Company profile
SEC EDGAR ↗- Industry
- Pharmaceutical Preparations
- Listed
- NYSE: NVS
- Incorporated
- Switzerland
- Headquarters
- Basel, V8
- Fiscal year end
- Dec 31
Decisions on record
3 verified Decision Records on Novartis, and the casebook each one belongs to.
| Fork date | Decision type | What Novartis chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2015 | Adjacency Expansion | Divest the adjacencies | Sandoz generics business listed independently on the SIX Swiss Exchange effective October 4, 2023 (2023-10) | Read the story → | Adjacency Expansion Casebook → |
| 2018 | Adjacency Expansion | Acquire AveXis platform | FDA approved Itvisma for SMA patients aged two and older, priced at $2.59 million a dose (2025-11) | Read the story → | Adjacency Expansion Casebook → |
| 2019 | The Pricing Lens | Price against alternative | CSL Behring's Hemgenix approved at $3.5 million per dose, taking the most-expensive-drug title (2022-11) | Read the story → | The Pricing Lens Casebook → |
Run one of these yourself
The decisions Novartis faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
The analyses
The Adjacency Expansion · Growth & Portfolio
Novartis Sold Off Its Adjacencies One by One — The Only Bet That Paid Was a Molecule
The story is that Novartis grew into adjacencies. The truth runs the other way: vaccines sold to GSK in 2015, the consumer JV cashed out for $13 billion in 2018, Alcon spun off in 2019, Sandoz in 2023. The only adjacency that paid was a molecule.
7 min
The Adjacency Expansion · Growth & Portfolio
Novartis Paid $8.7 Billion to Cure a Disease Once. The Hard Part Is Doing It Twice.
Novartis bought the world's best-selling gene therapy for $8.7 billion. Then it discovered the trap: cure a one-shot disease and you exhaust your own market. Zolgensma peaked at $1.35 B in 2021 and has fallen ever since. The real test is whether the platform has a second act.
8 min
The Price Tag · Business Model
Novartis Priced Zolgensma at $2.125M With a Watchdog's Blessing — Then Sat on Manipulated Data
Zolgensma's $2.125M price triggered outrage as 'the world's most expensive drug.' But the math was defensible — and an independent watchdog endorsed it. The real story is the manipulated data Novartis sat on, and the zero-penalty ending.
8 min