0000000000-25-002918.txt : 20250520 0000000000-25-002918.hdr.sgml : 20250520 20250318073607 ACCESSION NUMBER: 0000000000-25-002918 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20250318 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: NOVARTIS AG CENTRAL INDEX KEY: 0001114448 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] ORGANIZATION NAME: 03 Life Sciences EIN: 000000000 STATE OF INCORPORATION: V8 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD SEC FILE NUMBER: 001-15024 BUSINESS ADDRESS: STREET 1: LICHTSTRASSE 35 CITY: BASEL STATE: V8 ZIP: CH 4056 BUSINESS PHONE: 01141613241111 MAIL ADDRESS: STREET 1: LICHTSTRASSE 35 CITY: BASEL STATE: V8 ZIP: CH 4056 PUBLIC REFERENCE ACCESSION NUMBER: 0001370368-25-000004 LETTER 1 filename1.pdf begin 644 filename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filename2.txt March 18, 2025 Harry Kirsch Chief Financial Officer Novartis AG Postfach CH-4002 Basel Switzerland Re: Novartis AG For 20-F for Fiscal Year Ended December 31, 2024 Filed January 31, 2025 File No. 001-15024 Dear Harry Kirsch: We have reviewed your filing and have the following comments. Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. For 20-F for Fiscal Year Ended December 31, 2024 3.D Risk Factors Intellectual Property, page 10 1. You state on page 35 that Entresto patent protection is set to expire in 2025 and 2026 in the US and EU, respectively and that, based on your disclosure on page 41, Entresto makes up USD 7.8 billion in net sales. In future filings, please expand your risk factor disclosure to discuss specific risks that may result based on Entresto's imminent patent expiration. Novartis consolidated financial statements for the fiscal year ended December 31, 2024 Note 3. Operating segment, page F-17 2. We note you operate as a single global operating segment company due to the spin-off of the Sandoz business on October 3, 2023. We also note on page 21 that you have two commercial units, US and International. Please explain to us how you concluded that you operate as a single operating segment. Refer to IFRS 8.11 12. We remind you that the company and its management are responsible for the accuracy March 18, 2025 Page 2 and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Please contact Lynn Dicker at 202-551-3616 or Daniel Gordon at 202-551-3486 if you have questions regarding comments on the financial statements and related matters. Please contact Doris Stacey Gama at 202-551-3188 or Chris Edwards at 202-551- 6761 with any other questions. Sincerely, Division of Corporation Finance Office of Life Sciences