | (1,842) | ||
Amortization charge | (3,319) | ||
Impairment charge | (310) | ||
Currency translation effects | 688 | ||
Currently marketed products | Discontinued operations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Costs and accumulated depreciation/impairments on assets related to discontinued operations | (1,026) | ||
Other intangible assets | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill at beginning of period | 1,710 | 1,577 | |
Reclassifications | 26 | ||
Additions | 588 | ||
Disposals and derecognitions | (2) | ||
Amortization charge | (379) | ||
Impairment charge | (87) | ||
Currency translation effects | (13) | ||
Intangible assets and goodwill at end of period | 1,533 | 1,710 | 1,577 |
Other intangible assets | Continuing operations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impact of business combinations | 15 | ||
Reclassifications | 212 | ||
Additions | 516 | ||
Disposals and derecognitions | (3) | ||
Amortization charge | (641) | ||
Impairment charge | (194) | ||
Currency translation effects | 117 | ||
Other intangible assets | Discontinued operations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Costs and accumulated depreciation/impairments on assets related to discontinued operations | (199) | ||
Gross carrying amount | Goodwill | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill at beginning of period | 29,596 | 29,900 | |
Intangible assets and goodwill at end of period | 23,391 | 29,596 | 29,900 |
Gross carrying amount | Intangible Assets other than Goodwill | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill at beginning of period | 69,684 | 68,211 | |
Intangible assets and goodwill at end of period | 58,319 | 69,684 | 68,211 |
Gross carrying amount | Acquired research and development [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill at beginning of period | 7,092 | 8,013 | |
Intangible assets and goodwill at end of period | 7,822 | 7,092 | 8,013 |
Gross carrying amount | Currently marketed products | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill at beginning of period | 58,249 | 56,213 | |
Intangible assets and goodwill at end of period | 46,909 | 58,249 | 56,213 |
Gross carrying amount | Other intangible assets | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill at beginning of period | 4,343 | 3,985 | |
Intangible assets and goodwill at end of period | 3,588 | 4,343 | 3,985 |
Accumulated depreciation, amortisation and impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Reversal of impairment charge | 0 | ||
Accumulated depreciation, amortisation and impairment | Goodwill | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill at beginning of period | (295) | (305) | |
Intangible assets and goodwill at end of period | (50) | (295) | (305) |
Accumulated depreciation, amortisation and impairment | Intangible Assets other than Goodwill | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill at beginning of period | (38,040) | (34,029) | |
Intangible assets and goodwill at end of period | (31,440) | (38,040) | (34,029) |
Accumulated depreciation, amortisation and impairment | Acquired research and development [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill at beginning of period | (2,671) | (2,514) | |
Intangible assets and goodwill at end of period | (2,493) | (2,671) | (2,514) |
Accumulated depreciation, amortisation and impairment | Currently marketed products | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill at beginning of period | (32,736) | (29,107) | |
Impairment charge | (0.3) | ||
Intangible assets and goodwill at end of period | (26,892) | (32,736) | (29,107) |
Accumulated depreciation, amortisation and impairment | Other intangible assets | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill at beginning of period | (2,633) | (2,408) | |
Intangible assets and goodwill at end of period | $ (2,055) | $ (2,633) | $ (2,408) |
Goodwill and intangible asset_3
Goodwill and intangible assets (Details 2) - Operating segments [member] - Innovative Medicines | Dec. 31, 2023 |
Disclosure of detailed information about intangible assets [line items] | |
Terminal Growth Rate | 1.30% |
Discount Rate (post-tax) | 8% |
Goodwill and intangible asset_4
Goodwill and intangible assets (Details 3) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leqvio [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Carrying value | $ 6.8 | $ 7.4 |
Remaining amortisation period | 12 years | 13 years |
Zolgensma [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Carrying value | $ 5.2 | $ 5.9 |
Remaining amortisation period | 7 years | 8 years |
Goodwill and intangible asset_5
Goodwill and intangible assets (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets other than Goodwill | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization charge | $ (3,982) | ||
Impairment charge | (1,326) | ||
Acquired research and development [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment charge | (917) | ||
Currently marketed products | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization charge | (3,603) | ||
Impairment charge | (322) | ||
Other intangible assets | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization charge | (379) | ||
Impairment charge | (87) | ||
Continuing operations | Intangible Assets other than Goodwill | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization charge | $ (3,960) | (3,760) | $ (3,665) |
Impairment charge | (3,048) | (1,301) | (376) |
Continuing operations | Acquired research and development [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment charge | (2,544) | ||
Continuing operations | Currently marketed products | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization charge | (3,319) | ||
Impairment charge | (310) | ||
Continuing operations | Other intangible assets | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization charge | (641) | ||
Impairment charge | (194) | ||
Accumulated depreciation, amortisation and impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Reversal of impairment charge | 0 | ||
Accumulated depreciation, amortisation and impairment | Acquired research and development [member] | PPY988 [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment charge | (1) | ||
Accumulated depreciation, amortisation and impairment | Acquired research and development [member] | VDT482 [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment charge | (0.4) | ||
Accumulated depreciation, amortisation and impairment | Acquired research and development [member] | NIZ985 [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment charge | (0.3) | ||
Accumulated depreciation, amortisation and impairment | Acquired research and development [member] | UNR844 [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment charge | $ (0.6) | ||
Accumulated depreciation, amortisation and impairment | Acquired research and development [member] | GTX312 [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment charge | $ (0.2) | ||
Accumulated depreciation, amortisation and impairment | Acquired research and development [member] | MBG453 [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment charge | (0.3) | ||
Accumulated depreciation, amortisation and impairment | Currently marketed products | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment charge | $ (0.3) |
Deferred tax assets and liabi_3
Deferred tax assets and liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [line items] | |||
Gross deferred tax assets | $ 8,188 | $ 8,051 | $ 7,832 |
Deferred tax assets | 4,309 | 3,739 | |
Gross deferred tax liabilities | (6,127) | (6,998) | (7,159) |
Deferred tax liabilities | (2,248) | (2,686) | |
Net deferred tax balance | 2,061 | 1,053 | 673 |
Movement in deferred tax balance [roll forward] | |||
Net deferred tax balance at beginning of period | 1,053 | 673 | |
Credited/(charged) to income | 655 | ||
Charged to equity | 1 | ||
Credited/(charged) to other comprehensive income | (43) | ||
Impact of business combinations | (244) | ||
Other movements | 11 | ||
Net deferred tax balance at end of period | 2,061 | 1,053 | 673 |
Offsetting of deferred tax assets and liabilities within the same tax jurisdiction | 3,879 | 4,312 | |
Deferred tax assets | 4,309 | 3,739 | |
Deferred tax liabilities | (2,248) | (2,686) | |
Property, plant and equipment [member] | |||
Statement [line items] | |||
Gross deferred tax assets | 117 | 158 | 125 |
Gross deferred tax liabilities | (310) | (343) | (381) |
Net deferred tax balance | (193) | (185) | (256) |
Movement in deferred tax balance [roll forward] | |||
Net deferred tax balance at beginning of period | (185) | (256) | |
Credited/(charged) to income | 69 | ||
Credited/(charged) to other comprehensive income | (2) | ||
Other movements | 4 | ||
Net deferred tax balance at end of period | (193) | (185) | (256) |
Intangible assets [member] | |||
Statement [line items] | |||
Gross deferred tax assets | 2,188 | 1,726 | 1,307 |
Gross deferred tax liabilities | (4,228) | (4,785) | (4,704) |
Net deferred tax balance | (2,040) | (3,059) | (3,397) |
Movement in deferred tax balance [roll forward] | |||
Net deferred tax balance at beginning of period | (3,059) | (3,397) | |
Credited/(charged) to income | 628 | ||
Impact of business combinations | (300) | ||
Other movements | 10 | ||
Net deferred tax balance at end of period | (2,040) | (3,059) | (3,397) |
Pensions and other benefit obligations of associates [member] | |||
Statement [line items] | |||
Gross deferred tax assets | 764 | 739 | 1,026 |
Gross deferred tax liabilities | (420) | (420) | (591) |
Net deferred tax balance | 344 | 319 | 435 |
Movement in deferred tax balance [roll forward] | |||
Net deferred tax balance at beginning of period | 319 | 435 | |
Credited/(charged) to income | (5) | ||
Credited/(charged) to other comprehensive income | (104) | ||
Other movements | (7) | ||
Net deferred tax balance at end of period | 344 | 319 | 435 |
Inventories [member] | |||
Statement [line items] | |||
Gross deferred tax assets | 2,200 | 2,214 | 2,273 |
Gross deferred tax liabilities | (77) | (138) | (148) |
Net deferred tax balance | 2,123 | 2,076 | 2,125 |
Movement in deferred tax balance [roll forward] | |||
Net deferred tax balance at beginning of period | 2,076 | 2,125 | |
Credited/(charged) to income | (43) | ||
Other movements | (6) | ||
Net deferred tax balance at end of period | 2,123 | 2,076 | 2,125 |
Tax loss carryforwards [member] | |||
Statement [line items] | |||
Gross deferred tax assets | 713 | 425 | 374 |
Net deferred tax balance | 713 | 425 | 374 |
Movement in deferred tax balance [roll forward] | |||
Net deferred tax balance at beginning of period | 425 | 374 | |
Credited/(charged) to income | 5 | ||
Impact of business combinations | 55 | ||
Other movements | (9) | ||
Net deferred tax balance at end of period | 713 | 425 | 374 |
Other assets, provisions and accruals [member] | |||
Statement [line items] | |||
Gross deferred tax assets | 2,206 | 2,789 | 2,727 |
Gross deferred tax liabilities | (1,092) | (1,312) | (1,335) |
Net deferred tax balance | 1,114 | 1,477 | 1,392 |
Movement in deferred tax balance [roll forward] | |||
Net deferred tax balance at beginning of period | 1,477 | 1,392 | |
Credited/(charged) to income | 1 | ||
Charged to equity | 1 | ||
Credited/(charged) to other comprehensive income | 63 | ||
Impact of business combinations | 1 | ||
Other movements | 19 | ||
Net deferred tax balance at end of period | 1,114 | 1,477 | $ 1,392 |
Continuing operations [member] | |||
Movement in deferred tax balance [roll forward] | |||
Net deferred tax balance related to discontinued operations | (413) | ||
Credited/(charged) to income | 1,875 | 625 | |
Credited/(charged) to other comprehensive income | (21) | (20) | |
Impact of business combinations | (440) | ||
Other movements | 7 | $ 8 | |
Continuing operations [member] | Property, plant and equipment [member] | |||
Movement in deferred tax balance [roll forward] | |||
Net deferred tax balance related to discontinued operations | 60 | ||
Credited/(charged) to income | (13) | ||
Credited/(charged) to other comprehensive income | (3) | ||
Impact of business combinations | (2) | ||
Other movements | (50) | ||
Continuing operations [member] | Intangible assets [member] | |||
Movement in deferred tax balance [roll forward] | |||
Net deferred tax balance related to discontinued operations | 120 | ||
Credited/(charged) to income | 1,344 | ||
Impact of business combinations | (530) | ||
Other movements | 85 | ||
Continuing operations [member] | Pensions and other benefit obligations of associates [member] | |||
Movement in deferred tax balance [roll forward] | |||
Net deferred tax balance related to discontinued operations | (36) | ||
Credited/(charged) to income | 32 | ||
Credited/(charged) to other comprehensive income | 16 | ||
Other movements | 13 | ||
Continuing operations [member] | Inventories [member] | |||
Movement in deferred tax balance [roll forward] | |||
Net deferred tax balance related to discontinued operations | (311) | ||
Credited/(charged) to income | 386 | ||
Other movements | (28) | ||
Continuing operations [member] | Tax loss carryforwards [member] | |||
Movement in deferred tax balance [roll forward] | |||
Net deferred tax balance related to discontinued operations | (13) | ||
Credited/(charged) to income | 173 | ||
Impact of business combinations | 111 | ||
Other movements | 17 | ||
Continuing operations [member] | Other assets, provisions and accruals [member] | |||
Movement in deferred tax balance [roll forward] | |||
Net deferred tax balance related to discontinued operations | (233) | ||
Credited/(charged) to income | (47) | ||
Credited/(charged) to other comprehensive income | (34) | ||
Impact of business combinations | (19) | ||
Other movements | (30) | ||
Discontinued operations [member] | |||
Statement [line items] | |||
Deferred tax assets | 624 | ||
Deferred tax liabilities | (270) | ||
Movement in deferred tax balance [roll forward] | |||
Deferred tax assets | 624 | ||
Deferred tax liabilities | $ (270) |
Deferred tax assets and liabi_4
Deferred tax assets and liabilities (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | $ 11,791 | $ 8,140 | |
Tax loss carryforwards expired | 8 | 6 | $ 18 |
One year [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 67 | 18 | |
Two years [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 27 | 42 | |
Three years [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 146 | 30 | |
Four years [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 591 | 138 | |
Five years [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 2,149 | 767 | |
More than five years [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 5,866 | 6,260 | |
Not subject to expiry [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 2,945 | 885 | |
Capitalized [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 6,520 | 3,530 | |
Capitalized [member] | One year [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 44 | 0 | |
Capitalized [member] | Two years [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 15 | 5 | |
Capitalized [member] | Three years [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 79 | 5 | |
Capitalized [member] | Four years [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 569 | 0 | |
Capitalized [member] | Five years [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 580 | 688 | |
Capitalized [member] | More than five years [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 2,975 | 2,380 | |
Capitalized [member] | Not subject to expiry [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 2,258 | 452 | |
Not capitalized [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 5,271 | 4,610 | |
Not capitalized [member] | One year [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 23 | 18 | |
Not capitalized [member] | Two years [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 12 | 37 | |
Not capitalized [member] | Three years [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 67 | 25 | |
Not capitalized [member] | Four years [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 22 | 138 | |
Not capitalized [member] | Five years [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 1,569 | 79 | |
Not capitalized [member] | More than five years [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | 2,891 | 3,880 | |
Not capitalized [member] | Not subject to expiry [member] | |||
Statement [line items] | |||
Gross Value of tax loss carryforwards that have or have not been capitalized as deferred tax assets | $ 687 | $ 433 |
Deferred tax assets and liabi_5
Deferred tax assets and liabilities (Details 2) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement [line items] | ||
Unremitted earnings retained by consolidated entities for reinvestment | $ 34 | $ 32 |
Financial and other non-curre_3
Financial and other non-current assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [abstract] | ||
Non-current financial assets, equity securities | $ 1,403 | $ 1,145 |
Non-current financial asstets debt securities | 29 | 37 |
Non-current financial assets, fund investments | 190 | 281 |
Non-current financial assets, total financial investments | 1,622 | 1,463 |
Long term receivables from finance subleases | 104 | 59 |
Other long-term receivables | 214 | 197 |
Contingent consideration receivables | 553 | 607 |
Long-term loans, advances and security deposits | 114 | 85 |
Total financial assets | $ 2,607 | $ 2,411 |
Financial and other non-curre_4
Financial and other non-current assets (Details 1) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of other non-current assets [abstract] | ||
Deferred compensation plans assets | $ 439 | $ 419 |
Prepaid post-employment benefit plans assets | 545 | 491 |
Other non-current assets | 215 | 200 |
Total other non-current assets | $ 1,199 | $ 1,110 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Inventory | |||
Inventory | $ 5,913 | $ 7,175 | |
Amount of inventory recognized as expense | (5,800) | (5,200) | $ (5,400) |
Inventory provisions | (467) | (373) | (283) |
Reversals of inventory provisions | 111 | 121 | $ 97 |
Raw material, consumables | |||
Inventory | |||
Inventory | 963 | 934 | |
Work in progress | |||
Inventory | |||
Inventory | 3,502 | 3,673 | |
Finished products | |||
Inventory | |||
Inventory | $ 1,448 | $ 2,568 |
Trade receivables (Details)
Trade receivables (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of provision matrix [line items] | ||
Total trade receivables, net | $ 7,107 | $ 8,066 |
Trade receivables [member] | ||
Disclosure of provision matrix [line items] | ||
Total trade receivables, net | 7,107 | 8,066 |
Trade receivables [member] | Gross carrying amount [member] | ||
Disclosure of provision matrix [line items] | ||
Total trade receivables, net | 7,158 | 8,128 |
Trade receivables [member] | Provision for doubtful receivable [member] | ||
Disclosure of provision matrix [line items] | ||
Provision for doubtful receivable | $ (51) | $ (62) |
Trade receivables (Details 1)
Trade receivables (Details 1) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Analysis of overdue amounts [line items] | ||
Total trade receivables, net | $ 7,107 | $ 8,066 |
Trade receivables [member] | ||
Analysis of overdue amounts [line items] | ||
Total trade receivables, net | 7,107 | 8,066 |
Trade receivables [member] | Current [member] | ||
Analysis of overdue amounts [line items] | ||
Total trade receivables, net | 6,791 | 7,664 |
Trade receivables [member] | Not later than one month [member] | ||
Analysis of overdue amounts [line items] | ||
Total trade receivables, net | 146 | 190 |
Trade receivables [member] | Later than one month and not later than three months [member] | ||
Analysis of overdue amounts [line items] | ||
Total trade receivables, net | 66 | 110 |
Trade receivables [member] | Later than three months and not later than six months [member] | ||
Analysis of overdue amounts [line items] | ||
Total trade receivables, net | 64 | 62 |
Trade receivables [member] | Later than six months and not later than one year [member] | ||
Analysis of overdue amounts [line items] | ||
Total trade receivables, net | 38 | 23 |
Trade receivables [member] | Later than one year [member] | ||
Analysis of overdue amounts [line items] | ||
Total trade receivables, net | 53 | 79 |
Trade receivables [member] | Provision for doubtful receivable [member] | ||
Analysis of overdue amounts [line items] | ||
Provision for doubtful receivable | $ (51) | $ (62) |
Trade receivables (Details 2)
Trade receivables (Details 2) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of provision matrix [line items] | ||
Total trade receivables, net | $ 7,107 | $ 8,066 |
Trade receivables [member] | ||
Disclosure of provision matrix [line items] | ||
Total trade receivables, net | 7,107 | 8,066 |
Trade receivables [member] | USD | ||
Disclosure of provision matrix [line items] | ||
Total trade receivables, net | 3,520 | 3,709 |
Trade receivables [member] | EUR | ||
Disclosure of provision matrix [line items] | ||
Total trade receivables, net | 1,138 | 1,426 |
Trade receivables [member] | JPY | ||
Disclosure of provision matrix [line items] | ||
Total trade receivables, net | 288 | 177 |
Trade receivables [member] | RUB | ||
Disclosure of provision matrix [line items] | ||
Total trade receivables, net | 240 | 430 |
Trade receivables [member] | CNY | ||
Disclosure of provision matrix [line items] | ||
Total trade receivables, net | 231 | 155 |
Trade receivables [member] | GBP | ||
Disclosure of provision matrix [line items] | ||
Total trade receivables, net | 146 | 176 |
Trade receivables [member] | BRL | ||
Disclosure of provision matrix [line items] | ||
Total trade receivables, net | 130 | 145 |
Trade receivables [member] | AUD | ||
Disclosure of provision matrix [line items] | ||
Total trade receivables, net | 96 | 137 |
Trade receivables [member] | CHF | ||
Disclosure of provision matrix [line items] | ||
Total trade receivables, net | 84 | 108 |
Trade receivables [member] | CAD | ||
Disclosure of provision matrix [line items] | ||
Total trade receivables, net | 75 | 151 |
Trade receivables [member] | Others | ||
Disclosure of provision matrix [line items] | ||
Total trade receivables, net | $ 1,159 | $ 1,452 |
Marketable securities, commod_3
Marketable securities, commodities, time deposits, derivative financial instruments and cash and cash equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of marketable securities commodities deposits derivative instruments and cash [abstract] | ||
Commodities | $ 111 | $ 111 |
Debt securities | 9 | |
Time deposits and short-term investments with original maturity more than 90 days | 569 | 11,089 |
Derivative financial instruments | 355 | 204 |
Total marketable securities, commodities, time deposits and derivative financial instruments | $ 1,035 | $ 11,413 |
Marketable securities, commod_4
Marketable securities, commodities, time deposits, derivative financial instruments and cash and cash equivalents (Details 1) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents [abstract] | ||||
Current accounts | $ 3,207 | $ 2,877 | ||
Time deposits and short term investments with original maturity less than 90 days | 10,186 | 4,640 | ||
Total cash and cash equivalents | $ 13,393 | $ 7,517 | $ 12,407 | $ 9,658 |
Other current assets (Details)
Other current assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other current assets [abstract] | ||
VAT Receivable | $ 462 | $ 509 |
Withholding tax recoverable | 64 | 50 |
Prepaid expenses - third party | 764 | 911 |
Contingent consideration receivable | 65 | 43 |
Other receivables and current assets | 1,252 | 958 |
Total other current assets | $ 2,607 | $ 2,471 |
Equity (Details)
Equity (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 SFr / shares | Dec. 31, 2022 SFr / shares | |
Disclosure of classes of share capital [line items] | |||||
Share capital at beginning of period | $ 890 | $ 901 | $ 913 | ||
Treasury shares at beginning of period | (92) | (48) | (53) | ||
Total outstanding share capital at beginning of period | 798 | 853 | 860 | ||
Share capital movement of period | (65) | (11) | (12) | ||
Treasury shares movement of period | 51 | (44) | 5 | ||
Total shares outstanding movement of period | (14) | (55) | (7) | ||
Share capital at end of period | 825 | 890 | 901 | ||
Treasury shares at end of period | (41) | (92) | (48) | ||
Total outstanding share capital at end of period | $ 784 | $ 798 | $ 853 | ||
Par value per share | SFr / shares | SFr 0.49 | SFr 0.50 |
Equity (Details 1)
Equity (Details 1) shares in Millions, $ in Millions, SFr in Billions | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2023 CHF (SFr) | Dec. 31, 2022 CHF (SFr) | Dec. 31, 2021 CHF (SFr) | |
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding at beginning of period | 2,119.6 | 2,234.9 | 2,256.8 | |||
Treasury shares acquired to be cancelled | (87.5) | (126.2) | (30.7) | |||
Other share purchases | (1.6) | (1.4) | (1.5) | |||
Exercise of options and employee transactions shares | 2.8 | 1.9 | 0.6 | |||
Equity based compensation shares | 10.4 | 10.4 | 9.6 | |||
Shares delivered to divested business employees Alcon | 0 | 0.1 | ||||
Shares delivered to divested business employees, equity impact Alcon | $ | $ 5 | $ 17 | ||||
Shares delivered to divested business employees Sandoz | 0.3 | |||||
Shares delivered to divested business employees, equity impact Sandoz | $ | $ 30 | |||||
Total movements | (75.6) | (115.3) | (21.9) | |||
Number of shares outstanding at end of period | 2,044 | 2,119.6 | 2,234.9 | |||
Shares repurchased on the SIX Swiss Exchange second trading line under the share buyback authority approved | SFr | SFr 10 | SFr 10 | SFr 10 | |||
Total Novartis shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares issued at beginning of period | 2,403.7 | 2,434.4 | 2,467 | |||
Shares cancelled for capital reduction | (126.2) | (30.7) | (32.6) | |||
Total movements | (126.2) | (30.7) | (32.6) | |||
Number of shares issued at end of period | 2,277.5 | 2,403.7 | 2,434.4 | |||
Total treasury shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of treasury shares at beginning of period | (284.1) | (199.5) | (210.2) | |||
Shares cancelled for capital reduction | 126.2 | 30.7 | 32.6 | |||
Treasury shares acquired to be cancelled | (87.5) | (126.2) | (30.7) | |||
Other share purchases | (1.6) | (1.4) | (1.5) | |||
Exercise of options and employee transactions shares | 2.8 | 1.9 | 0.6 | |||
Equity based compensation shares | 10.4 | 10.4 | 9.6 | |||
Shares delivered to divested business employees Alcon | 0 | 0.1 | ||||
Shares delivered to divested business employees Sandoz | 0.3 | |||||
Total movements | 50.6 | (84.6) | 10.7 | |||
Number of treasury shares at end of period | (233.5) | (284.1) | (199.5) | |||
Treasury shares with restricted use | 99 | 102.5 |
Equity (Details 2)
Equity (Details 2) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 SFr / shares | Dec. 31, 2022 SFr / shares | Dec. 31, 2021 SFr / shares | |
Statement of changes in equity [abstract] | ||||||
Dividends payable, amount per share | SFr / shares | SFr 3.20 | SFr 3.10 | SFr 3 | |||
Dividends recognised as distributions to owners | $ | $ 7,255 | $ 7,506 | $ 7,368 |
Equity (Details 3)
Equity (Details 3) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of changes in equity [abstract] | |||
Treasury shares acquired to be cancelled | (87.5) | (126.2) | (30.7) |
Shares acquired for cancellation, equity impact | $ (8,369) | $ (10,787) | $ (2,775) |
Other share purchases | (1.6) | (1.4) | (1.5) |
Other share purchases, equity impact | $ (148) | $ (123) | $ (145) |
Purchase of treasury shares | (89.1) | (127.6) | (32.2) |
Purchase of treasury shares, equity impact | $ (8,517) | $ (10,910) | $ (2,920) |
Exercise of options and employee transactions shares | 2.8 | 1.9 | 0.6 |
Exercise of options and employee transactions, equity impact | $ 146 | $ 88 | $ 39 |
Equity based compensation shares | 10.4 | 10.4 | 9.6 |
Equity-based compensation, equity impact | $ 904 | $ 854 | $ 745 |
Shares delivered to divested business employees Alcon | 0 | 0.1 | |
Shares delivered to divested business employees, equity impact Alcon | $ 5 | $ 17 | |
Shares delivered to divested business employees Sandoz | 0.3 | ||
Shares delivered to divested business employees, equity impact Sandoz | $ 30 | ||
Total number of outstanding treasury shares | (75.6) | (115.3) | (21.9) |
Total equity impact of treasury share movements | $ (7,437) | $ (9,963) | $ (2,119) |
Equity (Details 4)
Equity (Details 4) SFr / shares in Units, $ / shares in Units, shares in Millions, SFr in Millions, Pure in Millions, $ in Millions | 12 Months Ended | ||||||
Sep. 15, 2023 USD ($) | Sep. 15, 2023 CHF (SFr) | Dec. 31, 2023 USD ($) shares | Dec. 31, 2021 USD ($) year $ / shares | Dec. 31, 2020 USD ($) | Dec. 31, 2023 SFr / shares | Dec. 31, 2022 year $ / shares | |
Disclosure of classes of share capital [line items] | |||||||
Commitment for repurchase own shares | $ 2,800 | ||||||
Tax on transaction costs recorded in equity | $ 29 | ||||||
Maximal amount of share buyback programm | $ 15,000 | $ 15,000 | $ 2,500 | ||||
Written call options held by market maker | 3 | 0 | 3 | ||||
Written call options, contractual live | year | 10 | ||||||
Written call options, contractual live, remaining | year | 2 | 1 | |||||
Written call options, weighted average exercise price | $ / shares | $ 61.45 | $ 66.07 | |||||
Number of options repurchased | (3) | ||||||
Reduction of issued capital | $ 17.1 | SFr 22.8 | |||||
Reduction par value per share | SFr / shares | SFr 0.01 | ||||||
Amount of share buyback programm related to irrevocable, non-discretionary arangement | shares | 11.7 |
Non-current financial debt (Det
Non-current financial debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of components of non-current financial debts [abstract] | ||
Straight bonds | $ 20,585 | $ 22,341 |
Liabilities to banks and other institutions | 42 | 144 |
Total including current portion of non-current financial debt | 20,627 | 22,485 |
Less current portion of non-current financial debt | (2,191) | (2,241) |
Total non-current financial debts | $ 18,436 | $ 20,244 |
Average interest rate on loans received | 2.60% | 2.30% |
Ratio fixed rate financial debt to total financial debt | 84% | 86% |
Average interest rate on borrowings | 2.90% | 2.40% |
Non-current financial debt (D_2
Non-current financial debt (Details 1) € in Millions, SFr in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 CHF (SFr) | Dec. 31, 2022 USD ($) | Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | |||||
Straight bonds | $ 20,585 | $ 22,341 | |||
3.7% USD 500 million bond 2012/2042 of Novartis Capital Corporation, New York United States, issued at 98.325% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 3.70% | 3.70% | 3.70% | ||
Borrowings, original currency | USD | ||||
Notional amount | $ 500 | ||||
Borrowings, issuance year | 2012 | ||||
Borrowings, maturity year | 2042 | ||||
Borrowings, issuer | Novartis Capital Corporation, New York, United States | ||||
Borrowings, issue price | 98.325% | ||||
Straight bonds | $ 491 | 490 | |||
3.4% USD 2 150 million bond 2014/2024 of Novartis Capital Corporation, New York United States, issued at 99.287% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 3.40% | 3.40% | 3.40% | ||
Borrowings, original currency | USD | ||||
Notional amount | $ 2,150 | ||||
Borrowings, issuance year | 2014 | ||||
Borrowings, maturity year | 2024 | ||||
Borrowings, issuer | Novartis Capital Corporation, New York, United States | ||||
Borrowings, issue price | 99.287% | ||||
Straight bonds | $ 2,150 | 2,147 | |||
4.4% USD 1 850 million bond 2014/2044 of Novartis Capital Corporation, New York United States, issued at 99.196% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 4.40% | 4.40% | 4.40% | ||
Borrowings, original currency | USD | ||||
Notional amount | $ 1,850 | ||||
Borrowings, issuance year | 2014 | ||||
Borrowings, maturity year | 2044 | ||||
Borrowings, issuer | Novartis Capital Corporation, New York, United States | ||||
Borrowings, issue price | 99.196% | ||||
Straight bonds | $ 1,828 | 1,827 | |||
1.625% EUR 600 million bond 2014/2026 of Novartis Finance S.A. Luxembourg, Luxembourg, issued at 99.697% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 1.625% | 1.625% | 1.625% | ||
Borrowings, original currency | EUR | ||||
Notional amount | € | € 600 | ||||
Borrowings, issuance year | 2014 | ||||
Borrowings, maturity year | 2026 | ||||
Borrowings, issuer | Novartis Finance S.A., Luxembourg, Luxembourg | ||||
Borrowings, issue price | 99.697% | ||||
Straight bonds | $ 663 | 638 | |||
0.25% CHF 500 million bond 2015/2025 of Novartis AG Basel Switzerland, issued at 100.64% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 0.25% | 0.25% | 0.25% | ||
Borrowings, original currency | CHF | ||||
Notional amount | SFr | SFr 500 | ||||
Borrowings, issuance year | 2015 | ||||
Borrowings, maturity year | 2025 | ||||
Borrowings, issuer | Novartis AG, Basel, Switzerland | ||||
Borrowings, issue price | 100.64% | ||||
Straight bonds | $ 595 | 541 | |||
0.625% CHF 550 million bond 2015/2029 of Novartis AG Basel Switzerland, issued at 100.502% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 0.625% | 0.625% | 0.625% | ||
Borrowings, original currency | CHF | ||||
Notional amount | SFr | SFr 550 | ||||
Borrowings, issuance year | 2015 | ||||
Borrowings, maturity year | 2029 | ||||
Borrowings, issuer | Novartis AG, Basel, Switzerland | ||||
Borrowings, issue price | 100.502% | ||||
Straight bonds | $ 654 | 595 | |||
1.050% CHF 325 million bond 2015/2035 of Novartis AG Basel Switzerland, issued at 100.479% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 1.05% | 1.05% | 1.05% | ||
Borrowings, original currency | CHF | ||||
Notional amount | SFr | SFr 325 | ||||
Borrowings, issuance year | 2015 | ||||
Borrowings, maturity year | 2035 | ||||
Borrowings, issuer | Novartis AG, Basel, Switzerland | ||||
Borrowings, issue price | 100.479% | ||||
Straight bonds | $ 387 | 352 | |||
3.0% USD 1 750 million bond 2015/2025 of Novartis Capital Corporation, New York United States, issued at 99.010% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 3% | 3% | 3% | ||
Borrowings, original currency | USD | ||||
Notional amount | $ 1,750 | ||||
Borrowings, issuance year | 2015 | ||||
Borrowings, maturity year | 2025 | ||||
Borrowings, issuer | Novartis Capital Corporation, New York, United States | ||||
Borrowings, issue price | 99.01% | ||||
Straight bonds | $ 1,745 | 1,742 | |||
4.0% USD 1 250 million bond 2015/2045 of Novartis Capital Corporation, New York United States, issued at 98.029% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 4% | 4% | 4% | ||
Borrowings, original currency | USD | ||||
Notional amount | $ 1,250 | ||||
Borrowings, issuance year | 2015 | ||||
Borrowings, maturity year | 2045 | ||||
Borrowings, issuer | Novartis Capital Corporation, New York, United States | ||||
Borrowings, issue price | 98.029% | ||||
Straight bonds | $ 1,222 | 1,221 | |||
0.125% EUR 1 250 million bond 2016/2023 of Novartis Finance S.A. Luxembourg, Luxembourg, issued at 99.127% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 0.125% | 0.125% | 0.125% | ||
Borrowings, original currency | EUR | ||||
Notional amount | € | € 1,250 | ||||
Borrowings, issuance year | 2016 | ||||
Borrowings, maturity year | 2023 | ||||
Borrowings, issuer | Novartis Finance S.A., Luxembourg, Luxembourg | ||||
Borrowings, issue price | 99.127% | ||||
Straight bonds | 1,330 | ||||
0.625% EUR 500 million bond 2016/2028 of Novartis Finance S.A. Luxembourg, Luxembourg, issued at 98.48% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 0.625% | 0.625% | 0.625% | ||
Borrowings, original currency | EUR | ||||
Notional amount | € | € 500 | ||||
Borrowings, issuance year | 2016 | ||||
Borrowings, maturity year | 2028 | ||||
Borrowings, issuer | Novartis Finance S.A., Luxembourg, Luxembourg | ||||
Borrowings, issue price | 98.48% | ||||
Straight bonds | $ 549 | 528 | |||
3.100% USD 1'000 million 2017/2027 of Novartis Capital Corporation, New York, United States, issued at 99.109% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 3.10% | 3.10% | 3.10% | ||
Borrowings, original currency | USD | ||||
Notional amount | $ 1,000 | ||||
Borrowings, issuance year | 2017 | ||||
Borrowings, maturity year | 2027 | ||||
Borrowings, issuer | Novartis Capital Corporation, New York, United States | ||||
Borrowings, issue price | 99.109% | ||||
Straight bonds | $ 995 | 994 | |||
1.125% EUR 600 million 2017/2027 of Novartis Finance S.A., Luxembourg, Luxembourg, issued at 99.874% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 1.125% | 1.125% | 1.125% | ||
Borrowings, original currency | EUR | ||||
Notional amount | € | € 600 | ||||
Borrowings, issuance year | 2017 | ||||
Borrowings, maturity year | 2027 | ||||
Borrowings, issuer | Novartis Finance S.A., Luxembourg, Luxembourg | ||||
Borrowings, issue price | 99.874% | ||||
Straight bonds | $ 662 | 638 | |||
0.500% EUR 750 million 2018/2023 of Novartis Finance S.A., Luxembourg, Luxembourg issued at 99.655% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 0.50% | 0.50% | 0.50% | ||
Borrowings, original currency | EUR | ||||
Notional amount | € | € 750 | ||||
Borrowings, issuance year | 2018 | ||||
Borrowings, maturity year | 2023 | ||||
Borrowings, issuer | Novartis Finance S.A., Luxembourg, Luxembourg | ||||
Borrowings, issue price | 99.655% | ||||
Straight bonds | 798 | ||||
1.375% EUR 750 million 2018/2030 of Novartis Finance S.A., Luxembourg, Luxembourg issued at 99.957% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 1.375% | 1.375% | 1.375% | ||
Borrowings, original currency | EUR | ||||
Notional amount | € | € 750 | ||||
Borrowings, issuance year | 2018 | ||||
Borrowings, maturity year | 2030 | ||||
Borrowings, issuer | Novartis Finance S.A., Luxembourg, Luxembourg | ||||
Borrowings, issue price | 99.957% | ||||
Straight bonds | $ 828 | 797 | |||
1.700% EUR 750 million 2018/2038 of Novartis Finance S.A., Luxembourg, Luxembourg issued at 99.217% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 1.70% | 1.70% | 1.70% | ||
Borrowings, original currency | EUR | ||||
Notional amount | € | € 750 | ||||
Borrowings, issuance year | 2018 | ||||
Borrowings, maturity year | 2038 | ||||
Borrowings, issuer | Novartis Finance S.A., Luxembourg, Luxembourg | ||||
Borrowings, issue price | 99.217% | ||||
Straight bonds | $ 823 | 792 | |||
1.750% USD 1 000 million 2020/2025 Novartis Capital Corporation, New York, United States, issued at 99.852% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 1.75% | 1.75% | 1.75% | ||
Borrowings, original currency | USD | ||||
Notional amount | $ 1,000 | ||||
Borrowings, issuance year | 2020 | ||||
Borrowings, maturity year | 2025 | ||||
Borrowings, issuer | Novartis Capital Corporation, New York, United States | ||||
Borrowings, issue price | 99.852% | ||||
Straight bonds | $ 999 | 998 | |||
2.000% USD 1 250 million 2020/2027 Novartis Capital Corporation, New York, United States, issued at 99.909% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 2% | 2% | 2% | ||
Borrowings, original currency | USD | ||||
Notional amount | $ 1,250 | ||||
Borrowings, issuance year | 2020 | ||||
Borrowings, maturity year | 2027 | ||||
Borrowings, issuer | Novartis Capital Corporation, New York, United States | ||||
Borrowings, issue price | 99.909% | ||||
Straight bonds | $ 1,247 | 1,246 | |||
2.200% USD 1 500 million 2020/2030 Novartis Capital Corporation, New York, United States, issued at 99.869% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 2.20% | 2.20% | 2.20% | ||
Borrowings, original currency | USD | ||||
Notional amount | $ 1,500 | ||||
Borrowings, issuance year | 2020 | ||||
Borrowings, maturity year | 2030 | ||||
Borrowings, issuer | Novartis Capital Corporation, New York, United States | ||||
Borrowings, issue price | 99.869% | ||||
Straight bonds | $ 1,495 | 1,494 | |||
2.750% USD 1 250 million 2020/2050 Novartis Capital Corporation, New York, United States, issued at 97.712% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 2.75% | 2.75% | 2.75% | ||
Borrowings, original currency | USD | ||||
Notional amount | $ 1,250 | ||||
Borrowings, issuance year | 2020 | ||||
Borrowings, maturity year | 2050 | ||||
Borrowings, issuer | Novartis Capital Corporation, New York, United States | ||||
Borrowings, issue price | 97.712% | ||||
Straight bonds | $ 1,216 | 1,215 | |||
0.000% 1 EUR 1 850 million 2020/2028 Novartis Finance S.A., Luxembourg, Luxembourg, issued at 99.354% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, coupon | 0% | 0% | 0% | ||
Borrowings, original currency | EUR | ||||
Notional amount | € | € 1,850 | ||||
Borrowings, issuance year | 2020 | ||||
Borrowings, maturity year | 2028 | ||||
Borrowings, issuer | Novartis Finance S.A., Luxembourg, Luxembourg | ||||
Borrowings, issue price | 99.354% | ||||
Straight bonds | $ 2,036 | $ 1,958 | |||
Borrowings interest rate step up | 25% |
Non-current financial debt (D_3
Non-current financial debt (Details 2) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 20,627 | $ 22,485 |
Not later than one year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 2,191 | 2,241 |
Later than one year and not later than two years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 3,338 | 2,147 |
Later than two years and not later than three years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 663 | 3,281 |
Later than three years and not later than four years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 2,906 | 638 |
Later than four years and not later than five years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 2,585 | 2,909 |
Later than five years and not later than six years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 2,485 | |
Later than five years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 8,944 | |
Later than six years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 8,784 |
Non-current financial debt (D_4
Non-current financial debt (Details 3) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 20,627 | $ 22,485 |
USD | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 13,388 | 13,376 |
EUR | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 5,563 | 7,478 |
JPY | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 76 | |
CHF | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 1,635 | 1,488 |
Others | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 41 | $ 67 |
Non-current financial debt (D_5
Non-current financial debt (Details 4) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of fair value measurement of liabilities [line items] | ||
Straight bonds | $ 20,585 | $ 22,341 |
Total | 20,627 | 22,485 |
Balance sheet | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Straight bonds | 20,585 | 22,341 |
Others | 42 | 144 |
Total | 20,627 | 22,485 |
Fair values | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Straight bonds | 19,194 | 20,277 |
Others | 42 | 144 |
Total | $ 19,236 | $ 20,421 |
Provisions and other non-curr_3
Provisions and other non-current liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of other provisions [line items] | |||
Defined benefit pension plans | $ 1,815 | $ 1,723 | |
Other long-term employee benefits and deferred compensation | 546 | 554 | |
Other post-employment benefits | 369 | 362 | |
Environmental remediation provisions | 518 | 535 | $ 567 |
Product liability, government investigations, other legal matters provisions | 82 | 154 | $ 341 |
Contingent consideration | 389 | 704 | |
Other non-current liabilities | 804 | 874 | |
Total provisions and other non-current liabilities | $ 4,523 | $ 4,906 |
Provisions and other non-curr_4
Provisions and other non-current liabilities (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Environmental provision [roll forward] | |||
Environmental liabilities provision at beginning of period | $ 588 | $ 616 | $ 809 |
Cash payments | (6) | (169) | |
Releases | (18) | (105) | |
Additions | 6 | 105 | |
Currency translation effects | (10) | (24) | |
Environmental liabilities provision at end of period | 538 | 588 | 616 |
Less current provision | (20) | (53) | (49) |
Non-current environmental remediation provisions at end of period | 518 | 535 | 567 |
Continuing operations [member] | |||
Environmental provision [roll forward] | |||
Cash payments | (4) | (5) | (169) |
Releases | (54) | (18) | (105) |
Additions | 14 | $ 6 | $ 105 |
Currency translation effects | 47 | ||
Discontinued operations [member] | |||
Environmental provision [roll forward] | |||
Environmental liabilities provision at end of period | $ (53) |
Provisions and other non-curr_5
Provisions and other non-current liabilities (Details 2) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Environmental provision, fiscal year maturity [abstract] | ||||
Due within two years | $ 82 | |||
Due later than two years, but within five years | 158 | |||
Due later than five years, but within ten years | 217 | |||
Due after ten years | 81 | |||
Total environmental remediation liability provisions | $ 538 | $ 588 | $ 616 | $ 809 |
Provisions and other non-curr_6
Provisions and other non-current liabilities (Details 3) $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Disclosure of other provisions [line items] | ||||
Product liability, government investigations, other legal matters provisions | $ 82 | $ 154 | $ 341 | |
Italy | Lucentis [member] | ||||
Disclosure of other provisions [line items] | ||||
Estimated financial effect of contingent liabilities, maximum fine | 1,300 | |||
Estimated financial effect of contingent liabilities, damages claimed | 330 | |||
Italy | NAG and Novartis Pharma SpA [member] | Lucentis [member] | ||||
Disclosure of other provisions [line items] | ||||
Estimated financial effect of contingent liabilities | $ 125 | |||
US | Exforge Group [member] | ||||
Disclosure of other provisions [line items] | ||||
Amount of settlement in principle | 245 | |||
US | NPC and others [member] | Tasigna [member] | ||||
Disclosure of other provisions [line items] | ||||
Product liability contingency, loss exposure not accrued, number of cases | 400 | |||
France | F Hoffman La Roche AG and Roche SpA [member] | ||||
Disclosure of other provisions [line items] | ||||
Estimated financial effect of contingent liabilities, maximum fine | $ 452 | |||
Greece | Novartis (Hellas) S.A.C.I., Metamorphosis/Athens [member] | ||||
Disclosure of other provisions [line items] | ||||
Estimated financial effect of contingent liabilities, maximum fine | $ 1.2 | |||
Estimated financial effect of contingent liabilities, compensation for moral damages | $ 225 |
Provisions and other non-curr_7
Provisions and other non-current liabilities (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Product liability, government investigations, other legal matters provisions [roll forward] | |||
Product liabilities government investigations other legal matters provisions at beginning of period | $ 702 | $ 397 | $ 487 |
Provisions related to discontinued operations | (97) | ||
Impact of business combinations | 4 | ||
Cash payments | (448) | (105) | (292) |
Releases | (219) | (52) | (44) |
Additions | 170 | 466 | 251 |
Currency translation effects | 16 | (8) | (5) |
Product liabilities government investigations other legal matters provisions at end of period | 124 | 702 | 397 |
Less current provision | (42) | (548) | (56) |
Non-current product liabilities, governmental investigations and other legal matters provisions at end of period | $ 82 | 154 | 341 |
Continuing operations [member] | |||
Product liability, government investigations, other legal matters provisions [roll forward] | |||
Cash payments | (67) | (64) | |
Releases | (38) | (18) | |
Additions | $ 435 | $ 190 |
Current financial debt and de_3
Current financial debt and derivative financial instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of current financial debt and derivative instruments [abstract] | ||
Bank and other financial debt | $ 624 | $ 863 |
Commercial Papers | 3,269 | 2,772 |
Current portion of non-current financial debt | 2,191 | 2,241 |
Fair value of derivative financial instruments | 91 | 55 |
Total current financial debt and derivative financial instruments | $ 6,175 | $ 5,931 |
Weighted average interest rate on Bank and other financial debt | 13.20% | 9.70% |
Provisions and other current _3
Provisions and other current liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Provisions and other current liabilities [line items] | ||||
Taxes other than income taxes | $ 516 | $ 836 | ||
Restructuring provisions | 703 | 1,131 | ||
Accrued expenses for goods and services received but not invoiced | 1,026 | 1,059 | ||
Accruals for royalties | 844 | 767 | ||
Accrued interests on financial debt | 116 | 116 | ||
Provisions for deductions from revenue | 6,315 | 6,732 | $ 6,481 | $ 6,256 |
Accruals for compensation and benefits including social security | 2,330 | 2,321 | ||
Environmental remediation liabilities | 20 | 53 | 49 | |
Current deferred income other than current contract liabilities | 98 | 123 | ||
Provisions for product liabilities, governmental investigations and other legal matters | 42 | 548 | 56 | |
Accrued share-based payments | 322 | 235 | $ 253 | |
Contingent consideration | 14 | 131 | ||
Other payables | 820 | 743 | ||
Total provisions and other current liabilities | $ 13,166 | $ 14,795 |
Provisions and other current _4
Provisions and other current liabilities (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Provisions for deductions from revenue [roll forward] | |||
Provisions for deductions from revenue, at beginning of period | $ 6,732 | $ 6,481 | $ 6,256 |
Effects of currency translation and business combinations | (210) | (218) | |
Payments/utilizations | (22,261) | (19,838) | |
Additions prior year | (322) | (245) | |
Additions current year | 23,072 | 20,413 | |
Changes in offset against gross trade receivables | (28) | 113 | |
Provisions for deductions from revenue, at end of period | 6,315 | 6,732 | 6,481 |
Continuing operations [member] | |||
Provisions for deductions from revenue [roll forward] | |||
Effects of currency translation and business combinations | 68 | ||
Payments/utilizations | (16,703) | (14,691) | (12,473) |
Additions prior year | (206) | (218) | (251) |
Additions current year | 17,798 | 15,231 | 13,084 |
Changes in offset against gross trade receivables | 41 | $ (2) | $ 44 |
Discontinued operations [member] | |||
Provisions for deductions from revenue [roll forward] | |||
Provisions for deductions from revenue, discontinued operations, at end of period | $ 1,415 |
Provisions and other current _5
Provisions and other current liabilities (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring provisions movements [roll forward] | |||
Cash payments | $ (22,261) | $ (19,838) | |
Continuing operations [member] | |||
Restructuring provisions movements [roll forward] | |||
Cash payments | $ (16,703) | (14,691) | (12,473) |
Restructuring provision | |||
Restructuring provisions movements [roll forward] | |||
Provision at beginning of period | 1,131 | 345 | 459 |
Provisions related to discontinued operations | (51) | ||
Additions | 658 | 1,368 | 328 |
Cash payments | (816) | (468) | (344) |
Releases | (193) | (42) | (54) |
Transfers | (57) | (53) | (27) |
Currency translation effects | 31 | (19) | (17) |
Provision at end of period | $ 703 | 1,131 | 345 |
Restructuring provision | Continuing operations [member] | |||
Restructuring provisions movements [roll forward] | |||
Additions | 1,300 | 266 | |
Cash payments | (421) | (259) | |
Releases | (33) | (29) | |
Transfers | $ (53) | $ (24) |
Details to the consolidated cas
Details to the consolidated cash flow statements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss [abstract] | |||
Change in provisions and other non-current liabilities | $ 61 | $ 1,318 | $ 806 |
Gains on disposal and other adjustments on property, plant and equipment; intangible assets;financial assets; and other non-current assets, net | (180) | (308) | (646) |
Equity-settled compensation expense | 865 | 791 | 700 |
Income from associated companies | 13 | 11 | (15,337) |
Income taxes | 551 | 1,128 | 1,625 |
Net financial expense | 633 | 758 | 863 |
Other | 43 | (32) | |
Total | 10,369 | 10,631 | (6,430) |
Property, plant and equipment | |||
Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss [abstract] | |||
Adjustments for depreciation and amortisation expense and impairment loss (reversal of impairment loss) recognised in profit or loss | 1,006 | 1,374 | 1,277 |
Right-of-use assets [member] | |||
Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss [abstract] | |||
Adjustments for depreciation and amortisation expense and impairment loss (reversal of impairment loss) recognised in profit or loss | 263 | 270 | 279 |
Acquisition of assets (right of use assets) through leasing | 421 | 216 | 295 |
Intangible assets | |||
Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss [abstract] | |||
Adjustments for depreciation and amortisation expense and impairment loss (reversal of impairment loss) recognised in profit or loss | 7,008 | 5,061 | 4,041 |
Financial assets impaired [member] | |||
Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss [abstract] | |||
Adjustments for depreciation and amortisation expense and impairment loss (reversal of impairment loss) recognised in profit or loss | 106 | 260 | (38) |
Intangible assets other than goodwill [member] | |||
Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss [abstract] | |||
Acquisition of assets (other than through business combinations) by assuming directly related liabilities | $ 0 | $ 635 | $ 0 |
Details to the consolidated c_2
Details to the consolidated cash flow statements (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [line items] | |||
Income taxes paid (refund), classified as operating activities | $ 2,787 | $ 1,702 | $ 1,856 |
Income taxes paid refund classified as operating activities total company | 2,949 | 1,975 | 2,342 |
Discontinued operations | |||
Statement [line items] | |||
Income taxes paid refund classified as operating activities discontinued operations | $ 162 | $ 273 | $ 486 |
Details to the consolidated c_3
Details to the consolidated cash flow statements (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [line items] | |||
Increase in inventories | $ (546) | $ (560) | $ (102) |
Increase in trade receivables | (1,504) | (397) | (352) |
Increase/(decrease) in trade payables | 479 | (181) | (111) |
Change in other current and non-current assets | (125) | (84) | (179) |
Change in other current liabilities | 1,327 | 426 | 671 |
Total | $ (369) | $ (796) | $ (73) |
Details to the consolidated c_4
Details to the consolidated cash flow statements (Details 5) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [line items] | |||
Net cash flows | $ (3,558) | $ (840) | $ (205) |
Discontinued operations | |||
Statement [line items] | |||
Net cash flows | 22 | 39 | 362 |
Acquisitions | |||
Statement [line items] | |||
Net assets recognized as a result of acquistions of businesses | (3,699) | (1,077) | (320) |
Fair value of previously held equity interests | 26 | 21 | 42 |
Contingent consideration payables, net | 146 | 224 | 18 |
Payments, deferred consideration and other adjustments, net | (34) | 0 | 1 |
Net cash flows | (3,561) | (832) | (259) |
Divestments | |||
Statement [line items] | |||
Net cash flows | $ 3 | (8) | $ 54 |
Non-current assets divested | 127 | ||
Net cash inflows from divestment | (12) | ||
Current assets divested | 70 | ||
Cash and cash equivalents in subsidiary or businesses acquired or disposed | (62) | ||
Deferred sale price and other adjustments | 19 | ||
Cash outflows due to derecognized cash and cash equivalents | 20 | ||
Non-current and current liabilities divested | 58 | ||
Net identifiable assets of divested business | $ 139 |
Details to the consolidated c_5
Details to the consolidated cash flow statements (Details 6) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [line items] | |||
Repayments of the current portion of non-current financial debts | $ (2,223) | $ (2,575) | $ (2,162) |
Change in current financial debts | 546 | 252 | (3,547) |
Payments of lease liabilities | (258) | (262) | (278) |
Cash outflows from interest bearing accounts of employees payable on demand | 1,700 | ||
Financial debt [member] | |||
Statement [line items] | |||
Financial debts, derivative financial instruments and lease liabilities at beginning of period | 26,120 | 29,129 | 35,850 |
Increase in non-current financial debts | 16 | 16 | |
Repayments of the current portion of non-current financial debts | (2,575) | (2,162) | |
Change in current financial debts | 295 | (3,524) | |
Impact of acquisitions and divestments of businesses, net | 1 | ||
Changes in fair values, lease interest and other changes, net | 1 | ||
Amortization of bonds discount | 22 | 29 | |
Currency translation effects | (767) | (1,082) | |
Financial debts, derivative financial instruments and lease liabilities at end of period | 24,520 | 26,120 | 29,129 |
Lease liabilities [member] | |||
Statement [line items] | |||
Financial debts, derivative financial instruments and lease liabilities at beginning of period | 1,789 | 1,896 | 2,005 |
Payments of lease liabilities | (295) | (316) | |
Interest payments for amounts included in lease liabilities classified as cash flows from operating activities | (51) | (52) | |
New, modified and terminated leases, net | 222 | 253 | |
Impact of acquisitions and divestments of businesses, net | 12 | ||
Changes in fair values, lease interest and other changes, net | 60 | 62 | |
Currency translation effects | (55) | (56) | |
Financial debts, derivative financial instruments and lease liabilities at end of period | 1,828 | 1,789 | 1,896 |
Derivative financial instruments [member] | |||
Statement [line items] | |||
Financial debts, derivative financial instruments and lease liabilities at beginning of period | 55 | 68 | 194 |
Changes in fair values, lease interest and other changes, net | (13) | (125) | |
Currency translation effects | (1) | ||
Financial debts, derivative financial instruments and lease liabilities at end of period | 91 | 55 | 68 |
Not later than one year | Financial debt [member] | |||
Statement [line items] | |||
Financial debts, derivative financial instruments and lease liabilities at beginning of period | 5,876 | 6,227 | |
Financial debts, derivative financial instruments and lease liabilities at end of period | 6,084 | 5,876 | 6,227 |
Not later than one year | Lease liabilities [member] | |||
Statement [line items] | |||
Financial debts, derivative financial instruments and lease liabilities at beginning of period | 251 | 275 | |
Financial debts, derivative financial instruments and lease liabilities at end of period | 230 | 251 | 275 |
Not later than one year | Derivative financial instruments [member] | |||
Statement [line items] | |||
Financial debts, derivative financial instruments and lease liabilities at beginning of period | 55 | 68 | |
Financial debts, derivative financial instruments and lease liabilities at end of period | 91 | 55 | 68 |
Later than one year | Financial debt [member] | |||
Statement [line items] | |||
Financial debts, derivative financial instruments and lease liabilities at beginning of period | 20,244 | 22,902 | |
Financial debts, derivative financial instruments and lease liabilities at end of period | 18,436 | 20,244 | 22,902 |
Later than one year | Lease liabilities [member] | |||
Statement [line items] | |||
Financial debts, derivative financial instruments and lease liabilities at beginning of period | 1,538 | 1,621 | |
Financial debts, derivative financial instruments and lease liabilities at end of period | 1,598 | 1,538 | 1,621 |
Continuing operations | Financial debt [member] | |||
Statement [line items] | |||
Increase in non-current financial debts | 0 | ||
Repayments of the current portion of non-current financial debts | (2,223) | ||
Change in current financial debts | 546 | 252 | 3,547 |
Changes in fair values, lease interest and other changes, net | (2) | ||
Amortization of bonds discount | 17 | ||
Currency translation effects | 276 | ||
Continuing operations | Lease liabilities [member] | |||
Statement [line items] | |||
Payments of lease liabilities | (258) | (262) | (278) |
Interest payments for amounts included in lease liabilities classified as cash flows from operating activities | (52) | $ 48 | $ 48 |
New, modified and terminated leases, net | 349 | ||
Impact of acquisitions and divestments of businesses, net | 51 | ||
Changes in fair values, lease interest and other changes, net | 28 | ||
Currency translation effects | 19 | ||
Continuing operations | Derivative financial instruments [member] | |||
Statement [line items] | |||
Changes in fair values, lease interest and other changes, net | 37 | ||
Discontinued operations | Financial debt [member] | |||
Statement [line items] | |||
Financial debts, derivative financial instruments and lease liabilities related to discontinued operations | (214) | ||
Discontinued operations | Lease liabilities [member] | |||
Statement [line items] | |||
Financial debts, derivative financial instruments and lease liabilities related to discontinued operations | (98) | ||
Discontinued operations | Derivative financial instruments [member] | |||
Statement [line items] | |||
Financial debts, derivative financial instruments and lease liabilities related to discontinued operations | $ (1) |
Acquisitions of businesses (Det
Acquisitions of businesses (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Amounts recognised as of acquisition date for each major class of assets acquired and liabilities assumed [line items] | |||
Property, plant and equipment | $ 18 | $ 13 | |
Right-of-use assets | 16 | 12 | |
Currently marketed products | $ 292 | ||
Acquired research and development | 2,931 | 1,209 | 262 |
Other intangible assets | 15 | 98 | |
Deferred tax assets | 34 | 56 | 28 |
Non-current financial and other assets | 164 | ||
Trade receivables and financial and other current assets | 183 | 5 | 1 |
Cash and cash equivalents | 226 | 89 | 10 |
Deferred tax liabilities | (474) | (300) | (74) |
Current and non-current financial debts | (1) | ||
Current and non-current lease liabilities | (51) | (12) | |
Trade payables and other liabilities | (231) | (67) | (4) |
Net identifiable assets acquired | 2,831 | 1,005 | 612 |
Acquired cash and cash equivalents | (226) | (89) | (10) |
Non-controlling interests | (105) | ||
Goodwill | 1,094 | 161 | 238 |
Net assets recognized as a result of acquisitions of business | 3,699 | 1,077 | 735 |
Goodwill expected to be deductible for tax purposes | $ 0 | $ 0 | $ 107 |
Post-employment benefits for _3
Post-employment benefits for employees (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of defined benefit plans [line items] | |
Concentration of major plans, geographic | In addition to the legally required social security schemes, the Company has numerous independent pension and other post-employment benefit plans. In most cases, these plans are externally funded in entities that are legally separate from the Company. For certain Company entities, however, no independent plan assets exist for the pension and other post-employment benefit obligations of employees. In these cases, the related unfunded liability is included in the balance sheet. The defined benefit obligations (DBOs) of all major pension and other post-employment benefit plans are reappraised annually by independent actuaries using the projected unit credit method. Plan assets are recognized at fair value.The major plans are based in Switzerland, the United States, the United Kingdom, Germany and Japan, which represent 96% of the Company’s total DBO for pension plans. Details of the plans in the two most significant countries, Switzerland and the United States, which represent 84% of the Company’s total DBO for post-employment benefit plans, are provided below. |
Major plans percentage in group DBO pensions | 96% |
Most signigicant countries percentage on group DBO post employment benefit plans | 84% |
Post-employment benefits for _4
Post-employment benefits for employees (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension plans | |||
Defined benefit plan, change in benefit obligation [roll forward] | |||
Benefit obligation at beginning of period | $ 17,533 | $ 23,583 | |
Current service cost | 348 | ||
Interest cost | 249 | ||
Past service cost and settlements | (40) | ||
Administrative expenses | 23 | ||
Remeasurement losses/(gains) arising from changes in financial assumptions | (5,046) | ||
Remeasurement (gains) arising from changes in demographic assumptions | (53) | ||
Experience-related remeasurement losses/(gains) | 199 | ||
Currency translation effects | (650) | ||
Benefit payments | (1,253) | ||
Contributions of associates | 174 | ||
Effect of acquisitions, divestments or transfers | (1) | ||
Benefit obligation at end of period | 19,037 | 17,533 | |
Defined benefit plan, change in fair value of plan assets [roll forward] | |||
Fair value of plan assets at beginning of period | 18,945 | 22,420 | |
Interest income | 220 | ||
Return on plan assets excluding interest income | (2,500) | ||
Currency translation effects | (539) | ||
Novartis Group contributions | 424 | ||
Contributions of associates | 174 | ||
Settlements | (1) | ||
Benefit payments | (1,253) | ||
Fair value of plan assets at end of period | 19,934 | 18,945 | |
Funded status | 897 | 1,412 | |
Defined benefit plan, change in limitation on recognition of fund surplus [roll forward] | |||
Limitation on recognition of fund surplus at beginning of period | (2,644) | (62) | |
Change in limitation on recognition of fund surplus | (2,504) | ||
Currency translation effects | (76) | ||
Interest income on limitation of fund surplus | (2) | ||
Limitation on recognition of fund surplus at end of period | (2,167) | (2,644) | |
Net liability in the balance sheet at end of period | (1,270) | (1,232) | $ (1,225) |
Pension plans | Switzerland | |||
Defined benefit plan, change in benefit obligation [roll forward] | |||
Benefit obligation at beginning of period | 11,824 | ||
Benefit obligation at end of period | 13,453 | 11,824 | |
Defined benefit plan, change in fair value of plan assets [roll forward] | |||
Fair value of plan assets at beginning of period | 14,701 | ||
Fair value of plan assets at end of period | 15,892 | 14,701 | |
Funded status | 2,439 | 2,877 | |
Defined benefit plan, change in limitation on recognition of fund surplus [roll forward] | |||
Limitation on recognition of fund surplus at beginning of period | 2,587 | ||
Limitation on recognition of fund surplus at end of period | 2,112 | 2,587 | |
Other post-employment benefit plans | |||
Defined benefit plan, change in benefit obligation [roll forward] | |||
Benefit obligation at beginning of period | 422 | 560 | |
Current service cost | 12 | ||
Interest cost | 17 | ||
Past service cost and settlements | 1 | ||
Remeasurement losses/(gains) arising from changes in financial assumptions | (94) | ||
Experience-related remeasurement losses/(gains) | (28) | ||
Currency translation effects | (2) | ||
Benefit payments | (44) | ||
Benefit obligation at end of period | 440 | 422 | |
Defined benefit plan, change in fair value of plan assets [roll forward] | |||
Fair value of plan assets at beginning of period | 60 | 73 | |
Interest income | 2 | ||
Return on plan assets excluding interest income | (12) | ||
Novartis Group contributions | 41 | ||
Benefit payments | (44) | ||
Fair value of plan assets at end of period | 71 | 60 | |
Funded status | (369) | (362) | |
Defined benefit plan, change in limitation on recognition of fund surplus [roll forward] | |||
Net liability in the balance sheet at end of period | (369) | (362) | $ (487) |
Continuing operations [member] | Pension plans | |||
Defined benefit plan, change in benefit obligation [roll forward] | |||
Current service cost | 260 | ||
Interest cost | 504 | ||
Past service cost and settlements | 28 | ||
Administrative expenses | 25 | ||
Remeasurement losses/(gains) arising from changes in financial assumptions | 1,350 | ||
Remeasurement (gains) arising from changes in demographic assumptions | (303) | ||
Experience-related remeasurement losses/(gains) | 23 | ||
Currency translation effects | 1,304 | ||
Benefit payments | (1,384) | ||
Contributions of associates | 174 | ||
Effect of acquisitions, divestments or transfers | 52 | ||
Defined benefit plan, change in fair value of plan assets [roll forward] | |||
Interest income | 514 | ||
Return on plan assets excluding interest income | 175 | ||
Currency translation effects | 1,524 | ||
Novartis Group contributions | 408 | ||
Contributions of associates | 174 | ||
Settlements | (35) | ||
Benefit payments | (1,384) | ||
Effect of acquisitions, divestments or transfers | (1) | ||
Defined benefit plan, change in limitation on recognition of fund surplus [roll forward] | |||
Change in limitation on recognition of fund surplus | 740 | ||
Currency translation effects | (209) | ||
Interest income on limitation of fund surplus | (60) | ||
Continuing operations [member] | Other post-employment benefit plans | |||
Defined benefit plan, change in benefit obligation [roll forward] | |||
Current service cost | 9 | ||
Interest cost | 22 | ||
Remeasurement losses/(gains) arising from changes in financial assumptions | 13 | ||
Remeasurement (gains) arising from changes in demographic assumptions | (14) | ||
Experience-related remeasurement losses/(gains) | 44 | ||
Currency translation effects | 4 | ||
Benefit payments | (34) | ||
Defined benefit plan, change in fair value of plan assets [roll forward] | |||
Interest income | 2 | ||
Return on plan assets excluding interest income | 10 | ||
Novartis Group contributions | 33 | ||
Benefit payments | (34) | ||
Discontinued operations [member] | Pension plans | |||
Defined benefit plan, change in benefit obligation [roll forward] | |||
Benefit obligation, discontinued operations at beginning of period | (529) | ||
Benefit obligation, discontinued operations at end of period | 529 | ||
Defined benefit plan, change in fair value of plan assets [roll forward] | |||
Fair value of plan assets discontinued operations at beginning of period | (386) | ||
Defined benefit plan, change in limitation on recognition of fund surplus [roll forward] | |||
Limitation on recognition of fund surplus discontinued operations at beginning of period | (6) | ||
Discontinued operations [member] | Other post-employment benefit plans | |||
Defined benefit plan, change in benefit obligation [roll forward] | |||
Benefit obligation, discontinued operations at beginning of period | $ (26) | ||
Benefit obligation, discontinued operations at end of period | $ 26 |
Post-employment benefits for _5
Post-employment benefits for employees (Details 2) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Amounts recognized in the consolidated balance sheet [abstract] | ||
Prepaid benefit cost | $ 545 | $ 491 |
Pension plans | ||
Defined benefit plan, change in net liability [roll forward] | ||
Net liability at beginning of period | (1,232) | (1,225) |
Current service cost | (348) | |
Net interest expense | (31) | |
Administrative expenses | (23) | |
Past service cost and settlements | 39 | |
Remeasurements | 2,400 | |
Currency translation effects | 35 | |
Novartis Group contributions | 424 | |
Effect of acquisitions, divestments or transfers | 1 | |
Change in limitation on recognition of fund surplus | (2,504) | |
Net liability at end of period | (1,270) | (1,232) |
Amounts recognized in the consolidated balance sheet [abstract] | ||
Prepaid benefit cost | 545 | 491 |
Accrued benefit liability | (1,815) | (1,723) |
Other post-employment benefit plans | ||
Defined benefit plan, change in net liability [roll forward] | ||
Net liability at beginning of period | (362) | (487) |
Current service cost | (12) | |
Net interest expense | (15) | |
Past service cost and settlements | (1) | |
Remeasurements | 110 | |
Currency translation effects | 2 | |
Novartis Group contributions | 41 | |
Net liability at end of period | (369) | (362) |
Amounts recognized in the consolidated balance sheet [abstract] | ||
Accrued benefit liability | (369) | $ (362) |
Continuing operations [member] | Pension plans | ||
Defined benefit plan, change in net liability [roll forward] | ||
Current service cost | (260) | |
Net interest expense | (50) | |
Administrative expenses | (25) | |
Past service cost and settlements | (63) | |
Remeasurements | (895) | |
Currency translation effects | 11 | |
Novartis Group contributions | 408 | |
Effect of acquisitions, divestments or transfers | (53) | |
Change in limitation on recognition of fund surplus | 740 | |
Continuing operations [member] | Other post-employment benefit plans | ||
Defined benefit plan, change in net liability [roll forward] | ||
Current service cost | (9) | |
Net interest expense | (20) | |
Remeasurements | (33) | |
Currency translation effects | (4) | |
Novartis Group contributions | 33 | |
Discontinued operations [member] | Pension plans | ||
Defined benefit plan, change in net liability [roll forward] | ||
Net liability discontinued operations at beginning of period | (149) | |
Discontinued operations [member] | Other post-employment benefit plans | ||
Defined benefit plan, change in net liability [roll forward] | ||
Net liability discontinued operations at beginning of period | $ (26) |
Post-employment benefits for _6
Post-employment benefits for employees (Details 3) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Pension plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | $ 19,037 | $ 17,533 | $ 23,583 |
Plan assets, at fair value | 19,934 | 18,945 | 22,420 |
Funded status | 897 | 1,412 | |
Pension plans | Unfunded | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 928 | 919 | |
Pension plans | Active | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 6,793 | 6,161 | |
Pension plans | Deferred pensioners | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 1,682 | 1,691 | |
Pension plans | Pensioners | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 10,562 | 9,681 | |
Pension plans | Switzerland | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 13,453 | 11,824 | |
Plan assets, at fair value | 15,892 | 14,701 | |
Funded status | 2,439 | 2,877 | |
Pension plans | Switzerland | Active | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 5,557 | 4,799 | |
Pension plans | Switzerland | Pensioners | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 7,896 | 7,025 | |
Pension plans | US | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 2,574 | 2,746 | |
Plan assets, at fair value | 1,835 | 1,978 | |
Funded status | (739) | (768) | |
Pension plans | US | Unfunded | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 538 | 556 | |
Pension plans | US | Active | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 389 | 431 | |
Pension plans | US | Deferred pensioners | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 770 | 830 | |
Pension plans | US | Pensioners | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 1,415 | 1,485 | |
Pension plans | Rest of the world | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 3,010 | 2,963 | |
Plan assets, at fair value | 2,207 | 2,266 | |
Funded status | (803) | (697) | |
Pension plans | Rest of the world | Unfunded | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 390 | 363 | |
Pension plans | Rest of the world | Active | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 847 | 931 | |
Pension plans | Rest of the world | Deferred pensioners | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 912 | 861 | |
Pension plans | Rest of the world | Pensioners | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 1,251 | 1,171 | |
Other post-employment benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 440 | 422 | 560 |
Plan assets, at fair value | 71 | 60 | $ 73 |
Funded status | (369) | (362) | |
Other post-employment benefit plans | Unfunded | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 369 | 362 | |
Other post-employment benefit plans | Active | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 40 | 48 | |
Other post-employment benefit plans | Deferred pensioners | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 1 | 8 | |
Other post-employment benefit plans | Pensioners | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 399 | 366 | |
Other post-employment benefit plans | US | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 356 | 346 | |
Plan assets, at fair value | 71 | 60 | |
Funded status | (285) | (286) | |
Other post-employment benefit plans | US | Unfunded | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 285 | 286 | |
Other post-employment benefit plans | US | Active | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 30 | 30 | |
Other post-employment benefit plans | US | Deferred pensioners | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 1 | 8 | |
Other post-employment benefit plans | US | Pensioners | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 325 | 308 | |
Other post-employment benefit plans | Rest of the world | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 84 | 76 | |
Plan assets, at fair value | 0 | 0 | |
Funded status | (84) | (76) | |
Other post-employment benefit plans | Rest of the world | Unfunded | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 84 | 76 | |
Other post-employment benefit plans | Rest of the world | Active | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 10 | 18 | |
Other post-employment benefit plans | Rest of the world | Deferred pensioners | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 0 | 0 | |
Other post-employment benefit plans | Rest of the world | Pensioners | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | $ 74 | $ 58 |
Post-employment benefits for _7
Post-employment benefits for employees (Details 4) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension plans | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 2.20% | 3% | 0.90% |
Expected rate of pension increase | 0.30% | 0.40% | 0.50% |
Expected rate of salary increase | 3% | 2.90% | 2.70% |
Interest on savings account | 1.30% | 2.20% | 0.50% |
Current life expectancy for a 65-year-old male | 22 years | 22 years | 22 years |
Current life expectancy for a 65-year-old female | 24 years | 24 years | 24 years |
Other post-employment benefit plans | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 5.50% | 6.30% | 3.30% |
Current life expectancy for a 65-year-old male | 21 years | 21 years | 21 years |
Current life expectancy for a 65-year-old female | 23 years | 23 years | 23 years |
Post-employment benefits for _8
Post-employment benefits for employees (Details 5) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Discount rate | 25 basis point change | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ (528) | $ (466) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | 557 | 491 |
Life expectancy | 1 year increase | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 644 | 535 |
Rate of pension increase | 25 basis point change | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 366 | 316 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (61) | (63) |
Interest on savings account | 25 basis point change | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 43 | 38 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (42) | (37) |
Salary increase | 25 basis point change | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 41 | 37 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ (42) | $ (37) |
Post-employment benefits for _9
Post-employment benefits for employees (Details 6) - Other post-employment benefit plans | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of defined benefit plans [line items] | |||
Healthcare cost trend rate assumed for next year | 6.30% | 6.50% | 6% |
Rate to which the cost trend rate is assumed to decline | 4.50% | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate | 2031 | 2031 | 2028 |
Post-employment benefits for_10
Post-employment benefits for employees (Details 7) - Pension plans - USD ($) shares in Millions, $ in Billions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan, plan asset allocations | 100% | 100% |
Shares held by defined benefit plan | 2.3 | 2.3 |
Value of shares held by defined benefit plan | $ 0.2 | $ 0.2 |
Weighted average duration of defined benefit obligation years | 12 years 3 months 18 days | 11 years 9 months 18 days |
Equity securities | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan, target plan asset allocations range minimum | 15% | |
Defined benefit plan, target plan asset allocations range maximum | 40% | |
Defined benefit plan, plan asset allocations | 25% | 24% |
Debt securities | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan, target plan asset allocations range minimum | 20% | |
Defined benefit plan, target plan asset allocations range maximum | 60% | |
Defined benefit plan, plan asset allocations | 34% | 31% |
Real estate | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan, target plan asset allocations range minimum | 5% | |
Defined benefit plan, target plan asset allocations range maximum | 30% | |
Defined benefit plan, plan asset allocations | 19% | 21% |
Alternative investments | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan, target plan asset allocations range minimum | 0% | |
Defined benefit plan, target plan asset allocations range maximum | 20% | |
Defined benefit plan, plan asset allocations | 17% | 18% |
Cash and other investments | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan, target plan asset allocations range minimum | 0% | |
Defined benefit plan, target plan asset allocations range maximum | 15% | |
Defined benefit plan, plan asset allocations | 5% | 6% |
Post-employment benefits for_11
Post-employment benefits for employees (Details 8) $ in Millions | Dec. 31, 2023 USD ($) |
Pension plans | |
Novartis Group contributions | |
Contributions, next fiscal year (estimated) | $ 388 |
Pension plans | Not later than one year [member] | |
Expected future benefit payments | |
Expected future benefit payment | 1,434 |
Pension plans | Later than one year and not later than two years [member] | |
Expected future benefit payments | |
Expected future benefit payment | 1,317 |
Pension plans | Later than two years and not later than three years [member] | |
Expected future benefit payments | |
Expected future benefit payment | 1,186 |
Pension plans | Later than three years and not later than four years [member] | |
Expected future benefit payments | |
Expected future benefit payment | 1,159 |
Pension plans | Later than four years and not later than five years [member] | |
Expected future benefit payments | |
Expected future benefit payment | 1,132 |
Pension plans | Later than five years and not later than ten years [member] | |
Expected future benefit payments | |
Expected future benefit payment | 5,316 |
Other post-employment benefit plans | |
Novartis Group contributions | |
Contributions, next fiscal year (estimated) | 39 |
Other post-employment benefit plans | Not later than one year [member] | |
Expected future benefit payments | |
Expected future benefit payment | 40 |
Other post-employment benefit plans | Later than one year and not later than two years [member] | |
Expected future benefit payments | |
Expected future benefit payment | 40 |
Other post-employment benefit plans | Later than two years and not later than three years [member] | |
Expected future benefit payments | |
Expected future benefit payment | 40 |
Other post-employment benefit plans | Later than three years and not later than four years [member] | |
Expected future benefit payments | |
Expected future benefit payment | 39 |
Other post-employment benefit plans | Later than four years and not later than five years [member] | |
Expected future benefit payments | |
Expected future benefit payment | 38 |
Other post-employment benefit plans | Later than five years and not later than ten years [member] | |
Expected future benefit payments | |
Expected future benefit payment | $ 175 |
Post-employment benefits for_12
Post-employment benefits for employees (Details 9) - Continuing operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined contribution pension and other post-retirement plans disclosure [line items] | |||
Post-employment benefit expense, defined contribution plans | $ 477 | $ 483 | $ 484 |
Personnel costs | $ 12,700 | $ 13,100 |
Equity-based participation pl_3
Equity-based participation plans for employees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expense from share-based payment transactions with employees | $ 1,142 | $ 982 | $ 910 |
Liabilities from share-based payment transactions | 322 | 235 | 253 |
Discontinued operations | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expense from share-based payment transactions with employees | $ 60 | $ 66 | $ 69 |
Equity-based participation pl_4
Equity-based participation plans for employees (Details 1) | 12 Months Ended |
Dec. 31, 2023 | |
Annual incentive | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Description of share-based payment arrangement | The Annual Incentive for the Novartis Company CEO and other Executive Committee members (ECN) is paid 50% in cash and 50% in Novartis restricted shares (RSs) or restricted share units (RSUs). For a select portion of Novartis management leadership team, the Annual Incentive is paid 70% in cash and 30% in RSs or RSUs. Both the ECN and a select portion of Novartis management leadership team can opt to invest up to the maximum cash portion of their Annual Incentive to receive further RSs or RSUs. Any cash is paid out during March in the year following the end of the performance period, and the shares are granted during January in the year following the end of the performance period. |
Employee Share Ownership Plan (ESOP) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Description of share-based payment arrangement | Employee share savings planNovartis operates employee share savings and purchase plans in certain countries. The most significant is described below.The Employee Share Ownership Plan (ESOP) in Switzerland offers participants to choose to receive their Annual Incentive (i) 100% in shares, (ii) 50% in shares and 50% in cash, or (iii) 100% in cash. After the expiration of a three-year holding period for Novartis shares invested under the ESOP, participants receive one matching share for every two invested shares. Employees eligible for the equity plan “Select” are not eligible to receive ESOP matching shares. The Novartis Company CEO, the other Executive Committee members and a select portion of Novartis management leadership team are not eligible to participate in this plan. |
Share purchase plans | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Description of share-based payment arrangement | Novartis Employee share purchase planIn 2022 Novartis started to grant shares under the Employee Share Purchase Plan (ESPP). The ESPP enables employees to voluntarily purchase Novartis AG shares through payroll deductions at a discounted price. While the ESPP is global in scope, the first phase covers employees in North America (the US, Puerto Rico and Canada). Other countries employees will become eligible to participate in the ESPP commencing in 2024, according to a multi-year phased implementation plan. The shares are not subject to a vesting period. |
Select | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Description of share-based payment arrangement | The equity plan “Select” is a global equity incentive plan under which eligible employees may annually be awarded a grant subject to a three-year, and for eligible employees of selected Company units a four-year, staggered vesting period. No awards are granted for performance ratings below a certain threshold. Executive Committee members and a select portion of Novartis management leadership team are not eligible to participate in the equity plan “Select.”The equity plan “Select” currently allows participants employed and living in Switzerland to choose the form of their equity compensation in RSs or RSUs. In all other jurisdictions, RSs or RSUs are granted unilaterally. Until 2013, participants could also choose to receive part or the entire grant in the form of tradable share options.All tradable share options expired on their 10th anniversary from the grant date, which was in January 2023. Each tradable share option entitled the holder to purchase after vesting (and before the 10th anniversary from the grant date) one Novartis share at a stated exercise price that equals the closing market price of the underlying share at the grant date. As the exercise price did not reflect the decrease in the Novartis share due to the Alcon spin, one-fifth of an Alcon share was also awarded to the option holder upon exercise. |
Long-Term Performance Plan | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Description of share-based payment arrangement | The Long-Term Performance Plan (LTPP) is an equity plan for the ECN, a select portion of Novartis management leadership team and employees of Company units with specific targets.Participants are granted a target number of performance share units (PSUs) at the beginning of every performance period, which are converted into unrestricted Novartis shares after the performance period. The actual payout depends on the achievement of the performance measures and ranges between 0% and 200% of the granted amount. PSUs granted under the LTPP do not carry voting rights, but do carry dividend equivalents that are paid in unrestricted Novartis shares at the end of the performance period.The LTPP awards are subject to a three-year performance and vesting period. The performance criteria for the ECN are based on both Novartis internal performance metrics and variables that can be observed in the market, which is the ranking of the Novartis total shareholder return (TSR) relative to a global healthcare peer group of 14 other companies, over rolling three-year performance periods. Only ECN members, as from performance cycle 2023, are subject to the TSR performance metric under the LTPP.TSR for Novartis and the peer companies is calculated as the change in the company share price, which is translated to USD at the relevant exchange rate, including the reinvestment return of dividends, over the three-year performance period. The calculation is based on Bloomberg standard published TSR data, which is publicly available. The position of Novartis in the peer group determines the payout range based on a payout matrix. Other share awards |
Special share awards | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Description of share-based payment arrangement | Selected employees may exceptionally receive Special Share Awards of RSs or RSUs. These Special Share Awards provide an opportunity to reward outstanding achievements or exceptional performance, and aim to retain key contributors. They are based on a formal internal selection process, through which the individual performance of each candidate is thoroughly assessed at several management levels. Special Share Awards had a minimum three-year vesting period before 2021 and mainly three years thereafter. In exceptional circumstances, Special Share Awards may be awarded to attract special expertise and new talents to the organization. Externally recruited ECN members are eligible only for special awards that are “buyouts” in the case that it is to replace equity forfeited with their former employer. The equity is provided on a like-for-like basis as the forfeited equity, at the same value with the same vesting period, and with or without a performance condition.Worldwide, employees at different levels in the organization were awarded RSs and RSUs in 2023, 2022 and 2021.In addition, in 2023, 2022 and 2021, Board members received unrestricted shares as part of their regular compensation. |
Equity-based participation pl_5
Equity-based participation plans for employees (Details 2) - Select outside North America Pure in Millions | 12 Months Ended | |
Dec. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | |
Disclosure of number and weighted average exercise prices of share options [roll forward] | ||
Number of share options outstanding at beginning of period | 0.5 | 1.7 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ 66 | $ 63.6 |
Number of share options exercised or sold | (0.5) | (1.2) |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ 66 | $ 62.6 |
Number of share options outstanding at end of period | 0 | 0.5 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ 66 | |
Number of share options exercisable | 0 | 0.5 |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 66 | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [abstract] | ||
Weighted average share price for share options in share-based payment arrangement exercised during period at date of exercise | $ 92.61 |
Equity-based participation pl_6
Equity-based participation plans for employees (Details 3) - Select North America Pure in Millions | 12 Months Ended | |
Dec. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | |
Disclosure of number and weighted average exercise prices of share options [roll forward] | ||
Number of share options outstanding at beginning of period | 1.1 | 4 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ 66.1 | $ 64.4 |
Number of share options exercised or sold | (1.1) | (2.9) |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ 66.1 | $ 63.7 |
Number of share options outstanding at end of period | 0 | 1.1 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ 66.1 | |
Number of share options exercisable | 0 | 1.1 |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 66.1 | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [abstract] | ||
Weighted average share price for share options in share-based payment arrangement exercised during period at date of exercise | $ 91.68 |
Equity-based participation pl_7
Equity-based participation plans for employees (Details 4) Pure in Millions | 12 Months Ended | |
Dec. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | |
Equity-Based Participation Annual Incentive RSU [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted, number of shares | 0.3 | 0.2 |
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 74.2 | $ 74.7 |
Equity Based Participation Annual Incentive Restricted Shares [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted, number of shares | 0.1 | 0.1 |
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 92.3 | $ 85 |
Equity Based Participation Share savings plans RSU [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted, number of shares | 0.4 | 0.4 |
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 71.3 | $ 75 |
Equity Based Participation Share savings plans Shares [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted, number of shares | 1 | 1.2 |
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 92.3 | $ 85 |
Equity-Based Participation Employee share purchase plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted, number of shares | 0.9 | 0.8 |
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 96.2 | $ 82.8 |
Equity Based Participation Novartis Equity Plan Select North America RSU [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted, number of shares | 4.5 | 4.9 |
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 73.9 | $ 74.5 |
Based Participation Novartis Equity Plan Select outside North America RSU [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted, number of shares | 1.9 | 2 |
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 73.3 | $ 75.1 |
Equity Based Participation Novartis Equity Plan Select outside North America Restricted Shares [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted, number of shares | 0.6 | 0.7 |
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 92.3 | $ 85 |
Equity Based Participation Long Term Performance PSU Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted, number of shares | 1.8 | 1.7 |
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 80.6 | $ 82 |
Equity Based Participation Other share awards RSU [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted, number of shares | 0.6 | 0.5 |
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 75.9 | $ 76.3 |
Equity Based Participation Other share awards Restricted Shares [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted, number of shares | 0.1 | |
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 86.9 | |
Equity Based Participation Other share awards Shares [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted, number of shares | 0.1 | |
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 86.1 |
Transaction with related partie
Transaction with related parties (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of transactions between related parties [line items] | |||
Net sales to third parties | $ 44,635 | $ 41,385 | $ 41,976 |
Executive Committee members | 11 | 11 | 12 |
Related parties, number of executive committee members who stepped down | 1 | 5 | 3 |
Non-executive directors | 14 | 15 | 14 |
Roche Holding AG [member] | |||
Disclosure of transactions between related parties [line items] | |||
Proportion of voting rights held in associate | 33.30% | ||
Genentech / Roche [member] | |||
Disclosure of transactions between related parties [line items] | |||
Net expense, royalties cost sharing and profit sharing | $ (188) | ||
Number of contracts with related parties | 2 | ||
Genentech / Roche [member] | Lucentis [member] | |||
Disclosure of transactions between related parties [line items] | |||
Net sales to third parties | 2,000 | ||
Genentech / Roche [member] | Xolair [member] | |||
Disclosure of transactions between related parties [line items] | |||
Net sales to third parties | $ 1,300 | ||
Spark Therapeutics, Inc. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of contracts with related parties | 1 |
Transactions with related par_3
Transactions with related parties (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | |||
Benefits other than equity-based compensation | $ 22.9 | $ 29.6 | $ 25 |
Post-employment benefits | 2.1 | 2.8 | 2.5 |
Equity-based compensation | 67.2 | 47.4 | 42.5 |
Total | 92.2 | 79.8 | 70 |
Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Benefits other than equity-based compensation | 18 | 25 | 20.3 |
Post-employment benefits | 2.1 | 2.8 | 2.5 |
Equity-based compensation | 62.2 | 42.6 | 37.3 |
Total | 82.3 | 70.4 | 60.1 |
Non-Executive Director [member] | |||
Disclosure of transactions between related parties [line items] | |||
Benefits other than equity-based compensation | 4.9 | 4.6 | 4.7 |
Equity-based compensation | 5 | 4.8 | 5.2 |
Total | $ 9.9 | $ 9.4 | $ 9.9 |
Transactions with related par_4
Transactions with related parties (Details 2) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CHF (SFr) | Dec. 31, 2018 USD ($) | |
Disclosure of transactions between related parties [line items] | |||||
Key management personnel compensation | $ 92.2 | $ 79.8 | $ 70 | ||
Novartis Pension Fund [member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Borrowings credit facility uncommitted | $ 500 | ||||
Key management personnel of entity or parent [member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Key management personnel compensation | $ 82.3 | $ 70.4 | $ 60.1 | ||
Dr. Alex Krauer [member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Key management personnel compensation | SFr | SFr 60,000 |
Commitments and contingencies_2
Commitments and contingencies (Details 1) $ in Millions | Dec. 31, 2023 USD ($) |
Schedule for commitments under research and development and other intangible asset purchase [line items] | |
Commitments under long-term research and development agreements | $ 6,083 |
Uncalled capital commitments for investments in funds | 80 |
Commitments related to acquisitions of businesses and interests in intellectual property | 3,800 |
Not later than one year | |
Schedule for commitments under research and development and other intangible asset purchase [line items] | |
Commitments under long-term research and development agreements | 202 |
Commitments related to acquisitions of businesses and interests in intellectual property | 3,400 |
Later than one year and not later than two years [member] | |
Schedule for commitments under research and development and other intangible asset purchase [line items] | |
Commitments under long-term research and development agreements | 269 |
Later than two years and not later than three years [member] | |
Schedule for commitments under research and development and other intangible asset purchase [line items] | |
Commitments under long-term research and development agreements | 493 |
Later than three years and not later than four years [member] | |
Schedule for commitments under research and development and other intangible asset purchase [line items] | |
Commitments under long-term research and development agreements | 316 |
Later than four years and not later than five years [member] | |
Schedule for commitments under research and development and other intangible asset purchase [line items] | |
Commitments under long-term research and development agreements | 597 |
Later than five years | |
Schedule for commitments under research and development and other intangible asset purchase [line items] | |
Commitments under long-term research and development agreements | $ 4,206 |
Financial instruments - addit_3
Financial instruments - additional disclosures (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents [member] | Financial assets at amortised cost, category [member] | Cash and cash equivalents [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | $ 13,343 | $ 7,517 |
Cash and cash equivalents [member] | Financial assets at fair value through other comprehensive income, category [member] | Cash and cash equivalents [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | 50 | |
Financial assets at fair value, class [member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,289 | 874 |
Financial assets at fair value, class [member] | Financial assets at fair value through other comprehensive income, category [member] | Available-for-sale marketable securities [member] | Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | 9 | |
Financial assets at fair value, class [member] | Financial assets at fair value through other comprehensive income, category [member] | Available-for-sale long-term financial investments [member] | Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | 29 | 37 |
Financial assets at fair value, class [member] | Financial assets at fair value through other comprehensive income, category [member] | Available-for-sale long-term financial investments [member] | Equity securities [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,086 | 828 |
Financial assets at fair value, class [member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,582 | 1,581 |
Financial assets at fair value, class [member] | Financial assets at fair value through profit or loss, category [member] | Contingent consideration receivables [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | 618 | 650 |
Financial assets at fair value, class [member] | Financial assets at fair value through profit or loss, category [member] | Associated companies at fair value through profit and loss [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | 101 | 129 |
Financial assets at fair value, class [member] | Financial assets at fair value through profit or loss, category [member] | Derivative financial instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | 355 | 204 |
Financial assets at fair value, class [member] | Financial assets at fair value through profit or loss, category [member] | Available-for-sale long-term financial investments [member] | Equity securities [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | 317 | 317 |
Financial assets at fair value, class [member] | Financial assets at fair value through profit or loss, category [member] | Available-for-sale long-term financial investments [member] | Fund investments [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | 190 | 281 |
Financial assets at amortised cost, class [member] | Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | 22,578 | 27,971 |
Financial assets at amortised cost, class [member] | Financial assets at amortised cost, category [member] | Trade receivables [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | 7,107 | 8,066 |
Financial assets at amortised cost, class [member] | Financial assets at amortised cost, category [member] | Other current assets [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,127 | 958 |
Financial assets at amortised cost, class [member] | Financial assets at amortised cost, category [member] | Time deposits with original maturity more than 90 days [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | 569 | 11,089 |
Financial assets at amortised cost, class [member] | Financial assets at amortised cost, category [member] | Long-term loans and receivables from customers and finance lease, advances, security deposits [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | 432 | $ 341 |
Financial assets at amortised cost, class [member] | Financial assets at fair value through other comprehensive income, category [member] | Other current assets [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | 124 | |
Financial assets at amortised cost, class [member] | Financial assets at fair value through profit or loss, category [member] | Other current assets [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | $ 1 |
Financial instruments - addit_4
Financial instruments - additional disclosures (Details 1) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financial liabilities at amortised cost, class [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | $ 29,446 | $ 31,266 |
Financial liabilities at amortised cost, class [member] | Financial liabilities at amortised cost, category [member] | Current financial debt [member] | Bank and other financial debt [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 624 | 863 |
Financial liabilities at amortised cost, class [member] | Financial liabilities at amortised cost, category [member] | Current financial debt [member] | Commercial paper [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 3,269 | 2,772 |
Financial liabilities at amortised cost, class [member] | Financial liabilities at amortised cost, category [member] | Non-current financial debt [member] | Straight bonds [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 20,585 | 22,341 |
Financial liabilities at amortised cost, class [member] | Financial liabilities at amortised cost, category [member] | Non-current financial debt [member] | Liabilities to banks and other financial institutions [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 42 | 144 |
Financial liabilities at amortised cost, class [member] | Financial liabilities at amortised cost, category [member] | Trade payables [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 4,926 | 5,146 |
Financial liabilities at amortised cost, class [member] | Other financial liabilities, category [member] | Lease liabilities [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,828 | 1,789 |
Financial liabilities at amortised cost, class [member] | Other financial liabilities, category [member] | Other financial liabilities [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,828 | 1,789 |
Financial liabilities at fair value, class [member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 582 | 1,122 |
Financial liabilities at fair value, class [member] | Financial liabilities at fair value through profit or loss, category [member] | Contingent consideration and other financial liabilities [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 491 | 1,067 |
Financial liabilities at fair value, class [member] | Financial liabilities at fair value through profit or loss, category [member] | Derivative financial instruments [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | $ 91 | $ 55 |
Financial instruments - addit_5
Financial instruments - additional disclosures (Details 2) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Contract or underlying principal amout [member] | ||
Disclosure of derivative financial instruments [line items] | ||
Derivative financial instruments | $ 12,020 | $ 8,043 |
Positive fair values [member] | ||
Disclosure of derivative financial instruments [line items] | ||
Derivative financial instruments | 355 | 204 |
Negative fair values [member] | ||
Disclosure of derivative financial instruments [line items] | ||
Derivative financial instruments | (91) | (55) |
Derivative financial instruments, at fair value currency related [member] | Contract or underlying principal amout [member] | ||
Disclosure of derivative financial instruments [line items] | ||
Derivative financial instruments, forward foreign exchange rate contracts | 11,944 | 7,907 |
Derivative financial instruments, commodity purchase contract | 76 | 97 |
Derivative financial instruments, options on equity securities | 39 | |
Derivative financial instruments, at fair value currency related [member] | Positive fair values [member] | ||
Disclosure of derivative financial instruments [line items] | ||
Derivative financial instruments, forward foreign exchange rate contracts | 335 | 189 |
Derivative financial instruments, commodity purchase contract | 20 | 15 |
Derivative financial instruments, at fair value currency related [member] | Negative fair values [member] | ||
Disclosure of derivative financial instruments [line items] | ||
Derivative financial instruments, forward foreign exchange rate contracts | $ (91) | (41) |
Derivative financial instruments, options on equity securities | $ (14) |
Financial instruments - addit_6
Financial instruments - additional disclosures (Details 3) - Contract or underlying principal amout [member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of derivative financial instruments [line items] | ||
Derivative financial instruments | $ 12,020 | $ 8,043 |
EUR | ||
Disclosure of derivative financial instruments [line items] | ||
Derivative financial instruments | 1,690 | 767 |
USD | ||
Disclosure of derivative financial instruments [line items] | ||
Derivative financial instruments | 8,995 | 5,715 |
Others | ||
Disclosure of derivative financial instruments [line items] | ||
Derivative financial instruments | 1,335 | 1,561 |
Derivative financial instruments, at fair value currency related [member] | ||
Disclosure of derivative financial instruments [line items] | ||
Derivative financial instruments, forward foreign exchange rate contracts | 11,944 | 7,907 |
Derivative financial instruments, commodity purchase contract | 76 | 97 |
Derivative financial instruments, options on equity securities | 39 | |
Derivative financial instruments, at fair value currency related [member] | EUR | ||
Disclosure of derivative financial instruments [line items] | ||
Derivative financial instruments, forward foreign exchange rate contracts | 1,629 | 687 |
Derivative financial instruments, commodity purchase contract | 61 | 80 |
Derivative financial instruments, at fair value currency related [member] | USD | ||
Disclosure of derivative financial instruments [line items] | ||
Derivative financial instruments, forward foreign exchange rate contracts | 8,980 | 5,659 |
Derivative financial instruments, commodity purchase contract | 15 | 17 |
Derivative financial instruments, options on equity securities | 39 | |
Derivative financial instruments, at fair value currency related [member] | Others | ||
Disclosure of derivative financial instruments [line items] | ||
Derivative financial instruments, forward foreign exchange rate contracts | $ 1,335 | $ 1,561 |
Financial instruments - addit_7
Financial instruments - additional disclosures (Details 4) - Recurring fair value measurement [member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | $ 50 | |
Cash and cash equivalents [member] | Debt securities | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 50 | |
Marketable securities, time deposits and derivative financial instruments [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 355 | $ 213 |
Marketable securities, time deposits and derivative financial instruments [member] | Total available-for-sale marketable securities [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 9 | |
Marketable securities, time deposits and derivative financial instruments [member] | Derivative financial instruments [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 355 | 204 |
Financial investments and long-term loans [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 2,175 | 2,070 |
Financial investments and long-term loans [member] | Fund investments [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 190 | 281 |
Financial investments and long-term loans [member] | Available-for-sale financial investments [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 1,432 | 1,182 |
Financial investments and long-term loans [member] | Contingent consideration receivables [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 553 | 607 |
Associated companies at fair value through profit and loss [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 101 | 129 |
Contingent consideration receivables [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 65 | 43 |
Fund investments and equity securities current [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 125 | |
Level 1 of fair value hierarchy [member] | Cash and cash equivalents [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 50 | |
Level 1 of fair value hierarchy [member] | Cash and cash equivalents [member] | Debt securities | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 50 | |
Level 1 of fair value hierarchy [member] | Financial investments and long-term loans [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 803 | 493 |
Level 1 of fair value hierarchy [member] | Financial investments and long-term loans [member] | Fund investments [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 7 | 20 |
Level 1 of fair value hierarchy [member] | Financial investments and long-term loans [member] | Available-for-sale financial investments [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 796 | 473 |
Level 1 of fair value hierarchy [member] | Fund investments and equity securities current [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 94 | |
Level 2 of fair value hierarchy [member] | Marketable securities, time deposits and derivative financial instruments [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 355 | 213 |
Level 2 of fair value hierarchy [member] | Marketable securities, time deposits and derivative financial instruments [member] | Total available-for-sale marketable securities [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 9 | |
Level 2 of fair value hierarchy [member] | Marketable securities, time deposits and derivative financial instruments [member] | Derivative financial instruments [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 355 | 204 |
Level 2 of fair value hierarchy [member] | Financial investments and long-term loans [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 20 | 10 |
Level 2 of fair value hierarchy [member] | Financial investments and long-term loans [member] | Available-for-sale financial investments [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 20 | 10 |
Level 3 of fair value hierarchy [member] | Financial investments and long-term loans [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 1,352 | 1,567 |
Level 3 of fair value hierarchy [member] | Financial investments and long-term loans [member] | Fund investments [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 183 | 261 |
Level 3 of fair value hierarchy [member] | Financial investments and long-term loans [member] | Available-for-sale financial investments [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 616 | 699 |
Level 3 of fair value hierarchy [member] | Financial investments and long-term loans [member] | Contingent consideration receivables [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 553 | 607 |
Level 3 of fair value hierarchy [member] | Associated companies at fair value through profit and loss [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 101 | 129 |
Level 3 of fair value hierarchy [member] | Contingent consideration receivables [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 65 | $ 43 |
Level 3 of fair value hierarchy [member] | Fund investments and equity securities current [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | $ 31 |
Financial instruments - addit_8
Financial instruments - additional disclosures (Details 5) - Recurring fair value measurement [member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Contingent consideration payables [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | $ (14) | $ (131) |
Other financial liabilities [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | (88) | (232) |
Derivative financial instruments [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | (91) | (55) |
Non-current contingent consideration liabilities [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | (389) | (704) |
Current financial liabilities at fair value [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | (193) | (186) |
Non-current financial liabilities at fair value [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | (389) | (936) |
Level 2 of fair value hierarchy [member] | Derivative financial instruments [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | (91) | (55) |
Level 2 of fair value hierarchy [member] | Current financial liabilities at fair value [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | (91) | (55) |
Level 3 of fair value hierarchy [member] | Contingent consideration payables [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | (14) | (131) |
Level 3 of fair value hierarchy [member] | Other financial liabilities [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | (88) | (232) |
Level 3 of fair value hierarchy [member] | Non-current contingent consideration liabilities [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | (389) | (704) |
Level 3 of fair value hierarchy [member] | Current financial liabilities at fair value [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | (102) | (131) |
Level 3 of fair value hierarchy [member] | Non-current financial liabilities at fair value [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | $ (389) | $ (936) |
Financial instruments - addit_9
Financial instruments - additional disclosures (Details 6) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Associated companies at fair value through profit and loss [member] | ||
Disclosure of derivative financial instruments [line items] | ||
Fair value measurement, carrying value, level 3, at beginning of period | $ 129 | $ 192 |
Fair value gains and other adjustments including from divestments recognized in the consolidated income statement | 4 | |
Fair value losses (including impairments and amortizations) and other adjustments recognized in the consolidated income statement | (28) | (63) |
Fair value adjustments recognized in the consolidated statement of comprehensive income | 2 | |
Purchases fair value measurement assets | 9 | 4 |
Disposals fair value measurement assets | (6) | |
Reclassification fair value measurement assets | (9) | (4) |
Fair value measurement, carrying value, level 3, at end of period | 101 | 129 |
Total fair value gains and (losses) recognized in the consolidated income statement for assets and liabilities held at period end | (24) | (63) |
Fund investments [member] | ||
Disclosure of derivative financial instruments [line items] | ||
Fair value measurement, carrying value, level 3, at beginning of period | 261 | 338 |
Fair value gains and other adjustments including from divestments recognized in the consolidated income statement | 1 | 4 |
Fair value losses (including impairments and amortizations) and other adjustments recognized in the consolidated income statement | (48) | (78) |
Fair value adjustments recognized in the consolidated statement of comprehensive income | 3 | |
Purchases fair value measurement assets | 14 | 11 |
Disposals fair value measurement assets | (47) | (12) |
Reclassification fair value measurement assets | (2) | |
Fair value measurement, carrying value, level 3, at end of period | 184 | 261 |
Total fair value gains and (losses) recognized in the consolidated income statement for assets and liabilities held at period end | (47) | (74) |
Long term financial investments [member] | ||
Disclosure of derivative financial instruments [line items] | ||
Fair value measurement, carrying value, level 3, at beginning of period | 699 | 617 |
Fair value gains and other adjustments including from divestments recognized in the consolidated income statement | 11 | 35 |
Fair value losses (including impairments and amortizations) and other adjustments recognized in the consolidated income statement | (63) | (84) |
Fair value adjustments recognized in the consolidated statement of comprehensive income | 71 | 24 |
Purchases fair value measurement assets | 82 | 160 |
Disposals fair value measurement assets | (80) | (13) |
Reclassification fair value measurement assets | (73) | (40) |
Fair value measurement, carrying value, level 3, at end of period | 647 | 699 |
Total fair value gains and (losses) recognized in the consolidated income statement for assets and liabilities held at period end | (52) | (49) |
Contingent consideration receivables [member] | ||
Disclosure of derivative financial instruments [line items] | ||
Fair value measurement, carrying value, level 3, at beginning of period | 650 | 641 |
Fair value gains and other adjustments including from divestments recognized in the consolidated income statement | 48 | 53 |
Fair value losses (including impairments and amortizations) and other adjustments recognized in the consolidated income statement | (31) | |
Cash receipts and payments fair value measurement assets | (49) | (44) |
Fair value measurement, carrying value, level 3, at end of period | 618 | 650 |
Total fair value gains and (losses) recognized in the consolidated income statement for assets and liabilities held at period end | 17 | 53 |
Contingent consideration payables [member] | ||
Disclosure of derivative financial instruments [line items] | ||
Fair value measurement, carrying value, level 3, at beginning of period | (835) | (1,075) |
Financial instruments carrying value level 3 discontinued operations | 101 | |
Fair value gains and other adjustments including from divestments recognized in the consolidated income statement | 552 | 530 |
Fair value losses (including impairments and amortizations) and other adjustments recognized in the consolidated income statement | (65) | (114) |
Fair value adjustments recognized in the consolidated statement of comprehensive income | (32) | 11 |
Purchases fair value measurement assets | (180) | (231) |
Cash receipts and payments fair value measurement assets | 20 | 44 |
Disposals fair value measurement assets | 36 | |
Fair value measurement, carrying value, level 3, at end of period | (403) | (835) |
Total fair value gains and (losses) recognized in the consolidated income statement for assets and liabilities held at period end | 487 | 416 |
Other financial liabilities [member] | ||
Disclosure of derivative financial instruments [line items] | ||
Fair value measurement, carrying value, level 3, at beginning of period | (232) | (19) |
Fair value gains and other adjustments including from divestments recognized in the consolidated income statement | 15 | |
Fair value losses (including impairments and amortizations) and other adjustments recognized in the consolidated income statement | (9) | (18) |
Purchases fair value measurement assets | (238) | |
Cash receipts and payments fair value measurement assets | 153 | 28 |
Fair value measurement, carrying value, level 3, at end of period | (88) | (232) |
Total fair value gains and (losses) recognized in the consolidated income statement for assets and liabilities held at period end | $ (9) | $ (3) |
Financial instruments - addi_10
Financial instruments - additional disclosures (Details 7) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Maturity of net debt [line items] | ||
Current financial assets | $ 14,428 | $ 18,930 |
Non-current financial debts | (18,436) | (20,244) |
Current financial debt | (6,175) | (5,931) |
Net debt | (10,183) | (7,245) |
Marketable securities and time deposits [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 569 | 11,098 |
Commodities [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 111 | 111 |
Deriviative financial instruments and accrued interest [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 355 | 204 |
Cash and cash equivalents [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 13,393 | 7,517 |
Financial debt [member] | ||
Maturity of net debt [line items] | ||
Non-current financial debts | (18,436) | (20,244) |
Current financial debt | (6,084) | (5,876) |
Financial debt - undiscounted [member] | ||
Maturity of net debt [line items] | ||
Non-current financial debts | (18,572) | (20,396) |
Current financial debt | (6,084) | (5,878) |
Derivative financial instruments [member] | ||
Maturity of net debt [line items] | ||
Current financial debt | (91) | (55) |
Not later than one month [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 7,677 | 8,176 |
Current financial debt | (3,371) | (3,253) |
Net debt | 4,306 | 4,923 |
Not later than one month [member] | Marketable securities and time deposits [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 12 | 4,142 |
Not later than one month [member] | Deriviative financial instruments and accrued interest [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 24 | 23 |
Not later than one month [member] | Cash and cash equivalents [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 7,641 | 4,011 |
Not later than one month [member] | Financial debt [member] | ||
Maturity of net debt [line items] | ||
Current financial debt | (3,328) | (3,215) |
Not later than one month [member] | Financial debt - undiscounted [member] | ||
Maturity of net debt [line items] | ||
Current financial debt | (3,328) | (3,215) |
Not later than one month [member] | Derivative financial instruments [member] | ||
Maturity of net debt [line items] | ||
Current financial debt | (43) | (38) |
Later than one month and not later than three months [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 6,578 | 10,564 |
Current financial debt | (411) | (159) |
Net debt | 6,167 | 10,405 |
Later than one month and not later than three months [member] | Marketable securities and time deposits [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 516 | 6,911 |
Later than one month and not later than three months [member] | Deriviative financial instruments and accrued interest [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 310 | 147 |
Later than one month and not later than three months [member] | Cash and cash equivalents [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 5,752 | 3,506 |
Later than one month and not later than three months [member] | Financial debt [member] | ||
Maturity of net debt [line items] | ||
Current financial debt | (372) | (146) |
Later than one month and not later than three months [member] | Financial debt - undiscounted [member] | ||
Maturity of net debt [line items] | ||
Current financial debt | (372) | (146) |
Later than one month and not later than three months [member] | Derivative financial instruments [member] | ||
Maturity of net debt [line items] | ||
Current financial debt | (39) | (13) |
Later than three month and not later than twelve months [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 42 | 55 |
Current financial debt | (2,393) | (2,519) |
Net debt | (2,351) | (2,464) |
Later than three month and not later than twelve months [member] | Marketable securities and time deposits [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 41 | 36 |
Later than three month and not later than twelve months [member] | Deriviative financial instruments and accrued interest [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 1 | 19 |
Later than three month and not later than twelve months [member] | Financial debt [member] | ||
Maturity of net debt [line items] | ||
Current financial debt | (2,384) | (2,515) |
Later than three month and not later than twelve months [member] | Financial debt - undiscounted [member] | ||
Maturity of net debt [line items] | ||
Current financial debt | (2,384) | (2,517) |
Later than three month and not later than twelve months [member] | Derivative financial instruments [member] | ||
Maturity of net debt [line items] | ||
Current financial debt | (9) | (4) |
Between one and five years | ||
Maturity of net debt [line items] | ||
Non-current financial debts | (9,492) | (8,975) |
Net debt | (9,492) | (8,975) |
Between one and five years | Financial debt [member] | ||
Maturity of net debt [line items] | ||
Non-current financial debts | (9,492) | (8,975) |
Between one and five years | Financial debt - undiscounted [member] | ||
Maturity of net debt [line items] | ||
Non-current financial debts | (9,522) | (9,002) |
Later than five years | ||
Maturity of net debt [line items] | ||
Current financial assets | 131 | 135 |
Non-current financial debts | (8,944) | (11,269) |
Net debt | (8,813) | (11,134) |
Later than five years | Marketable securities and time deposits [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 9 | |
Later than five years | Commodities [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 111 | 111 |
Later than five years | Deriviative financial instruments and accrued interest [member] | ||
Maturity of net debt [line items] | ||
Current financial assets | 20 | 15 |
Later than five years | Financial debt [member] | ||
Maturity of net debt [line items] | ||
Non-current financial debts | (8,944) | (11,269) |
Later than five years | Financial debt - undiscounted [member] | ||
Maturity of net debt [line items] | ||
Non-current financial debts | $ (9,050) | $ (11,394) |
Financial instruments - addi_11
Financial instruments - additional disclosures (Details 8) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative financial instruments and accrued interest on derivative financial instruments [line items] | ||
Potential outflows in various currencies - from financial derivative liabilities | $ (11,489) | $ (6,943) |
Potential inflows in various currencies - from financial derivative assets | 11,775 | 7,062 |
Not later than one month [member] | ||
Derivative financial instruments and accrued interest on derivative financial instruments [line items] | ||
Potential outflows in various currencies - from financial derivative liabilities | (4,329) | (2,029) |
Potential inflows in various currencies - from financial derivative assets | 4,311 | 2,029 |
Later than one month and not later than three months [member] | ||
Derivative financial instruments and accrued interest on derivative financial instruments [line items] | ||
Potential outflows in various currencies - from financial derivative liabilities | (6,604) | (4,598) |
Potential inflows in various currencies - from financial derivative assets | 6,841 | 4,712 |
Later than three month and not later than twelve months [member] | ||
Derivative financial instruments and accrued interest on derivative financial instruments [line items] | ||
Potential outflows in various currencies - from financial derivative liabilities | (556) | (316) |
Potential inflows in various currencies - from financial derivative assets | $ 623 | $ 321 |
Financial instruments - addi_12
Financial instruments - additional disclosures (Details 9) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative financial instruments and accrued interest on derivative financial instruments [line items] | |||
Contractual interest on non-current liabilities | $ (5,070) | $ (5,532) | |
Lease liability | (1,828) | (1,789) | |
Trade payables | (4,926) | (5,146) | |
Commitment for repurchase own shares | $ (2,800) | ||
Contingent consideration liabilities | (403) | (835) | |
Later than one month and not later than three months [member] | |||
Derivative financial instruments and accrued interest on derivative financial instruments [line items] | |||
Contractual interest on non-current liabilities | (64) | (64) | |
Lease liability | (65) | (71) | |
Trade payables | (4,793) | (5,020) | |
Contingent consideration liabilities | (16) | ||
Later than three month and not later than twelve months [member] | |||
Derivative financial instruments and accrued interest on derivative financial instruments [line items] | |||
Contractual interest on non-current liabilities | (372) | (412) | |
Lease liability | (165) | (180) | |
Trade payables | (133) | (126) | |
Contingent consideration liabilities | (14) | (115) | |
Between one and five years | |||
Derivative financial instruments and accrued interest on derivative financial instruments [line items] | |||
Contractual interest on non-current liabilities | (1,258) | (1,432) | |
Lease liability | (635) | (616) | |
Contingent consideration liabilities | (205) | (437) | |
Later than five years | |||
Derivative financial instruments and accrued interest on derivative financial instruments [line items] | |||
Contractual interest on non-current liabilities | (3,376) | (3,624) | |
Lease liability | (963) | (922) | |
Contingent consideration liabilities | $ (184) | $ (267) |
Financial instruments - addi_13
Financial instruments - additional disclosures (Details 10) $ in Millions, € in Billions, ¥ in Billions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 JPY (¥) | Dec. 31, 2022 EUR (€) | |
Disclosure of derivative financial instruments [line items] | |||||
Transfers out of Level 3 of fair value hierarchy, assets | $ (63) | $ (44) | |||
Description of reasons for transfers out of Level 3 of fair value hierarchy, assets | During 2023, there were three individually immaterial transfers of equity securities from Level 3 to Level 1 for USD 63 million (2022: USD 44 million), due to the Initial Public Offering of the invested company or lift of certain restrictions. | ||||
Amount of change in OCI when most significant parameters for level 3 change more than 10% | $ 57 | ||||
Amount of change in OCI when POS for level 3 change more than 10% | 53 | ||||
Fair value of other financial assets sold | 279 | 4 | |||
Long-term financial debt with a carrying amount | $ 2,000 | 2,000 | € 1.8 | € 1.8 | |
Maximum margin percentage impact of commodity price change | 10% | ||||
Maximum holding in unrelated company | 5% | ||||
Unrealized income was recognized in other comprehensive income and accumulated in currency translation effects in relation with this net investment hedge | $ (50) | 91 | |||
Borrowings commercial paper maximum borrowing amount | $ 3,300 | 2,800 | |||
Borrowings commercial paper, number of programs | 3 | 3 | 3 | ||
Borrowings credit facility committed | $ 6,000 | ||||
Net loss/gain recorded on equity securities and fund investments at fair value through the consolidated income statement | 145 | 39 | |||
Fair value of fund investments and equity securities | 1,800 | $ 1,600 | |||
Net investment hedge recognized in the consolidated income statement | 8 | ||||
US commercial paper programs [member] | |||||
Disclosure of derivative financial instruments [line items] | |||||
Borrowings commercial paper maximum borrowing amount | $ 9,000 | ||||
Borrowings commercial paper, number of programs | 2 | 2 | 2 | ||
JP commercial paper programs [member] | |||||
Disclosure of derivative financial instruments [line items] | |||||
Borrowings commercial paper maximum borrowing amount | $ 1,100 | ¥ 150 | |||
Borrowings commercial paper, number of programs | 1 | 1 | 1 | ||
Largest financial institution [member] | |||||
Counterparty risk [abstract] | |||||
Percentage of entity's cash and cash equivalents held with financial institution | 8.30% | 13.20% | |||
Second largest financial institution [member] | |||||
Counterparty risk [abstract] | |||||
Percentage of entity's cash and cash equivalents held with financial institution | 7.50% | 9.20% | |||
Third largest financial institution [member] | |||||
Counterparty risk [abstract] | |||||
Percentage of entity's cash and cash equivalents held with financial institution | 7.40% | 6.80% |
Financial instruments - addi_14
Financial instruments - additional disclosures (Details 11) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of major customers [line items] | |||
Customers with net sales over five percent | The Company’s largest, second-largest and third-largest customers account for approximately 15%, 13% and 8% of net sales from third parties from continuing operations, respectively (2022: 16%, 12% and 8%, respectively; 2021: 14%, 13% and 7%, respectively). The highest amounts of trade receivables outstanding were for these same three customers and amounted to approximately 17%, 13% and 8%, respectively, of the trade receivables at December 31, 2023 (2022: 16%, 14% and 7%, respectively). | ||
Largest customer [member] | |||
Disclosure of major customers [line items] | |||
Percentage of entity's revenue | 15% | 16% | 14% |
Percentage of entitys trade receivable | 17% | 16% | |
Second largest customer [member] | |||
Disclosure of major customers [line items] | |||
Percentage of entity's revenue | 13% | 12% | 13% |
Percentage of entitys trade receivable | 13% | 14% | |
Third largest customer [member] | |||
Disclosure of major customers [line items] | |||
Percentage of entity's revenue | 8% | 8% | 7% |
Percentage of entitys trade receivable | 8% | 7% |
Financial instruments - addi_15
Financial instruments - additional disclosures (Details 12) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Equity securities | $ 1,210 | $ 828 |
Fair value of other financial assets sold | 279 | 4 |
Listed equity securities [member] | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Equity securities | $ 861 | $ 438 |
Number of investments in equity instruments designated at fair value through other comprehensive income | 28 | 46 |
Non-listed equity securities [member] | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Equity securities | $ 349 | $ 390 |
Number of investments in equity instruments designated at fair value through other comprehensive income | 61 | 65 |
Others | Total fair value adjustments | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Gain (loss) on sale of other financial assets | $ 1 | $ (4) |
Sandoz | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Equity securities | $ 595 |
Financial instruments - addi_16
Financial instruments - additional disclosures (Details 13) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement [line items] | ||
Hypothetical increase decrease percentage in currency rate sensitivity | 5% | |
Hypothetical 5% increase [member] | ||
Statement [line items] | ||
Currency exchange rate sensitivity impact against USD in the income statement | $ 3 | $ (6) |
Currency exchange rate sensitivity impact against USD in the equity | 97 | 93 |
Hypothetical 5% decrease [member] | ||
Statement [line items] | ||
Currency exchange rate sensitivity impact against USD in the income statement | (3) | 7 |
Currency exchange rate sensitivity impact against USD in the equity | $ (102) | $ (98) |
Financial instruments - addi_17
Financial instruments - additional disclosures (Details 15) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement [line items] | ||
Hypothetical increase decrease percentage in equity price sensitivity | 15% | |
Hypothetical 15% increase [member] | ||
Statement [line items] | ||
Equity price sensitivity impact of the risk factors in the income statement | $ 91 | $ 109 |
Equity price sensitivity impact of the risk factors in the equity | 182 | 124 |
Hypothetical 15% decrease [member] | ||
Statement [line items] | ||
Equity price sensitivity impact of the risk factors in the income statement | (91) | (109) |
Equity price sensitivity impact of the risk factors in the equity | $ (182) | $ (124) |
Discontinued operations (Detail
Discontinued operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [line items] | |||
Net sales to third parties | $ 44,635 | $ 41,385 | $ 41,976 |
Sales to other segments | 805 | 821 | 805 |
Net sales | 45,440 | 42,206 | 42,781 |
Other revenue | 1,220 | 1,255 | 1,193 |
Cost of goods sold | (12,472) | (11,582) | (11,735) |
Gross profit | 34,188 | 31,879 | 32,239 |
Selling, general and administration | (12,517) | (12,193) | (12,827) |
Research and development | (11,371) | (9,172) | (8,641) |
Other income | 1,772 | 696 | 1,620 |
Other expense | (2,303) | (3,264) | (2,335) |
Operating income of discontinued operations | 9,769 | 7,946 | 10,056 |
(Loss)/income from associated companies | (13) | (11) | 15,337 |
Interest expense | (855) | (800) | (787) |
Other financial income and expense | 222 | 42 | (76) |
Income before taxes from continuing operations | 9,123 | 7,177 | 24,530 |
Income taxes | (551) | (1,128) | (1,625) |
Net income from discontinued operations before gain on distribution | 422 | 906 | 1,113 |
Gain on distribution of Sandoz Group AG to Novartis AG shareholders | 5,860 | ||
Net income from discontinued operations | $ 6,282 | $ 906 | $ 1,113 |
Applicable tax rate from discontinued operations | 15% | 15.30% | 14.20% |
Discontinued operations [member] | |||
Statement [line items] | |||
Net sales to third parties | $ 7,128 | $ 9,160 | $ 9,650 |
Sales to other segments | 300 | 212 | 184 |
Net sales | 7,428 | 9,372 | 9,834 |
Other revenue | 19 | 28 | 58 |
Cost of goods sold | (4,044) | (4,937) | (5,121) |
Gross profit | 3,403 | 4,463 | 4,771 |
Selling, general and administration | (1,728) | (2,060) | (2,059) |
Research and development | (671) | (824) | (899) |
Other income | 56 | 109 | 232 |
Other expense | (795) | (437) | (412) |
Operating income of discontinued operations | 265 | 1,251 | 1,633 |
(Loss)/income from associated companies | 2 | 2 | 2 |
Interest expense | (33) | (37) | (24) |
Other financial income and expense | (20) | (22) | (4) |
Income before taxes from continuing operations | 214 | 1,194 | 1,607 |
Income taxes | $ 208 | $ (288) | $ (494) |
Applicable tax rate from discontinued operations | 31.20% | 24.10% | 30.70% |
Number of Franchises | 2 |
Discontinued operations (Deta_2
Discontinued operations (Details 1) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement [line items] | ||||
Property, plant and equipment | $ 9,514 | $ 10,764 | $ 11,545 | |
Right-of-use assets | 1,410 | 1,431 | 1,561 | |
Goodwill | 23,341 | 29,301 | ||
Intangible assets other than goodwill | 26,879 | 31,644 | ||
Deferred tax assets | 4,309 | 3,739 | ||
Inventories | 5,913 | 7,175 | ||
Cash and cash equivalents | 13,393 | 7,517 | $ 12,407 | $ 9,658 |
Deferred tax liabilities | (2,248) | (2,686) | ||
Current and non-current lease liabilities | (51) | $ (12) | ||
Net assets derecognized | (8,647) | |||
Discontinued operations [member] | ||||
Statement [line items] | ||||
Property, plant and equipment | 1,447 | |||
Right-of-use assets | 133 | |||
Goodwill | 7,424 | |||
Intangible assets other than goodwill | 1,481 | |||
Deferred tax assets | 624 | |||
Financial and other non-current assets | 142 | |||
Inventories | 2,565 | |||
Trade receivables and other current assets | 2,935 | |||
Cash and cash equivalents | 686 | |||
Deferred tax liabilities | (270) | |||
Current and non-current lease liabilities | (139) | |||
Current and non-current financial debt | (3,691) | |||
Trade payables, provisions and other liabilities | $ (4,690) |
Discontinued operations (Deta_3
Discontinued operations (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [line items] | |||
Interest income | $ 627 | $ 377 | $ 70 |
Depreciation charge | (1,163) | ||
Depreciation charge | (300) | ||
Impairment loss recognised in profit or loss, property, plant and equipment | (414) | ||
Impairment loss recognised in profit or loss, right of use assets | (3) | ||
Equity-based compensation of Novartis equity plans | (1,142) | (982) | (910) |
Reversal of impairment loss recognised in profit or loss, property, plant and equipment | 7 | ||
Discontinued operations [member] | |||
Statement [line items] | |||
Interest income | 2 | 2 | 1 |
Equity-based compensation of Novartis equity plans | (60) | (66) | (69) |
Property, plant and equipment [member] | Discontinued operations [member] | |||
Statement [line items] | |||
Depreciation charge | (144) | (196) | (203) |
Impairment loss recognised in profit or loss, property, plant and equipment | (5) | (3) | (68) |
Reversal of impairment loss recognised in profit or loss, property, plant and equipment | 1 | 3 | 59 |
Right-of-use assets [member] | Discontinued operations [member] | |||
Statement [line items] | |||
Depreciation charge | (32) | (33) | (39) |
Impairment loss recognised in profit or loss, right of use assets | (8) | ||
Intangible assets other than goodwill [member] | Discontinued operations [member] | |||
Statement [line items] | |||
Amortization charge | (171) | (222) | (238) |
Impairment charge | (44) | (25) | (27) |
Restructuring provision [member] | Discontinued operations [member] | |||
Statement [line items] | |||
Additions to restructuring provisions | $ (27) | $ (40) | $ (62) |
Discontinued operations (Deta_4
Discontinued operations (Details 3) $ in Millions | Oct. 08, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 10, 2021 |
Statement [line items] | |||||
Identifiable assets acquired (liabilities assumed) | $ 3,699 | $ 1,077 | $ 735 | ||
Intangible assets other than goodwill | 26,879 | 31,644 | |||
Deferred tax liability (asset) | (2,061) | $ (1,053) | $ (673) | ||
Discontinued operations | |||||
Statement [line items] | |||||
Intangible assets other than goodwill | $ 1,481 | ||||
Discontinued operations | GlaxoSmithKline plc (GSK) | |||||
Statement [line items] | |||||
Consideration transferred, acquisition-date fair value | $ 415 | ||||
Portion of consideration paid consisting of cash and cash equivalents upfront payment | (350) | ||||
Additional recognition, goodwill | 107 | ||||
Number of brands in portfolio to acquire | 3 | ||||
Number of markets for the acquired brands | 100 | ||||
Potential milestone maximum payments | 150 | ||||
Cash transferred | 351 | ||||
Contingent consideration recognised as of acquisition date | 64 | ||||
Identifiable assets acquired (liabilities assumed) | 308 | ||||
Intangible assets other than goodwill | 292 | ||||
Deferred tax liability (asset) | $ 16 |
Discontinued operations (Deta_5
Discontinued operations (Details 4) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement [line items] | ||
Additions to property, plant and equipment | $ 1,219 | |
Additions to right-of-use assets | 247 | |
Discontinued operations [member] | ||
Statement [line items] | ||
Additions to property, plant and equipment | $ 245 | 289 |
Additions to right-of-use assets | 66 | 32 |
Additions to intangible assets and goodwill | $ 221 | $ 163 |
Discontinued operations (Deta_6
Discontinued operations (Details 5) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [line items] | |||
Other financing cash flows, net | $ 192 | $ (38) | $ 72 |
Net cash flows used in investing activities from discontinued operations | (1,123) | (436) | (689) |
Net cash flows from financing activities from discontinued operations | 3,286 | 119 | 26 |
Acquisitions and divestments of businesses, net | (3,558) | (840) | (205) |
Discontinued operations | |||
Statement [line items] | |||
Payments attributable to the spin-off of the Sandoz business | (52) | ||
Derecognized cash and cash equivalents attributable to the spin-off of the Sandoz business | (686) | ||
Other financing cash flows, net | 200 | 0 | 0 |
Other cash flows used in investing activities, net | (385) | (436) | (689) |
Cash inflow from borrowings | 3,600 | ||
Acquisitions and divestments of businesses, net | $ 22 | $ 39 | $ 362 |
Events subsequent to the Dece_2
Events subsequent to the December 31 consolidated balance sheet date (Details) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 SFr / shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Statement [line items] | |||
Dividends proposed | $ | $ 8 | $ 7.3 | |
Subsequent Event [member] | |||
Statement [line items] | |||
Dividends proposed, cash per share | SFr / shares | SFr 3.30 |
Principal Group subsidiaries _3
Principal Group subsidiaries and associated companies (Details) - 12 months ended Dec. 31, 2023 ₽ in Millions, ₺ in Millions, ₱ in Millions, ₨ in Millions, ฿ in Millions, ৳ in Millions, ر.س in Millions, د.م. in Millions, د.إ in Millions, ¥ in Millions, zł in Millions, kr in Millions, kr in Millions, kr in Millions, RON in Millions, RM in Millions, R$ in Millions, R in Millions, Kč in Millions, Ft in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, ₫ in Billions, ₩ in Billions, ₨ in Billions, ج.م. in Billions, Rp in Billions, $ in Billions, $ in Billions | USD ($) | ARS ($) | AUD ($) | EUR (€) | BDT (৳) | CHF (SFr) | BRL (R$) | CAD ($) | CLP ($) | HKD ($) | COP ($) | CZK (Kč) | DKK (kr) | EGP (ج.م.) | HUF (Ft) | INR (₨) | IDR (Rp) | ILS (₪) | JPY (¥) | MYR (RM) | MXN ($) | MAD (د.م.) | NZD ($) | NOK (kr) | PKR (₨) | PHP (₱) | PLN (zł) | RON | RUB (₽) | SAR (ر.س) | SGD ($) | ZAR (R) | KRW (₩) | SEK (kr) | TWD ($) | THB (฿) | TRY (₺) | AED (د.إ) | GBP (£) | VEF | VND (₫) |
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Principal group companies materiality of assets or sales to third parties | $ 25,000,000 | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Argentina S.A., Buenos Aires [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Argentina S.A. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Buenos Aires | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Argentina | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 906.1 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Australia Pty Ltd, Macquarie Park, NSW [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Australia Pty Ltd | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Macquarie Park, NSW | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Australia | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 2 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharmaceuticals Australia Pty Ltd, Macquarie Park, NSW [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharmaceuticals Australia Pty Ltd | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Macquarie Park, NSW | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Australia | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 3,800,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Holding GmbH, Vienna [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Holding GmbH | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Vienna | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Austria | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | € 35,000,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharmaceutical Manufacturing GmbH, Langkampfen [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharmaceutical Manufacturing GmbH | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Langkampfen | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Austria | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 763,070,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma GmbH, Vienna [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma GmbH | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Vienna | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Austria | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 1,100,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis (Bangladesh) Limited, Gazipur [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis (Bangladesh) Limited | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Gazipur | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Bangladesh | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | ৳ | ৳ 162.5 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 60% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 60% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma NV, Vilvoorde [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma NV | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Vilvoorde | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Belgium | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 7,100,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Alcon - Couvreur NV, Puurs [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Alcon - Couvreur NV | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Puurs | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Belgium | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 110,600,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Investment Ltd., Hamilton [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Investment Ltd. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Hamilton | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Bermuda | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 12,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Securities Investment Ltd., Hamilton [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Securities Investment Ltd. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Hamilton | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Bermuda | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | SFr | SFr 30,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Finance Services Ltd., Hamilton [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Finance Services Ltd. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Hamilton | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Bermuda | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | SFr | 20,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Triangle International Reinsurance Limited, Hamilton [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Triangle International Reinsurance Limited | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Hamilton | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Bermuda | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | SFr | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Trinity River Insurance Co Ltd., Hamilton [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Trinity River Insurance Co Ltd. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Hamilton | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Bermuda | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 370,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Biociencias S.A., Sao Paulo [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Biociências S.A. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | São Paulo | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Brazil | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | R$ | R$ 507.1 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharmaceuticals Canada Inc., Dorval, Quebec [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharmaceuticals Canada Inc. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Montreal, Quebec | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Canada | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 420,717 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Chile S.A., Santiago de Chile [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Chile S.A. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Santiago de Chile | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Chile | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 2 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Beijing Novartis Pharma Co., Ltd., Beijing [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Beijing Novartis Pharma Co., Ltd. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Beijing | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | China | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 30,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharmaceuticals (HK) Limited, Hong Kong [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharmaceuticals (HK) Limited | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Hong Kong | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | China | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 200 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | China Novartis Institutes for BioMedical Research Co., Ltd., Shanghai [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | China Novartis Institutes for BioMedical Research Co., Ltd. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Shanghai | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | China | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 320,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Suzhou Novartis Technical Development Co., Ltd., Changshu [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Suzhou Novartis Technical Development Co., Ltd. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Changshu | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | China | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 12,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Shanghai Novartis Trading Ltd., Shanghai [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Shanghai Novartis Trading Ltd. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Shanghai | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | China | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 3,200,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis de Colombia S.A., Santafe de Bogota [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis de Colombia S.A. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Santafé de Bogotá | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Colombia | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 7.9 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis s.r.o., Prague [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis s.r.o. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Prague | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Czech Republic | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | Kč | Kč 51.5 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Healthcare A/S, Copenhagen [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Healthcare A/S | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Copenhagen | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Denmark | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | kr | kr 14 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Caribe, S.A., Santo Domingo [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Caribe, S.A. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Santo Domingo | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Dominican Republic | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 20,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Ecuador S.A., Quito [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Ecuador S.A. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Quito | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Ecuador | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 4,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma S.A.E., Cairo [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma S.A.E. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Cairo | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Egypt | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | ج.م. | ج.م. 2.1 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 99.98% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 99.98% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Finland Oy, Espoo [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Finland Oy | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Espoo | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Finland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 459,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Groupe France S.A., Rueil-Malmaison [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Groupe France S.A.S. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Rueil-Malmaison | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | France | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 903,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma S.A.S., Rueil-Malmaison [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma S.A.S. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Rueil-Malmaison | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | France | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 43,400,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Advanced Accelerator Applications S.A., Rueil-Malmaison [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Advanced Accelerator Applications S.A. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Rueil-Malmaison | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | France | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 9,600,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 99.23% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 99.23% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Advanced Accelerator Applications Molecular Imaging France, Saint Genis Pouilly [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Advanced Accelerator Applications Molecular Imaging France | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Saint-Genis-Pouilly | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | France | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 7,500,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 99.23% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 99.23% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Business Services GmbH, Wehr [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Business Services GmbH | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Wehr | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Germany | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 25,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma GmbH, Nuremberg [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma GmbH | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Nuremberg | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Germany | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 25,600,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma Produktions GmbH, Wehr [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma Produktions GmbH | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Wehr | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Germany | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma Vertriebs GmbH, Nuremberg [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma Vertriebs GmbH | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Nuremberg | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Germany | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 25,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis (Hellas) S.A.C.I., Metamorphosis/Athens [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis (Hellas) S.A.C.I. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Metamorphosis / Athens | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Greece | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 233,900,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Hungary Healthcare Limited Liability Company, Budapest [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Hungary Healthcare Limited Liability Company | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Budapest | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Hungary | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | Ft | Ft 545.6 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis India Limited, Mumbai [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis India Limited | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Mumbai | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | India | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | ₨ | ₨ 123.5 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 70.68% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 70.68% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Healthcare Private Limited, Mumbai [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Healthcare Private Limited | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Mumbai | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | India | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | ₨ | ₨ 60 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | PT. Novartis Indonesia, Jakarta [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | PT. Novartis Indonesia | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Jakarta | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Indonesia | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | Rp | Rp 7.7 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Ireland Limited, Dublin [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Ireland Limited | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Dublin | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Ireland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 25,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Integrated Services Limited, Cork City [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Integrated Services Limited | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Cork City | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Ireland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 100 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Israel Ltd., Tel Aviv [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Israel Ltd. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Tel Aviv | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Israel | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | ₪ | ₪ 1,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Farma S.p.A., Milan [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Farma S.p.A. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Milan | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Italy | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 18,200,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Advanced Accelerator Applications (Italy) S.r.l., Pozzilli [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Advanced Accelerator Applications (Italy) S.r.l. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Pozzilli | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Italy | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 119,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 99.23% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 99.23% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma K.K., Tokyo [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma K.K. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Tokyo | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Japan | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | ¥ | ¥ 100 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Ciba-Geigy Japan Limited, Tokyo [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Ciba-Geigy Japan Limited | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Tokyo | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Japan | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | ¥ | ¥ 100 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Baltics SIA, Riga [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Baltics SIA | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Riga | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Latvia | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 3,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Investments S.a r.l., Luxembourg City [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Investments S.à r.l. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Luxembourg City | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Luxembourg | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 100,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Finance S.A., Luxembourg City [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Finance S.A. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Luxembourg City | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Luxembourg | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Corporation (Malaysia) Sdn. Bhd., Petaling Jaya [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Corporation (Malaysia) Sdn. Bhd. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Petaling Jaya | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Malaysia | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | RM | RM 3.3 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Farmaceutica, S.A. de C.V., Mexico City [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Farmacéutica, S.A. de C.V. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Mexico City | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Mexico | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 206.7 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma Maroc SA, Casablanca [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma Maroc SA | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Casablanca | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Morocco | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | د.م. | د.م. 80.0 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Netherlands B.V., Amsterdam [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Netherlands B.V. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Amsterdam | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Netherlands | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 1,400,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma B.V., Amsterdam [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma B.V. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Amsterdam | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Netherlands | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 4,500,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Aduro Netherlands Cooperatief U.A., Rosmalen [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Aduro Netherlands Coöperatief U.A. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Rosmalen | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Netherlands | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Aduro Biotech Holdings Europe B.V., Rosmalen [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Aduro Biotech Holdings Europe B.V. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Rosmalen | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Netherlands | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 46,216,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | IDB Holland BV, Baarle-Nassau [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | IDB Holland BV | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Baarle-Nassau | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Netherlands | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 18,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 99.23% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 99.23% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis New Zealand Ltd, Auckland [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis New Zealand Ltd | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Auckland | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | New Zealand | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 820,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Norge AS, Oslo [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Norge AS | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Oslo | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Norway | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | kr | kr 1.5 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma (Pakistan) Limited, Karachi [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma (Pakistan) Limited | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Karachi | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Pakistan | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | ₨ | ₨ 6.7 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 99.99% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 99.99% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma (Logistics), Inc., Panama City [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma (Logistics), Inc. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Panama City | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Panama | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 10,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Healthcare Philippines, Inc., Makati City [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Healthcare Philippines, Inc. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Makati City | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Philippines | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | ₱ | ₱ 298.8 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Poland Sp. z o.o., Warsaw [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Poland Sp. z o.o. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Warsaw | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Poland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | zł | zł 44.2 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Portugal SGPS Lda., Porto Salvo [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Portugal, S.G.P.S., Lda. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Porto Salvo | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Portugal | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 500,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Farma - Produtos Farmaceuticos S.A., Porto Salvo [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Farma - Produtos Farmacêuticos, S.A. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Porto Salvo | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Portugal | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 2,400,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma Services Romania S.R.L., Bucharest [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma Services Romania S.R.L. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Bucharest | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Romania | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | RON | RON 3 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Sandoz S.R.L., Targu-Mures [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Sandoz S.R.L. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Targu-Mures | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Romania | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | RON | RON 119.5 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma LLC, Moscow [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma LLC | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Moscow | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Russian Federation | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | ₽ | ₽ 20 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Neva LLC, St. Petersburg [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Neva LLC | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | St. Petersburg | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Russian Federation | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | ₽ | ₽ 500 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Saudi Ltd., Riyadh [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Saudi Company | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Riyadh | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Saudi Arabia | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | ر.س | ر.س 30.0 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis (Singapore) Pte Ltd., Singapore [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis (Singapore) Pte Ltd. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Singapore | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Singapore | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Singapore Pharmaceutical Manufacturing Pte Ltd, Singapore [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Singapore Pharmaceutical Manufacturing Pte Ltd | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Singapore | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Singapore | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | 45,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Asia Pacific Pharmaceuticals Pte Ltd, Singapore [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Asia Pacific Pharmaceuticals Pte Ltd | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Singapore | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Singapore | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 39,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Slovakia s.r.o., Bratislava [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Slovakia s.r.o. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Bratislava | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Slovakia | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis farmacevtska proizvodnja d.o.o., Ljubljana [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis farmacevtska proizvodnja d.o.o. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Ljubljana | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Slovenia | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 7,500,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis South Africa (Pty) Ltd, Midrand [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis South Africa (Pty) Ltd | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Midrand | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | South Africa | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | R | R 86.3 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Korea Ltd., Seoul [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Korea Ltd. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Seoul | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | South Korea | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | ₩ | ₩ 24.5 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Farmaceutica, S.A., Barcelona [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Farmacéutica, S.A. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Barcelona | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Spain | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 63,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Advanced Accelerator Applications Iberica, S.L.U., Esplugues de Llobregat [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Advanced Accelerator Applications Iberica, S. L. U. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Esplugues de Llobregat | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Spain | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | 22,600,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 99.23% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 99.23% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Abadia Retuerta S.A., Sardon de Duero/Valladolid [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Abadia Retuerta S.A. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Sardón de Duero / Valladolid | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Spain | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | € | € 6,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Sverige AB, Stockholm [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Sverige AB | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Stockholm | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Sweden | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | kr | kr 5 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis International AG, Basel [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis International AG | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Basel | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | SFr | 10,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Holding AG, Basel [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Holding AG | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Basel | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | SFr | 100,200,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis International Pharmaceutical Investment AG, Basel [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis International Pharmaceutical Investment AG | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Basel | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | SFr | 100,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Bioventures AG, Basel [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Bioventures AG | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Basel | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | SFr | 100,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Forschungsstiftung, Basel [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Forschungsstiftung | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Basel | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Stiftung fuer Kaderausbildung, Basel [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Stiftung für Kaderausbildung | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Basel | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Mitarbeiterbeteiligungsstiftung, Basel [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis-Mitarbeiterbeteiligungsstiftung | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Basel | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Stiftung fuer Mensch und Umwelt, Basel [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Stiftung für Mensch und Umwelt | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Basel | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Stiftung der Novartis AG fuer Erziehung, Ausbildung und Bildung, Basel [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Stiftung der Novartis AG für Erziehung, Ausbildung und Bildung | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Basel | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Overseas Investments AG, Basel [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Overseas Investments AG | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Basel | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | SFr | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Japat AG, Basel [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Japat AG | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Basel | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | SFr | 100,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma AG, Basel [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma AG | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Basel | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | SFr | 350,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma Services AG, Basel [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma Services AG | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Basel | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | SFr | 20,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma Schweizerhalle AG, Muttenz [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma Schweizerhalle AG | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Muttenz | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | SFr | 18,900,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma Stein AG, Stein [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma Stein AG | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Stein | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | SFr | 251,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharma Schweiz AG, Risch [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharma Schweiz AG | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Risch | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | SFr | 5,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Cellerys AG, Schlieren [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Cellerys AG | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Schlieren | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | SFr | 129,630 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 20% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 20% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Innovative Therapies AG, Risch [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Innovative Therapies AG | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Risch | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | SFr | 100,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Advanced Accelerator Applications International SA, Geneve [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Advanced Accelerator Applications International SA | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Geneva | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Switzerland | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | SFr | SFr 9,300,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 99.23% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 99.23% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis (Taiwan) Co., Ltd., Taipei [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis (Taiwan) Co., Ltd. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Taipei | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Taiwan | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 170 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis (Thailand) Limited, Bangkok [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis (Thailand) Limited | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Bangkok | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Thailand | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | ฿ | ฿ 302 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Saglik, Gida ve Tarim Urunleri Sanayi ve Ticaret A.S., Istanbul [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Saglik, Gida ve Tarim Ürünleri Sanayi ve Ticaret A.S. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Istanbul | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Turkey | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | ₺ | ₺ 448 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Middle East FZE, Dubai [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Middle East FZE | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Dubai | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United Arab Emirates | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | د.إ | د.إ 7.0 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis UK Limited, London [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis UK Limited | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | London | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United Kingdom | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | £ | £ 25,500,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharmaceuticals UK Limited, London [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharmaceuticals UK Limited | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | London | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United Kingdom | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | £ | 5,400,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Grimsby Limited, London [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Grimsby Limited | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | London | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United Kingdom | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | £ | 250,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Advanced Accelerator Applications (UK & Ireland), London [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Advanced Accelerator Applications (UK & Ireland) | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | London | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United Kingdom | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | £ | 100 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 99.23% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 99.23% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Neutec Pharma Limited, London [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Neutec Pharma Limited | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | London | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United Kingdom | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | £ | 7.7 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Gyroscope Therapeutics Limited, London [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Gyroscope Therapeutics Limited | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | London | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United Kingdom | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | £ | £ 1,492 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Corporation, East Hanover, NJ [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Corporation | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | East Hanover, NJ | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 72,200,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Finance Corporation, East Hanover, NJ [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Finance Corporation | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | East Hanover, NJ | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 1,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Capital Corporation, East Hanover, NJ [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Capital Corporation | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | East Hanover, NJ | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 1 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Services, Inc., East Hanover, NJ [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Services, Inc. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | East Hanover, NJ | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 1 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis US Foundation, East Hanover, NJ [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis US Foundation | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | East Hanover, NJ | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Pharmaceuticals Corporation, East Hanover, NJ [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Pharmaceuticals Corporation | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | East Hanover, NJ | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 650 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Advanced Accelerator Applications USA, Inc., Millburn, NJ [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Advanced Accelerator Applications USA, Inc. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Millburn, NJ | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 1 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 99.23% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 99.23% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Gene Therapies, Inc., Bannockburn, IL [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Gene Therapies, Inc. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Bannockburn, IL | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 1 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Technology LLC, Inc., East Hanover, NJ [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Technology LLC | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | East Hanover, NJ | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Institutes for BioMedical Research, Inc., Cambridge, MA [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Institutes for BioMedical Research, Inc. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Cambridge, MA | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 1 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Manufacturing LLC, East Hanover, NJ [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Manufacturing LLC | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | East Hanover, NJ | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Cadent Therapeutics, Cambridge, MA [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Cadent Therapeutics, Inc. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Cambridge, MA | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 0.1 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Endocyte, Inc., East Hanover, NJ [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Endocyte, Inc. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | East Hanover, NJ | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 1 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Navigate BioPharma Services, Inc., Carlsbad, CA [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Navigate BioPharma Services, Inc. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Carlsbad, CA | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 1 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | The Medicines Company, East Hanover, NJ [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | The Medicines Company | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | East Hanover, NJ | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 1,000 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | DTX Pharma, Inc., San Diego, CA [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | DTX Pharma, Inc. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | San Diego, CA | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 1 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Chinook Therapeutics, Inc., Seattle, WA [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Chinook Therapeutics, Inc. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Seattle, WA | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 1 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Chinook Therapeutics U.S., Inc., Seattle, WA [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Chinook Therapeutics U.S., Inc. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Seattle, WA | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | United States of America | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | $ 1 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis de Venezuela, S.A., Caracas [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis de Venezuela, S.A. | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Caracas | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Venezuela | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | VEF | VEF 0 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries [member] | Novartis Vietnam Company Limited, Ho Chi Minh City [member] | |||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||||||||||||
Name of subsidiary | Novartis Vietnam Company Limited | ||||||||||||||||||||||||||||||||||||||||
Principal place of business of subsidiary | Ho Chi Minh City | ||||||||||||||||||||||||||||||||||||||||
Country of incorporation of subsidiary | Vietnam | ||||||||||||||||||||||||||||||||||||||||
Share/paid-in capital | ₫ | ₫ 70 | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Proportion of voting rights held in subsidiary | 100% |