Q1 2023 Results

Company overview Financial review Conclusions Appendix References Raising Sandoz 2023 top line guidance Expected, barring unforeseen events; growth vs. PY in cc FINANCIAL PROFILE Sales expected to grow mid single digit 2023 Previous guidance (Low-to-mid) Core Oplnc expected to decline low double digit reflecting required stand-up investments to transition Sandoz to a separate company and continued inflationary pressures Sales expected to grow low-to-mid single digit CAGR Mid-term Core Oplnc margin expected to expand to mid 20s, continuously progressing from the low 2023 base driven by continued sales growth and operational efficiencies Key assumptions: We continue to expect that the planned Sandoz spin-off is completed in H2 2023 Note: after completion of planned Sandoz spin-off, Core Oplnc guidance will be expressed in terms of core EBITDA. 25 Investor Relations | Q1 2023 Results NOVARTIS | Reimagining Medicine

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