Meet Novartis Management

Investor Event
London, November 21, 2024
Disclaimer

This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, that can generally be identified by words such as
“potential,” “expected,” “will,” “planned,” “pipeline,” “outlook,” “confident,” or similar expressions, or by express or implied discussions regarding potential new products, potential new indications for
existing products, potential product launches, or regarding potential future revenues from any such products; or regarding results of ongoing clinical trials; or regarding potential future, pending or
announced transactions; regarding potential future sales or earnings; or by discussions of strategy, plans, expectations or intentions, including discussions regarding our continued investment into new
R&D capabilities and manufacturing; or regarding our capital structure; or regarding the consequences of the spin-off of Sandoz and our transformation into a “pure-play” innovative medicines company.
Such forward-looking statements are based on the current beliefs and expectations of management regarding future events and are subject to significant known and unknown risks and uncertainties.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual resu lts may vary materially from those set forth in the forward-looking statements.
You should not place undue reliance on these statements. There can be no guarantee that the investigational or approved products described in this presentation will be submitted or approved for sale or
for any additional indications or labeling in any market, or at any particular time. Nor can there be any guarantee that such products will be commercially successful in the future. Neither can there be any
guarantee expected benefits or synergies from the transactions described in this presentation will be achieved in the expected timeframe, or at all. In particular, our expectations could be affected by,
among other things: uncertainties regarding the success of key products, commercial priorities and strategy; uncertainties in the research and development of new products, including clinical trial results
and additional analysis of existing clinical data; uncertainties regarding the use of new and disruptive technologies, including artificial intelligence; global trends toward healthcare cost containment,
including ongoing government, payer and general public pricing and reimbursement pressures and requirements for increased pricing transparency; uncertainties regarding our ability to realize the
strategic benefits, operational efficiencies or opportunities expected from our external business opportunities; our ability to realize the intended benefits of our separation of Sandoz into a new publicly
traded standalone company; our ability to obtain or maintain proprietary intellectual property protection, including the ultimate extent of the impact on Novartis of the loss of patent protection and
exclusivity on key products; uncertainties in the development or adoption of potentially transformational digital technologie s and business models; uncertainties surrounding the implementation of our new
IT projects and systems; uncertainties regarding potential significant breaches of information security or disruptions of our information technology systems; uncertainties regarding actual or potential legal
proceedings, including regulatory actions or delays or government regulation related to the products and pipeline products described in this presentation; safety, quality, data integrity, or manufacturing
issues; our performance on and ability to comply with environmental, social and governance measures and requirements; major p olitical, macroeconomic and business developments, including impact of
the war in certain parts of the world; uncertainties regarding future global exchange rates; uncertainties regarding future demand for our products; and other risks and factors referred to in Novartis AG’s
most recently filed Form 20-F and in subsequent reports filed with, or furnished to, the US Securities and Exchange Commission. Novartis is providing the information in this presentation as of this date
and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.

All trademarks in this presentation are the property of their respective owners.

This presentation includes non-IFRS financial measures, including constant currencies (cc), core results and free cash flow. An explanation of non-IFRS measures can be found on page 46 of the 3Q24
Interim Financial Report.

Meet Novartis Management | November 2024 2

We have transformed into a pure-play innovative medicines company,
creating significant shareholder value...

Jun 2018 Market capitalization (in USDbn)1,2

Divested consumer health JV

+71
Apr 2019 (+36%)
Spun Alcon
267
20
Nov 2021 42
Exited Roche stake 196

Apr 2022 Announced new simplified

organizational structure
205
Oct 2023
Spun Sandoz

100% Innovative Medicines Jan 1, 2018 Nov 15, 2024

1. Source: Bloomberg for market capitalizations of Alcon and Sandoz, own calculations for market capitalization of Novartis. 2. In addition, Novartis paid out USD 50bn in dividends over the period of 2018 – 2024.

Meet Novartis Management | November 2024 3

... while delivering strong operational performance

Continuing operations1 performance, numbers restated post-Sandoz spin-off

Net sales Core OpInc2 Core margin2

USDbn, % cc USDbn, % cc %

Low double High teens +990bps cc High

+7% CAGR digit growth +14% CAGR growth 30’s
36.0
+10% +18% 35.1
+7% +5%
33.9
+12% +10% 32.4
+4%
+12% +13% 30.6
35.2 +20% 28.7
10.1

2018 2019 2020 2021 2022 2023 2024E 2018 2019 2020 2021 2022 2023 2024E 2018 2019 2020 2021 2022 2023 2024E

1. As defined on page 35 of the Interim Financial Report, Continuing operations include the retained business activities of Novartis, comprising the Innovative Medicines Division and the continuing Corporate activities. 2. Core results and
constant currencies are non-IFRS measures. Details regarding non-IFRS measures can be found starting on page 46 of the Interim Financial Report. Unless otherwise noted, all growth rates refer to same period in PY.

Meet Novartis Management | November 2024 4

Our sales growth, market expansion and balance sheet discipline
have led to robust free cash flow and improved ROIC

Free Cash Flow 1 Returned On Invested Capital 2

USDbn

Novartis including Sandoz Novartis excl. Sandoz Novartis excl. Sandoz

13.7
13.2
12.4 12.6
11.8 12.2 12.1
~12%
~8%

2018 2019 2020 2021 2022 2023 9M 2024 2022 2023

As %
26.3% 25.6% 25.4% 26.5% 28.7% 29.0% 34.0%
of Sales

1. 2018 to 2022 figures reflecting revised free cash flow definition. Free cash flow is a non-IFRS measure. An explanation of non-IFRS measures can be found on page 46 of the Interim Financial Report. 2. ROIC calculated as per Bloomberg
definition using reported (non-core) financials, adjusted to reflect Novartis post Sandoz spin-off.

Meet Novartis Management | November 2024 5

We remain committed to executing our focused strategy...

Deliver high-value medicines that alleviate society’s greatest disease burdens through technology leadership
in R&D and novel access approaches

Focus Priorities Execution

4 core therapeutic areas Accelerate growth Strengthen Delivering through

Cardiovascular-Renal-Metabolic, and deliver returns foundations operational excellence
Immunology, Neuroscience, Oncology

2 + 3 technology platforms
Chemistry, Biotherapeutics
xRNA, Radioligand, Gene & Cell Therapy

4 priority geographies Deliver high-value Unleash the power of Driving efficiencies and
US, China, Germany, Japan medicines (including our people agile resource allocation
launch excellence)
Scale data science Improving R&D
and technology productivity
Build trust with society

Meet Novartis Management | November 2024 6

... and continuing our shareholder-friendly capital allocation approach

Investing in the business Returning capital to shareholders

Investments in organic business Consistently growing annual dividend 1

Ongoing investment in R&D and CapEx USD 7.6bn dividend paid in H1 2024
not rebased post Sandoz
Substantial
cash
generation
Value-creating bolt-ons Share buybacks
Multiple early-stage deals to strengthen our RLT Up-to USD 15bn share buyback continuing,
platform, renal pipeline and AI capabilities YTD with up to USD 7.0bn2 still to be executed

1. In CHF. 2. As of Oct 31, 2024.

Meet Novartis Management | November 2024 7

We have deep expertise and capabilities in our core therapeutic areas
and technology platforms, with a balanced global footprint

In-market and pipeline depth Strong capabilities across Geographically diversified;

in 4 core therapeutic areas technology platforms fast growth in priority markets 2

13 6+ Chemistry +15% USA

in-market blockbusters1 ongoing launches

Biotherapeutics
+25% China

8 15+ +6% Germany

in-market brands with Submission-enabling xRNA
USD 3bn+ peak potential readouts in next 2 years
+6% Japan

13% 30+ RLT

limited binary risk Potential high-value

on a single product 1 pipeline assets Cell & Gene ~60%1 Ex-US business

1. Based on 2023 sales actuals. 2. 9M 2024 sales growth vs PY in constant currencies. Constant currencies is a non-IFRS measure. Details regarding non-IFRS measures can be found starting on page 46 of the 3Q24 Interim Financial Report.

Meet Novartis Management | November 2024 8

Over the last few years, we have streamlined our pipeline and focused
our R&D spend...

Streamlined portfolio With increased resources Driving focus and

and increased TA focus1 and capabilities enhanced competencies
Research resources per project2
-39% Enhancing our technical R&D
155 +49% capabilities (incl. biotherapeutics,
projects RLT, and siRNA), with USD 400m+
13 in investments through 2028
37
94
9 projects Q3 2021 Q3 2024 Significant investments in data
13 science, technology and AI
26 Development spend3 to increase probability of success
78
11
and accelerate timelines
+5% CAGR
40
18 Optimized global footprint
4
for clinical trials to accelerate
Q3 2021 Q3 2024 recruitment times
CRM IMM NS ONC Other Q3 2021 Q3 2024
1. PhI to approval, excl. Global Health. 2. Monthly average Biomedical Research FTEs per project. 3. Core Development spend, growth in constant currencies, comparing Q1-Q3 2021 vs. Q1-Q3 2024. Core results and constant currencies are
non-IFRS measures. Details regarding non-IFRS measures can be found starting on page 46 of the Interim Financial Report

Meet Novartis Management | November 2024 9

... and we continue to leverage our technology platforms across our core
therapeutic areas

Current applications across our core TAs

Our approach:
Chemistry Biotherapeutics xRNA RLT Cell Gene
• Broad applicability
Oncology • Sustained competitive
advantage
CRM • Scalability to build pipeline
• Advancement of disease
area strategy
Immunology
• Integration of diverse
expertise
Neuroscience

Currently marketed products Pipeline projects Potential to expand

Meet Novartis Management | November 2024 10

We expect to drive consistent growth in the near-, mid- and long-term;
upgrading 2023-2028 sales CAGR from +5% to +6%

Net sales 1 2024-2029 2 >2029

Illustrative, USD billion, % CAGR cc1 +5% CAGR mid-single digit
mid-single
De-risked
digit
+5% in-market
CAGR brands
+7%
CAGR Low double
digit
45.4

35.2
1 2

Select remibrutinib remibrutinib YTB323

pipeline atrasentan atrasentan RLT portfolio
assets
pelacarsen pelacarsen xRNA portfolio

2018 2023 2024 2029 >2029 ianalumab ianalumab

OAV101 IT zigakibart
+6% CAGR 23-28
All figures reflecting Continuing Operations. 1. Constant currencies is a non-IFRS measure. Details regarding non-IFRS measures can be found starting on page 46 of the 3Q24 Interim Financial Report.

Meet Novartis Management | November 2024 11

 1

Novartis growth story

through 2029
We expect net sales to grow +5% cc CAGR 2024-2029, and maintain our
core operating income margin guidance of 40%+ by 2027...

Barring unforeseen events

Net sales Core margin

2024-2029 sales expected to grow Core margin expected to reach

+5% cc 40%+
CAGR by 2027

Core results and constant currencies are non-IFRS measures. Details regarding non-IFRS measures can be found starting on page 46 of the Interim Financial Report.

Meet Novartis Management | November 2024 13

... with de-risked in-market assets driving most of our growth

Illustrative net sales, cc1

+5% CAGR

Mainly
remibrutinib
OAV101 IT
atrasentan
ianalumab
pelacarse n

Mainly Mainly
Entresto® Kisqali ®
Promacta ® Leqvio®
Tasigna ® Plu victo ®
Xol air® Fabhalta®
San dostatin LAR ® Scemblix ®
Jakavi ® Kesimpta ®

2024 Gx impact2 In-market growth Pipeline 2029

up to 2029 drivers3/base business probabilized

All figures reflecting Continuing Operations. 1. Constant currencies is a non-IFRS measure. Details regarding non-IFRS measures can be found starting on page 46 of the 3Q24 Interim Financial Report. 2. For forecasting purposes, we
assume Entresto US LoE in 2025. Timing of Entresto US generic entry is subject to ongoing patent and regulatory litigation. 3. Including indication expansion.

Meet Novartis Management | November 2024 14

We continue to deliver strong commercial execution across our portfolio,
both in the US and International

US select launches (NBRx shares) International ranking

2024 YTD
~47% leader in metastatic
breast cancer 1 ~27% in early breast cancer2
~2 weeks post launch

#4 China7

leader in post-
~62% leader in hidradenitis
suppurativa3 ~35% taxane mCRPC,
all lines4
#1 Germany

~41% leader in
3L+ CML5 ~48% leader in
PNH6 #4 Japan7

1. Of CDK4/6 mBC market, US rolling 3 months ending September 2024, IQVIA Breast Cancer Market Sizing report. 2. Of CDK4/6 eBC market, US September 2024, IQVIA Breast Cancer Market Sizing report. 3. IQVIA National Source of
Business (NSOB) September 2024. 4. Claims Data Stack, September 2024. Data adjusted for United cyber attack impact. 5. US: July US IQVIA CML market sizing report. 6. VEEVA claims data, July 2024. 7. Rank among
pharmaceutical multinational companies.

Meet Novartis Management | November 2024 15

We have eight in-market brands with USD 3bn to 8bn+ potential,
including multiple recent and upcoming indication expansions...

With expected US exclusivity in 2030’s or beyond

Upgrade vs.
previous guidance

Q3’24 sales
annualized 7.5bn 3.4bn 1.5bn 0.7bn
Q3 growth +26%cc +28%cc +50%cc +72%cc

Peak sales
(approx.)
7bn+ 6bn+ 5bn+ 3bn+
assuming US
Existing & expected LoE in mid 20252
future indications1

Q3’24 sales
annualized 6.8bn 3.4bn 0.8bn 0.2bn
Q3 growth +28%cc +43%cc +119%cc nm

Peak sales
(approx.)
8bn+ 8bn+ 4bn+ 3bn+
assuming US
Existing & expected LoE in 2029
future indications1

Constant currencies are non-IFRS measures. Details regarding non-IFRS measures can be found starting on page 46 of the Interim Financial Report. 1. Existing marketed indications and expected future Indications currently in development
and/or registration. 2. Timing of Entresto US generic entry is subject to ongoing patent and regulatory litigation.

Meet Novartis Management | November 2024 16

... with four potential multi-bn dollar assets expected to launch near-term

With expected US exclusivity in 2030’s or beyond

remibrutinib OAV101 IT
Q3’24 sales
annualized 7.5bn 3.4bn 1.5bn 0.7bn N/A N/A
Q3 growth +26%cc +28%cc +50%cc +72%cc

Peak sales
7bn+ 6bn+ 5bn+ 3bn+
(approx.) assuming US multi-bn multi-bn
Existing & expected LoE in mid 20252
future indications1

pelacarsen ianalumab
Q3’24 sales
annualized 6.8bn 3.4bn 0.8bn 0.2bn N/A N/A
Q3 growth +28%cc +43%cc +119%cc nm

Peak sales
8bn+ 8bn+ 4bn+ 3bn+
(approx.) assuming US multi-bn multi-bn
Existing & expected LoE in 2029
future indications1

Constant currencies are non-IFRS measures. Details regarding non-IFRS measures can be found starting on page 46 of the Interim Financial Report. 1. Existing marketed indications and expected future Indications currently in development
and/or registration. 2. Timing of Entresto US generic entry is subject to ongoing patent and regulatory litigation.

Meet Novartis Management | November 2024 17

We expect 15+ submission-enabling readouts in the next two years

Key assets with submission-enabling readouts through 2026 (expected) Post readout

OAV101 IT Remibrutinib Cosentyx®

SMA readout in 2024 CSU submission in 2025 GCA readout in 2025
CINDU readout in 2026 PMR readout in 2025
MS readout in 2026
IgAN portfolio
Atrasentan IgAN approval in 2025 Pluvicto®
Zigakibart IgAN readout in 2026 Ianalumab
mCRPC pre-taxane approval in 2025
SjS readouts in 2025
mHSPC readout in 20251
2L ITP readout in 2025
Fabhalta®
1L ITP and wAIHA readouts in 2026
C3G approval in 2025
Leqvio®
IC-MPGN readout in 2026
Pelacarsen CVRR-LDLC readout in 20262
aHUS readout in 2026
CVRR-Lp(a) readout in 20251

1. Event-driven trial readout. 2. ORION-4 expected readout in 2026 and VICTORION-2-PREVENT in 2027.

Meet Novartis Management | November 2024 18

 2

Novartis growth story

beyond 2029
We have 30+ potential high-value NME assets in our pipeline

Select assets

atrasentan ianalumab YTB323 DLX3131 VHB937

Sjögren’s, LN, SLE, 1L ITP, srSLE/LN, HRLBCL, Adult ALL,
IgAN Parkinson's disease ALS, Alzheimer's Disease
2L ITP, wAIHA, HS, SSc RMS, PPMS, IIM, SSc, gMG, AAV
NME’s
pelacarsen zigakibart TIN816 Osteoarthritis Actinium PSMA
currently in CVRR-Lp(a) IgAN Acute kidney injury portfolio portfolio
Phase III & II
remibrutinib Lu-NeoB LTP001 AAA614
CSU, MS, CINDU, HS, FA Multiple solid tumors, GBM, BC Pulmonary arterial hypertension Solid tumors

PIT565 YMI024 QCZ484 GIA632 FML539

B-cell malignancies, SLE Inflammation-driven diseases rHTN Multiple immunology indications Undisclosed
NME’s
currently in NIO752 LB21022 FXX489 GHZ339 Arrhythmia
Alzheimer’s, progressive
/ entering supranuclear palsy
Solid tumors Solid tumors Atopic dermatitis portfolio

Phase I GIZ943 MRT-61603 JSB462 ESP359 Schizophrenia

Solid tumors Immune-mediated conditions Prostate cancer Undisclosed portfolio

Assets are shown in the phase of the most advanced indication (listed first). High-value potential based on unprobabilized estimated peak sales of all indications currently in development. 1. Novartis is developing minzasolmin jointly in
collaboration with UCB; DLX313 is the Novartis compound code for UCB0599. 2. Novartis has an exclusive, global license agreement with Legend Biotech for LB2102. 3. Novartis has signed an exclusive global license agreement with Monte
Rosa Therapeutics. This transaction is subject to customary closing conditions, including regulatory clearance.

Meet Novartis Management | November 2024 20

We have a strong foundation in Immunology, and expect 6 Phase III
readouts and >10 Phase II readouts1 in next 5 years

Selected projects (indication) Pre-clinical Phase I Phase II Phase III Registration Next milestone/status
Immunology Cosentyx (GCA) Readout H1 2025
Cosentyx (PMR) Readout H2 2025
Disease areas (selected) Remibrutinib (CSU) Submission in H1 2025
• Psoriasis, Psoriatic Arthritis
Remibrutinib (CINDU) Readout 2026
• Spondylitis/Spondyloarthritis
Remibrutinib (HS) Advancing into PhIII in 2025
• HS, CSU, CINDU, AtD
Remibrutinib (FA) Readout H2 2025
• Sjögren’s, SLE, LN
Ianalumab (SjD) Readout H2 2025
Ianalumab (LN) Readout 2027
Anchor assets
Ianalumab (SLE) Readout 2027
ianalumab (HS) Readout 2025
Ianalumab (SSc) Readout 2027
YTB323 (srSLE/LN) Readouts from 2026
YTB323 (SSc) Trial recruiting
Advanced platform
YTB323 (IIM) Trial recruiting
capabilities Disease area
YTB323 (AAV) Starting PhII in 20252
• Immune reset Rheumatology
• Bi-/tri-specific antibodies GIA632 (IL-15 mAb) (multiple) PhII initiation H2 2025
Dermatology
T-cell engagers (SLE) Readouts from 2027
Other
Bi-specific antibodies (AtD) Readouts from 2027

1. Includes OA portfolio. 2. Direct to Phase II.

Meet Novartis Management | November 2024 21

In CRM, we focus on areas of high unmet need and continue to build
on our strong mid- and late-stage pipeline

Selected projects (indication) Pre-clinical Phase I Phase II Phase III Registration Next milestone/status
CRM Leqvio® (CVRR-LDLC, secondary Readouts
and primary prevention) 2026-2027
Disease areas (selected) Pelacarsen (CVRR-Lp(a))
Readout 2025
(event-driven)
• Heart Failure and Hypertension
LTP001 (SMURF1 inhibitor) (PAH)1 Trial recruiting
• Atherosclerosis
• Arrhythmia QCZ484 (rHTN) Advancing into PhII in 2025
• Rare Renal, Acute Kidney Injury Multiple assets in
Arrhythmia (multiple assets)
clinic 2025
Inflammation (multiple modalities) First asset in clinic 2025
Anchor assets
Several entering clinic in
Multiple siRNA assets
2025-2026
Atrasentan (IgAN) Approval expected 2025

Iptacopan (C3G) Approval expected 2025

Iptacopan (IC-MPGN, aHUS) Readout 2026

Advanced platform Zigakibart (IgAN) Readout 2026
capabilities Disease area
Iptacopan (LN, AAV) Readouts 2026-2027
• xRNA (siRNA, ASO) Cardiology
TIN816 (ATP modulator) (sAKI) Readout 2026
Renal
Expected to enter
Early renal (OJR520, UFJ776, etc.)
the clinic in 2026

1. Phase I / II.

Meet Novartis Management | November 2024 22

Neuroscience pipeline focuses on multiple sclerosis, neuromuscular and
neurodegenerative diseases

Selected projects (indication) Pre-clinical Phase I Phase II Phase III Registration Next milestone/status
Neuroscience
Remibrutinib (MS) Readout 2026

Disease areas (selected) Iptacopan (gMG) Readout 2027

• Multiple Sclerosis
• Neuromuscular (Spinal YTB323 (RMS) 1 Trial recruiting

Muscular Atrophy, others)

YTB323 (PPMS)1 Trial recruiting
• Neurodegeneration
(Alzheimer’s, Parkinson’s, YTB323 (gMG)1 Trial in preparation
Huntington’s)
OAV101 (SMA IT) Readout H2 2024

Anchor assets
(FSHD, DM1) Lead optimization/Discovery

EDK060 (CMT1A) IND in preparation

Advanced platform DLX313 (PD)2 Readout H2 2024

capabilities NIO752 (tau ASO) (AD, PSP)

Disease area
First readout 2025
• Gene therapy MS/Neuroimmunology

• xRNA VHB937 (TREM2) (ALS) Neuromuscular Trial recruiting

• Immune reset Neurodegenerative
VHB937 (AD) Starting PhII in 20253

1. Phase I / II. 2. Novartis is developing minzasolmin jointly in collaboration with UCB; DLX313 is the Novartis compound code for UCB0599. 3. Direct to Phase II.

Meet Novartis Management | November 2024 23

In Oncology, we have multiple anchor brands in solid tumors and
hematology, with a robust pipeline in prostate, breast and RLT

Selected projects (MoA/indication)1 Pre-clinical Phase I Phase II Phase III Registration Next milestone/status
Oncology Kisqali + oral SERD2,4 Advancing into PhIII

Kisqali + mutant-selective PI3Ka inhibitor3,4 Advancing into PhII

Disease areas (selected) Next-gen CDK assets (e.g., CDK2 inhibitors) Advancing into PhI in 2025
• Breast Cancer Lu-NeoB (GRPR RLT)5 Readout expected 2026
• Prostate Cancer FXX489 (RLT) 7 Trial ongoing
• Lung Cancer
Emerging RLTs (including next-gen FAP, HER2) Studies ongoing
• CML, NHL, MM, AML, MDS
Pluvicto (pre-taxane mCRPC – PSMAfore) Approval expected H1 2025
• PNH, ITP, wAIHA
Pluvicto (mHSPC – PSMAddition) Readout expected H2 202512

Anchor assets Pluvicto (oligometastatic PC – PSMA-DC) Readout expected 2027

Ac-PSMA-617 (1st gen α-emitting PSMA RLT) 8 Advancing into PhIII in H1 2025

Ac-PSMA-R2 (2 nd
gen α-emitting PSMA RLT) 4,9 Readout expected 2026

JSB462 (AR degrader)4 Advancing into PhII in 2025

Tulmimetostat (EZH1/2 inhibitor)4,10 Trial ongoing

Advanced platform Lutathera (ES-SCLC)4 Disease area Advancing into PhIII in 2027
capabilities AAA614 (multiple including NSCLC, PDAC)6 Breast cancer Readout expected in 2026

• RLT • Bi-/tri-specific FXX489 (multiple including NSCLC, PDAC, CRC) Prostate cancer Trial ongoing
• ADC antibodies GIZ943 (FOLR1R)11 (NSCLC, ovarian cancer) Trial ongoing
Other RLT programs
• CAR-T Studies ongoing
Emerging (next-gen FAP, HER2, DLL3, B7H3) (multiple)

1. Bars show most advanced phase per project row. 2. Ongoing combination study shown is sponsored byOlema Pharmaceuticals. 3. Ongoing combination study shown is sponsored by Scorpion Therapeutics. 4. Phase I / II.
5. Code: AAA603. 6. Name: Lu-FAP-2286. 7. Name: Lu-NNS-309. 8. Code: AAA817. 9: Code: AAA802. 10. Code: DZR123. 11. Name: Lu-EVS-459. 12. Event-driven trial readout.

Meet Novartis Management | November 2024 24

We continue to improve R&D productivity, with several initiatives
expected to accelerate composite cycle times...

Select initiatives

Fast-to-IND Strategy (pre-clinical) Phase Manufacturing

Predictive
Competitive standards defined with the ambition to accelerate appropriate capacities
models
IND submissions up to 12 months across modalities development secured

Enhanced Operations (clinical) Ambitious whitespace Targeted

Improved ways of working potentially leading to 1-2 years and trial standards acceleration
acceleration in select assets

AI Enabled (composite) Utilizing the power of data science

AI to contribute to cycle time acceleration by 6+ months and AI across R&D

Meet Novartis Management | November 2024 25

... and we continue to scale the power of data science and AI across R&D

Trial execution
Target ID Chemistry Preclinical Trial design Study start-up
and analysis

1 Target Discovery 2 Small molecule 5 Protocol 6 Predictive Patient 7 ClinOps Next-

Engine GenChem & design site selection Finding Best-Action
optimization

Deeper disease 8 Clinical Document

understanding 3 Biologics Generation
Optimization

9 Intelligent Decision
AI-powered System (IDS)
drug design
AI-powered trial transformation

4 Predictive
safety

Select 1
partners

1. Novartis has signed a research collaboration and license agreement with Schrödinger. This transaction is subject to customary closing conditions, including regulatory clearance.

Meet Novartis Management | November 2024 26

We continue to strategically invest in our advanced technology platforms
across the value chain...

Research & Development Manufacturing Commercial Market

Select clinical programs Preclinical1 Novartis sites In-market assets Platform potential
CVRR, primary prevention;
Leqvio
CVRR, secondary prevention Kundl (AT)

xRNA 7 Pelacarsen CVRR-Lp(a)

19 2 ~30bn2
NIO752 Progressive supranuclear palsy; Alzheimer’s disease
Schweizerhalle (CH)
QCZ484 rHTN

Pluvicto pre-taxane mCRPC; mHSPC; oligometastatic PC Milburn (US)

Lutathera 1L GEP-NET; Pediatrics + PPGL; GBM; ES-SCLC Indianapolis (US)

AAA614 Solid tumors, including NSCLC, PDAC Ivrea & Saluggia (IT)
RLT 17 Ac-PSMA-617 Prostate cancer 18 6 Zaragoza (ES) ~29bn3
Ac-PSMA-R2 Prostate cancer Baarle-Nassau (NL)
4 expected new sites
Lu-NeoB Solid tumors, breast cancer, Glioblastoma multiforme
(US, CN, JP)
OAV101 IT SMA IT Stein (CH)
Cell &
Gene 11 YTB323
srSLE/LN, HRLBCL, Adult ALL, RMS, PPMS, IIM, SSc,
gMG, AAV 16 3 Durham (US) ~55bn2
DFT383 Cystinosis Morris Plains (US)

1. From Exploratory to Preclinical. 2. Source Evaluate Pharma estimate for the year 2030. 3. SourceMEDraysintell Nuclear Medicine Report & Directory Edition 2024, Radiotherapeutics market estimate for the year 2033.

Meet Novartis Management | November 2024 27

... and over the last 2 years, we have signed more than 30 strategic deals to
enhance our pipeline across therapeutic areas and technology platforms

Select examples Exploratory to preclinical Phase I Phase II Phase III

CRM
xRNA xRNA

1
Immunology

Neuroscience
Gene therapy Gene therapy
Gene therapy xRNA

Oncology
RLT RLT RLT RLT Cell therapy RLT

3
Cross-TA
& AI/ML

Select C&BD transactions are shown in the phase of the most advanced indication for multiple asset deals. 1. Novartis hassigned an exclusive global license agreement with Monte Rosa Therapeutics. This transaction is subject to customary
closing conditions, including regulatory clearance. 2. Novartis has signed an exclusive worldwide license and collaboration agreement with Ratio Therapeutics Inc. This transaction is subject to customary closing conditions, including regulatory
clearance. 3. Novartis has signed research collaboration and license agreement with Schrödinger. This transaction is subject to customary closing conditions, including regulatory clearance.

Meet Novartis Management | November 2024 28

We continue to focus on key social, environmental and governance
factors alongside our pursuit of sustainable shareholder value creation

Creating sustainable impact

Consistent
Value creation Risk mitigation industry-leading
performance across
Innovation and Human Environmental Ethical
access to medicines Enablers
priority ESG ratings
Capital Sustainability Standards
Rank #1 in ATMI
Future-proof pipeline Diversity, Equity Climate Ethics Governance,
Industry leader in Sustainalytics1
addressing unmet need & Inclusion transparency,
Water Compliance non-financial Leaders group in MSCI
Enabling access to Culture reporting
Waste Human rights Industry leader group in ISS ESG
innovative medicines
Talent Double A List in CDP climate and water
Dedicated Global
Health unit

1. Pharmaceuticals subindustry group. Copyright Morningstar Sustainalytics. All rights reserved.

Meet Novartis Management | November 2024 29

Novartis profile presents an opportunity for continued shareholder
value creation in the short, medium, and long-term

Our strategy is Attractive Robust pipeline We continue to

delivering results growth profile and capabilities be an ESG leader
4 core therapeutic 2023-2028 sales guidance Streamlined and Focus on key social,
areas and 2+3 upgrade to +6% cc CAGR focused pipeline with environmental and
technology platforms increased R&D spend governance factors
2024-2029 sales guidance
Delivered +7% cc sales of +5% cc CAGR Expanding our advanced Rank #1 in ATMI
CAGR1 from 2018-2023, technology platforms
Mid-single digit sales Industry leader in
improved core margin and
growth cc in the long-term 30+ potential high-value Sustainalytics 2
generated substantial
pipeline assets
cashflows

1 Continuing operations growth in constant currencies. Constant currencies is a non-IFRS measure. Details regarding non-IFRS measures can be found starting on page 46 of the 3Q24 Interim Financial Report. 2. Pharmaceuticals subindustry
group. Copyright Morningstar Sustainalytics. All rights reserved.

Meet Novartis Management | November 2024 30

Appendix
Abbreviations

Abbreviation Full Form Abbreviation Full Form

AAV ANCA-Associated Vasculitis IgAN Immunoglobulin A Nephropathy
AD Alzheimer's Disease IIM Idiopathic Inflammatory Myopathies
ADC Antibody-Drug Conjugate IND Investigational New Drug
aHUS Atypical Hemolytic Uremic Syndrome LN Lupus Nephritis
ALS Amyotrophic Lateral Sclerosis Lp(a) Lipoprotein(a)
ATMI Access to Medicines Index NSCLC Non-Small Cell Lung Cancer
C3G C3 Glomerulopathy PDAC Pancreatic Ductal Adenocarcinoma
CAR-T Chimeric Antigen Receptor T-cell PMR Polymyalgia Rheumatica
CINDU Chronic Inducible Urticaria PPMS Primary Progressive Multiple Sclerosis
CRC Colorectal Cancer PSP Progressive Supranuclear Palsy
CRM Cardiovascular-Renal-Metabolic rHTN Resistant Hypertension
CSU Chronic Spontaneous Urticaria RLT Radioligand Therapy
CVRR Cardiovascular Risk Reduction RMS Relapsing Multiple Sclerosis
FA Food Allergy sAKI Sepsis-Associated Acute Kidney Injury
FOLR1R Folate Receptor 1 SjD Sjögren's Disease
FTE Full-Time Equivalent SLE Systemic Lupus Erythematosus
GCA Giant Cell Arteritis SMA Spinal Muscular Atrophy
gMG Generalized Myasthenia Gravis SSc Systemic Sclerosis
HS Hidradenitis Suppurativa TCE T-Cell Engager
IC-MPGN Immune Complex-Mediated Membranoproliferative Glomerulonephritis wAIHA Warm Autoimmune Hemolytic Anemia

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