Novartis is a pure-play innovative medicines company that discovers, develops, manufactures, and sells prescription drugs globally. Novartis focuses on four therapeutic areas: cardiovascular/renal/metabolic, immunology, neuroscience, and oncology. Novartis sells to drug wholesalers, retail pharmacies, hospitals, and government agencies through a direct sales force of roughly 17,500 reps. Key products include Cosentyx (IL-17A inhibitor for inflammatory diseases, ~$6.7B in FY25 sales), Kisqali (CDK4/6 inhibitor for breast cancer, ~$4.8B), Kesimpta (anti-CD20 antibody for multiple sclerosis, ~$4.4B), Entresto (heart failure, now facing U.S. generic competition), Pluvicto (radioligand therapy for prostate cancer, ~$2B and growing), Scemblix (CML, ~$1B+, growing ~85% YoY), and Leqvio (twice-yearly siRNA therapy for high LDL, ~$1B+). Novartis also sells Zolgensma, a one-time gene therapy for spinal muscular atrophy. Novartis earns revenue primarily through patented drug pricing, with profitability driven by patent exclusivity, patient volumes, and net pricing after rebates and government-mandated discounts. The U.S. is the largest market at ~43% of FY25 sales. Novartis invests heavily in R&D (over $10B in FY25) and is building a late-stage pipeline across radioligand therapy, gene therapy, siRNA, CAR-T, and small molecules. Novartis returns capital through dividends and buybacks, and supplements organic growth with bolt-on acquisitions.