RBC Expects 'In-line' Q3 Results from Novartis

03:55 AM EDT, 10/19/2026 (MT Newswires) -- RBC Capital Markets expects Novartis (NOVN.SW) to deliver "in-line" results at the Swiss pharmaceutical giant's upcoming third-quarter earnings report on Oct. 27. "We are slightly below consensus on the top-line (-1.2%) and in-line on the bottom-line. We expect Kesimpta (+5% vs. cons.) and Scemblix (+7%) strength to be offset by Entresto LOE erosion (-3% vs. cons.) and lighter Kisquali (-1%). We see a quiet quarter tracking to 2H guidance (MSD% revenue, MSD-HSD% core OI growth). The key near-term catalyst is the detailed REMODEL-1 & -2 readout for remibrutinib in RMS at MSToronto. Beyond that, we will look for any incremental color on pelacarsen (HORIZON at AHA) and the path forward following the del desiran setback," analysts said in a third-quarter earnings preview report, adding they forecast a 0.5% currency headwind on the top line. Ahead of Novartis' MSToronto presentation and Friday investor call on late-stage remibrutinib data, RBC said it will focus on disability metrics and safety profiles. The next key catalyst will be the Nov. 19 Meet-the-Management event in London for updates on the company's broader pipeline. RBC rates the stock at sector perform, with a price target of 120 francs.