Swiss pharmaceutical company Novartis reported its second-quarter 2025 earnings with core earnings per share (EPS) of $2.42, surpassing estimates of $2.35 and marking a 24% year-over-year increase. Net sales reached $14.05 billion, slightly above expectations, reflecting a 12% rise from the previous year. Core operating income rose 20% year-over-year to $5.93 billion, with a core operating income margin of 42.2%, up 340 basis points. Novartis raised its full-year 2025 core operating income growth guidance to the low teens percentage. The company also announced a share repurchase program worth up to $10 billion. Additionally, Novartis entered into a partnership with biotech firm Matchpoint Therapeutics, paying $60 million upfront with potential milestone payments up to $1 billion, to develop and commercialize oral covalent inhibitors targeting inflammatory diseases. Meanwhile, Swiss rival Roche reported first-half 2025 sales of CHF 30.94 billion, beating estimates of CHF 30.78 billion, and core EPS of CHF 11.08, exceeding expectations of CHF 10.45. Roche's second-quarter sales totaled CHF 15.50 billion, with pharmaceutical sales at CHF 12.04 billion and diagnostics sales at CHF 3.47 billion. French drugmaker Sanofi posted second-quarter 2025 sales of €9.99 billion, up 10% at constant currency, and raised its full-year sales outlook to high single-digit growth. Sanofi's business EPS was €1.59, slightly below estimates, while profit rose to €3.94 billion, supported by a divestiture. The company highlighted strong demand for its anti-inflammatory drug Dupixent, which generated €3.8 billion in sales, as well as vaccines and newer treatments. Sanofi also indicated that the impact of U.S. tariffs is expected to be manageable.