Annual Report 2025 Annual Report 2025 Chair and CEO's letter 2025 was another strong year for Novartis. We delivered meaningful impact for patients around the world while remaining focused on our strategy. In an environment shaped by rapid scientific progress and evolving policy — including our recent pricing agree‑ ment with the US government — we continued to lead in our core therapeutic areas and technology platforms, advance our pipeline, and execute with discipline to deliver long‑term value for patien ...