Novartis

Questions investors ask

Legal and investor matters

Checked against Novartis filings and press releases. Allegations are allegations; nothing here is a finding of fault. Reviewed Oct 25, 2026.

Note 20 of the 20-F filed 2026-02-04 lists, under concluded legal matters, one purported shareholder derivative lawsuit filed in 2021 in New York State Court, and says the plaintiffs dismissed their appeal in July 2025, concluding the matter. Source

1. Jul 21, 2026Litigation

   Gilenya qui tam case proceeds to discovery after motion to dismiss denied

   Novartis Pharmaceuticals Corporation received a civil investigative demand in 2013 from the U.S. Attorney's Office for the Southern District of New York about Gilenya marketing practices. In 2017 the S.D.N.Y. and New York State declined to intervene in claims raised by an individual relator in a qui tam complaint. The district court granted Novartis's motion to dismiss in 2022, the appeals court affirmed in part and remanded in part in December 2024, and in March 2026 the district court denied the motion to dismiss and the case proceeded to discovery. Novartis says in its interim report filed July 21, 2026 that it is contesting the claims.

   U.S. District Court for the Southern District of New York · Status: pending

   Novartis Form 6-K, 2026-07-21 (interim report)

2. Jul 21, 2026Litigation

   Supreme Court declines Novartis petition on Entresto drug price negotiation

   Novartis Pharmaceuticals Corporation sued in the District of New Jersey in 2023, arguing the Inflation Reduction Act's Medicare price-setting provisions, applied to Entresto, are unconstitutional. The court granted summary judgment to the government in October 2024 and the Third Circuit affirmed in September 2025. In its July 21, 2026 interim report, Novartis states that in May 2026 the U.S. Supreme Court declined to hear its petition, concluding the litigation.

   U.S. Supreme Court · Status: dismissed

   Novartis Form 6-K, 2026-07-21 (interim report)

3. Jul 21, 2026Regulatory

   Greek appeals court upholds annulment of fine; civil claims against Novartis remain

   Greek authorities are investigating legacy allegations of potentially inappropriate economic benefits to healthcare providers, government officials and others in Greece. In 2021 the Greek SDOE imposed on Novartis Hellas a fine equivalent to about USD 1.2 million. A court overturned the fine in September 2023, and in June 2026 the Court of Appeal upheld the annulment. Two civil suits remain: the Greek State seeks about USD 225 million in moral damages (the court rejected its claims in May 2025 and the State appealed in October 2025), and the National Social Security Fund of Greece seeks about EUR 229 million. Novartis says it will contest the claims.

   Greek courts · Status: pending

   Novartis Form 6-K, 2026-07-21 (interim report)

4. Mar 18, 2026Financing

   Novartis Capital issues seven series of U.S. dollar notes under terms agreement

   Novartis AG furnished a Form 6-K on March 18, 2026 for the issuance by Novartis Capital Corporation of seven series of notes: $500 million floating rate notes due 2029, $1.25 billion 4.100% notes due 2029, $1.75 billion 4.400% due 2031, $2.0 billion 4.600% due 2033, $2.25 billion 4.900% due 2036, $1.0 billion 5.600% due 2046 and $2.25 billion 5.700% due 2056. The listed amounts sum to $11.0 billion. A terms agreement is dated March 16, 2026.

   Novartis Form 6-K, 2026-03-18

5. Feb 4, 2026Regulatory

   Novartis records USD 443 million provision after French Supreme Court ruling on Lucentis competition fine

   In 2020 the French Competition Authority issued a decision finding that Novartis entities had abused a dominant position and imposed a fine equivalent to about USD 452 million; the authority had alleged anti-competitive practices in France from 2008 to 2013 over Lucentis and Avastin. Novartis paid the fine and appealed. The Paris Court of Appeal overturned the decision in February 2023, which triggered a refund. In June 2025 France's Supreme Court overturned the Court of Appeal's decision and sent the case back for further proceedings. Novartis recorded a USD 443 million provision. The authority has re-imposed its original fine, which Novartis has paid, pending appeal. Novartis says it continues to contest all claims.

   Paris Court of Appeal; French Supreme Court · Status: appealed

   Novartis Form 20-F, 2026-02-04

6. Feb 4, 2026Derivative suit

   Shareholder derivative suit against Novartis directors concluded in July 2025

   A purported shareholder derivative lawsuit filed in 2021 in New York State Court named Novartis Pharmaceuticals Corporation, Sandoz Inc., Novartis Capital Corporation and certain present and former directors and officers as defendants, with Novartis as nominal defendant. The court granted a motion to dismiss in 2022. The plaintiffs appealed, then dismissed the appeal in July 2025, which concluded the matter, according to the 20-F filed February 4, 2026.

   New York State Court · Status: dismissed

   Novartis Form 20-F, 2026-02-04

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