Category: 3. Business

A charity that helps families struggling with the cost of school clothing has described a donation of uniforms from an airline as “crucial”.

Luton-based EasyJet has partnered with local charity Level Trust (LT), which provides uniforms for 75 schools across the town.

LT’s uniform exchange programme will upcyle used EasyJet uniforms into thousands of new shirts, skirts, blazers and trousers for older students.

A survey of 2,000 parents, commissioned by EasyJet, found 58% of British households are feeling the financial strain of buying school uniforms.

It also found how, on average, they are spending £255 per child on school uniform.

Michael Brown, director of cabin services for EasyJet, said: “Our aim for this first phase is both to support parents who are facing financial hardships as well as reduce our textile waste.”

Jennie White, chief executive officer of LT, added: “We have seen a significant rise in requests for school uniforms, highlighting the challenges many families are facing.

“EasyJet’s donation of surplus uniforms is a crucial step in addressing these needs as this initiative not only helps alleviate the financial strain on parents, but also ensures that children have the necessary attire to feel confident and focused at school.”

Basel, October 28 2025 – Novartis today announced that its previously announced tender offer (the “offer”) by Torino Merger Sub Inc., a Delaware corporation and an indirect wholly owned subsidiary of Novartis (“Purchaser”), to acquire all of the outstanding shares of common stock, par value $0.0001 per share (the “Shares”), of Tourmaline Bio, Inc., a Delaware corporation (“Tourmaline”), at a price of $48.00 per Share, in cash, without interest and subject to any applicable withholding, expired at one minute following 11:59 p.m., Eastern Time, on October 27, 2025 (the “Expiration Date”).  

Computershare Trust Company, N.A., the depositary for the offer, has advised that, as of the Expiration Date, approximately 24,030,382 Shares were validly tendered and not validly withdrawn pursuant to the offer, representing approximately 92.94% of the issued and outstanding Shares immediately prior to the Expiration Date. 
  
The parties expect the transaction to close on October 28, 2025, promptly following the acceptance of all Shares validly tendered and not validly withdrawn pursuant to the offer. 

Disclaimer 
This press release contains statements that are not statements of historical fact, or “forward-looking statements,” including with respect to Novartis’s proposed acquisition of Tourmaline. Forward-looking statements can generally be identified by words such as “potential,” “can,” “will,” “plan,” “may,” “could,” “would,” “expect,” “anticipate,” “look forward,” “believe,” “committed,” “investigational,” “pipeline,” “launch,” or similar terms, or by express or implied discussions regarding potential marketing approvals, new indications or labeling for Tourmaline’s product candidates, Tourmaline’s platform, the proposed acquisition of Tourmaline and the expected timetable for completing the proposed acquisition, the benefits sought to be achieved in the proposed acquisition, or potential future revenues from Tourmaline’s product candidates. You should not place undue reliance on these statements. Such forward-looking statements are based on Novartis’s current beliefs and expectations 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 results may vary materially from those set forth in the forward-looking statements. There can be no guarantee that clinical trials for any of Tourmaline’s product candidates will be successful, that Tourmaline’s approach to the discovery and development of product candidates based on its AOC™ platform will produce any products of commercial value, that any of Tourmaline’s product candidates will be submitted for marketing approval or approved for sale or, if approved, receive approval for any additional indications or labeling, in any market, or at any particular time, nor can there be any guarantee that, if approved, any of Tourmaline’s product candidates will be commercially successful in the future. Neither can there be any guarantee that the conditions to the closing of the proposed acquisition will be satisfied on the expected timetable or at all or that the expected benefits or synergies from this transaction will be achieved in the expected timeframe, or at all. In particular, expectations regarding Tourmaline or the transaction described in this press release could be affected by, among other things, the satisfaction of customary closing conditions; the risk that competing offers or acquisition proposals will be made; the effects of disruption from the transactions contemplated by the Merger Agreement and the impact of the announcement and pendency of the transactions on Novartis and/or Tourmaline’s businesses, including their relationships with employees, business partners or governmental entities; the risk that the offer or the merger may be more expensive to complete than anticipated; the risk that stockholder litigation in connection with the offer or the merger may result in significant costs of defense, indemnification and liability; a diversion of management’s attention from ongoing business operations and opportunities as a result of the offer, the merger or otherwise; general industry conditions and competition; general political, economic and business conditions, including interest rate and currency exchange rate fluctuations; the uncertainties inherent in research and development, including clinical trial results and additional analysis of existing clinical data; regulatory actions or delays or government regulation generally; global trends toward health care cost containment, including government, payor and general public pricing and reimbursement pressures and requirements for increased pricing transparency; our ability to obtain or maintain proprietary intellectual property protection; the particular prescribing preferences of physicians and patients; general political, economic and business conditions; safety, quality, data integrity or manufacturing issues; potential or actual data security and data privacy breaches, or disruptions of our information technology systems, and other risks and factors referred to in Novartis AG’s and Tourmaline’s filings and reports with the SEC, including Novartis AG’s Annual Report on Form 20-F for the year ended December 31, 2024, Tourmaline’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, and any subsequent filings made by either party with the SEC, available on the SEC’s website at www.sec.gov. Novartis is providing the information in this press release as of this date, and Novartis does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, except to the extent required by law. 

About Novartis  
Novartis is an innovative medicines company. Every day, we work to reimagine medicine to improve and extend people’s lives so that patients, healthcare professionals and societies are empowered in the face of serious disease. Our medicines reach more than 300 million people worldwide. 

Reimagine medicine with us: Visit us at https://www.novartis.com and connect with us on LinkedIn, Facebook, X/Twitter and Instagram. 

# # # 

Commenting on sales in the third quarter of 2025, François Jackow, Chief Executive Officer of the Air Liquide Group, stated:

“Air Liquide delivered another very solid performance, continuing its profitable growth trajectory. In line with the first half of the year and despite a difficult environment, our sales continue to increase, once again demonstrating the strength of our business model.

Amounting to nearly 6.6 billion euros at September 30, 2025, our revenue was up +1.9% on a comparable basis (‑2.4% on a reported basis, reflecting a negative currency impact and lower energy prices, which were passed on to our customers). The Gas and Services businesses, which accounts for 97% of the Group’s revenue, increased by +1.9% on a comparable basis, to reach 6,386 million euros. In an uncertain industrial environment, Healthcare and Industrial Merchant were growth drivers, up sharply by +5% and +3%, respectively, on a comparable basis. Geographically, the Americas stood out in particular with a +5% growth.

Air Liquide also continued to improve its performance. At the end of September, the Group’s efficiencies were at a record high of +23%. We also continued the dynamic management of our business portfolio, while adjusting our prices in Industrial Merchant thanks to our ability to create value for our customers. Our cash flow is very solid, increasing by +7% excluding currency impact.

Paving the way for future growth, our investment momentum is particularly strong. Well diversified, our investment backlog is again at a record level of nearly 5 billion euros in this third quarter. Our investment decisions amounted to 0.9 billion euros, with major industrial projects supporting the energy transition, such as ELYgator, our 200 MW electrolyzer in the Netherlands, but also in Electronics & Semiconductors. New state-of-the-art industrial gas production units will be built in Dresden, Germany for a major player in this industry, driven by AI and sovereignty needs.

In addition, our outlook includes our planned acquisition of DIG Airgas, a leading industrial gas company in South Korea. Beyond the dynamism and innovation that characterize the country’s economy, this transaction will quickly create value, thanks to the high complementarity between our businesses and the nearly 20 projects already secured. It will therefore contribute to our net profit the year following its integration.

In this context, Air Liquide is very confident in its ability to further increase its operating margin^[1] and to deliver recurring net profit^[2] growth, at constant exchange rates in 2025. The Group also maintains its ambition to increase its operating margin by +460 basis points cumulated over five years to end-2026^[1].”

 

Highlights Signature of an agreement to acquire DIG Airgas, a leader in industrial gases in South Korea. This major strategic acquisition, the largest since the acquisition of Airgas in the United States in 2016, aims to significantly strengthen the Group’s position in the South Korean market. This is a growth opportunity in a country known worldwide for its dynamic economy and fast-growing business sectors such as Electronics, clean energy, mobility and biopharma.   Hydrogen In the United States, on the coast of the Gulf of Mexico, development of hydrogen production businesses. Air Liquide will build on its existing infrastructure with close to 50 million US dollars in targeted investments to supply two of the country’s largest refiners.     Electronics In Germany, more than 250 million euros invested to build new state-of-the-art industrial gas production units for a major customer in the semiconductor industry located in SiliconSaxony. In the United States, a 50 million US dollar investment to support the growth of the semiconductor industry. An additional ultra-pure gas production plant will be built on the site of one of the largest manufacturers in the world for advanced chip design. Due to the acceleration of demand for advanced electronic components, two new contracts were signed in Singapore. The Group will build, own and operate new state-of-the-art industrial gas production facilities that will support the expansion of a major manufacturer, for a total investment of 130 million euros.   Healthcare Award of a major five-year contract with the Community of Madrid to provide home care for 70,000 patients suffering from respiratory diseases. This success consolidates Air Liquide’s leading position in the Spanish market.

 

Group revenue^[3] stood at 6,599 million euros in the 3^rd quarter 2025, a comparable growth of +1.9% compared to the 3^rd quarter 2024. This growth continued in line with the 1^st half of the year, benefiting from the resilience of the business portfolio in a complex environment. The Group’s published revenue was down -2.4%, impacted by an unfavorable currency impact (-4.2%), with the energy impact being neutral (-0.1%). There was no significant scope impact in the 3^rd quarter 2025.

Gas & Services revenue in the 3^rd quarter 2025 reached 6,386 million euros, up by +1.9% on a comparable basis.

Sales growth for the Industrial Merchant business stood at +2.7%^[4] in the 3^rd quarter: it benefited from a price effect of +3.1% which continues to strengthen, and improving volumes, particularly for Hardgoods, supported by the consolidation of bolt-on acquisitions. Revenue for Large Industries was stable (-0.2%^[4]), with the contribution from the start-up and ramp-up of units offsetting weak demand, particularly in Europe and Asia. The slight decline in Electronics sales (-0.9%) does not reflect the dynamic growth of the business excluding Equipment & Installation sales (+5.9%). The latter are indeed more cyclical and are normalizing after reaching a record level in 2024. Finally, the Healthcare business, whose growth is disconnected from industrial trends, posted sustained revenue growth (+4.9%), particularly in Home Healthcare and Specialty Ingredients.

• Gas & Services revenue in the Americas stood at 2,548 million euros in the 3^rd quarter 2025, up by +4.8%^[5]. Sales growth for Large Industries (+5.2%^[4]) benefited from recent start-ups of new production units and resilient demand. In Industrial Merchant, revenue increased by +4.7%⁽⁴⁾, supported by a very solid price effect of +4.5%, resilient gas volumes, and by the contribution of bolt-on acquisitions, while volumes for hardgoods are improving but remain down compared to the 3^rd quarter 2024. Strong sales growth in Healthcare (+9.3%) was mainly driven by a strong price effect in the Medical Gases business in the United States and by the development of Home Healthcare in Latin America. In Electronics (-3.8%), the significant decline in Equipment & Installation sales masked the dynamic growth of the rest of the business (+5.6%).

   

• Revenue in the Europe Middle East & Africa region stood at 2,584 million euros, up slightly by +0.4% compared to the 3^rd quarter 2024. In Large Industries (-2.0%), sales were mainly impacted in Germany by weak demand and a customer shutdown for force majeure, and in Benelux by lower sales from cogeneration units. Sales were stable in Industrial Merchant (0.0%), supported by a solid price effect and resilient gas volumes, with the exception of Helium and liquid CO₂. Sales growth remained strong (+4.3%) in Healthcare, particularly in Home Healthcare and Specialty ingredients.

   

• Revenue in the Asia-Pacific region stood at 1,255 million euros in the 3^rd quarter 2025, down -0.8% compared to the 3^rd quarter 2024. In Large Industries, sales were slightly down (-0.6%), with the contribution from recent start-ups of new production units partially offsetting overall weak demand in the region. Industrial Merchant revenue (-0.8%) was impacted by the marked decrease in helium sales in China and by weak revenue in the rest of the zone, despite otherwise growing sales in China. The stability (+0.2%) of sales in Electronics masked dynamic growth of the business excluding Equipment & Installation sales (+6.3%), with in particular the start-up of seven new production units in Asia since the beginning of the year.

Engineering & Technologies^[6] revenue stood at 212 million euros in the 3^rd quarter 2025, a comparable growth of +1.7%.

Industrial and financial investment decisions stood at 924 million euros in the 3^rd quarter 2025 and 3.2 billion euros at the end of September. The investment backlog remains above 4.0 billion euros and reaches a new record at 4.9 billion euros, up from 4.6 billion euros at the end of June 2025.

The additional contribution to sales from ramp-ups and start-ups of units amounted to 233 million euros at the end of the 3^rd quarter. For the full year 2025, it is expected to be between 310 and 340 million euros.

The 12-month portfolio of investment opportunities remained at the high level of 4.1 billion euros at the end of September 2025. The total portfolio of opportunities, also including opportunities beyond 12 months, was stable and exceeded 10 billion euros.

Efficiencies reached 163 million euros in the 3^rd quarter. They amounted to 434 million euros over the first 9 months of the year, a strong increase of +22.9% compared to the same period in 2024.

Cash flow from operating activities before changes in working capital stood at 4,947 million euros at the end of September, up by +6.8% excluding currency impact.

Net debt stood at 9,317 million euros at the end of September, down by 477 million euros compared to 9,794 million euros at June 30, 2025.

---

Footnotes

1. Excluding energy passthrough impact. ↑
2. Recurring net profit excluding exceptional and significant transactions that have no impact on the operating income recurring. ↑
3. Unless otherwise specified, the revenue variations are all variations on a comparable basis, excluding currency, energy (natural gas and electricity) and significant scope impacts. ↑
4. Excluding an internal transfer of assets between Large Industries and Industrial Merchant in the United States ↑
5. Includes Argentina’s contribution of +0.6%, down sharply compared to 2024. ↑
6. This comparable growth excludes the scope impact related to the internal transfer of some GM&T activities to Industrial Merchant in the 1st quarter 2025. See appendix. ↑

Ad hoc announcement pursuant to Art. 53 LR

• Q3 net sales grew +7% (cc¹, +8% USD) and core operating income¹ grew +7% (cc, +6% USD)
  • Sales growth was driven by continued strong execution on priority brands including Kisqali (+68% cc), Kesimpta (+44% cc), Pluvicto (+45% cc) and Scemblix (+95% cc)
  • Core operating income margin¹ was stable (cc) at 39.3% despite increasing generic impact
• Q3 operating income grew +27% (cc, +24% USD); net income rose +25% (cc, +23% USD)
• Q3 core EPS¹ grew +10% (cc, +9% USD) to USD 2.25
• Q3 free cash flow¹ was USD 6.2 billion (+4% USD) driven by higher net cash flows from operating activities
• Strong nine months performance with net sales up +11% (cc, +11% USD) and core operating income up +18% (cc, +16% USD)
• Q3 selected innovation milestones:
  • Rhapsido FDA approval as the only oral, targeted BTK inhibitor for CSU
  • Ianalumab positive replicate Phase III readouts in Sjogren’s disease
  • Pluvicto positive Phase III PSMAddition data at ESMO
  • Scemblix positive CHMP opinion for all lines of CML treatment
  • Cosentyx positive Phase III readout in PMR
  • Fabhalta positive Phase III eGFR readout in IgA nephropathy
• Full-year 2025 guidance² reaffirmed
  • Sales expected to grow high single-digit
  • Core operating income expected to grow low-teens

1. Constant currencies (cc), core results and free cash flow are non-IFRS measures. An explanation of non-IFRS measures can be found on page 42 of the Condensed Interim Financial Report. Unless otherwise noted, all growth rates in this Release refer to same period in prior year.    2. Please see detailed guidance assumptions on page 7.    

Basel, October 28, 2025 – Commenting on Q3 2025 results, Vas Narasimhan, CEO of Novartis, said:
“Novartis delivered solid financial performance in Q3, more than offsetting the impact of increasing generic erosion in the US. Our key growth drivers performed well, including Kisqali, Kesimpta, Pluvicto and Scemblix. Importantly, we achieved FDA approval for Rhapsido in CSU and positive Phase III readouts for ianalumab in Sjogren’s disease – two assets with pipeline-in-a-pill potential that could underpin our growth through 2030 and beyond. In addition, we completed several deals in the quarter to further strengthen our pipeline in core therapeutic areas. We remain well on track to achieve our guidance for 2025 and over the mid-term.”

Key figures
	Q3 2025	Q3 2024	% change			9M 2025	9M 2024	% change
	USD m	USD m	USD	cc		USD m	USD m	USD	cc
Net sales	13 909	12 823	8	7		41 196	37 164	11	11
Operating income	4 501	3 627	24	27		14 028	11 014	27	31
Net income	3 930	3 185	23	25		11 563	9 119	27	29
EPS (USD)	2.04	1.58	29	31		5.94	4.50	32	35
Free cash flow	6 217	5 965	4			15 941	12 618	26
Core operating income	5 460	5 145	6	7		16 960	14 635	16	18
Core net income	4 330	4 133	5	6		13 522	11 822	14	17
Core EPS (USD)	2.25	2.06	9	10		6.94	5.83	19	21

Strategy 

Our focus

Novartis is a “pure-play” innovative medicines company. We have a clear focus on four core therapeutic areas (cardiovascular-renal-metabolic, immunology, neuroscience and oncology), with multiple significant in-market and pipeline assets in each of these areas, that address high disease burden and have substantial growth potential. In addition to two established technology platforms (chemistry and biotherapeutics), three emerging platforms (gene & cell therapy, radioligand therapy and xRNA) are being prioritized for continued investment into new R&D capabilities and manufacturing scale. Geographically, we are focused on growing in our priority geographies – the US, China, Germany and Japan.

Our priorities

1. Accelerate growth: Renewed attention to deliver high-value medicines (NMEs) and focus on launch excellence, with a rich pipeline across our core therapeutic areas.
2. Deliver returns: Continuing to embed operational excellence and deliver improved financials. Novartis remains disciplined and shareholder-focused in our approach to capital allocation, with substantial cash generation and a strong capital structure supporting continued flexibility.
3. Strengthen foundations: Unleashing the power of our people, scaling data science and technology and continuing to build trust with society.

Financials

Third quarter

Net sales were USD 13.9 billion (+8%, +7% cc), with volume contributing 16 percentage points to growth. Generic competition had a negative impact of 7 percentage points, driven by Promacta, Tasigna and Entresto generics in the US. Pricing had a negative impact of 2 percentage points, driven by revenue deduction adjustments mainly in the US. Currency had a positive impact of 1 percentage point.

Operating income was USD 4.5 billion (+24%, +27% cc), mainly driven by higher net sales and lower impairments, partly offset by higher R&D investments.

Net income was USD 3.9 billion (+23%, +25% cc), mainly driven by higher operating income. EPS was USD 2.04 (+29%, +31% cc), benefiting from the lower weighted average number of shares outstanding.

Core operating income was USD 5.5 billion (+6%, +7% cc), mainly driven by higher net sales, partly offset by higher R&D investments. Core operating income margin was 39.3% of net sales (-0.8 percentage points, stable in cc).

Core net income was USD 4.3 billion (+5%, +6% cc), mainly due to higher core operating income, partly offset by other core financial income and expense. Core EPS was USD 2.25 (+9%, +10% cc), benefiting from the lower weighted average number of shares outstanding.

Free cash flow amounted to USD 6.2 billion (+4% USD), compared with USD 6.0 billion in the prior-year quarter, driven by higher net cash flows from operating activities.

Nine months

Net sales were USD 41.2 billion (+11%, +11% cc), with volume contributing 14 percentage points to growth. Generic competition had a negative impact of 3 percentage points, while pricing and currency had no impact.

Operating income was USD 14.0 billion (+27%, +31% cc), mainly driven by higher net sales and lower impairments, partly offset by higher investments behind priority brands and launches.

Net income was USD 11.6 billion (+27%, +29% cc), mainly driven by higher operating income. EPS was USD 5.94 (+32%, +35% cc), benefiting from the lower weighted average number of shares outstanding.

Core operating income was USD 17.0 billion (+16%, +18% cc), mainly driven by higher net sales, partly offset by higher investments behind priority brands and launches. Core operating income margin was 41.2% of net sales, increasing 1.8 percentage points (2.5 percentage points cc).

Core net income was USD 13.5 billion (+14%, +17% cc), mainly due to higher core operating income. Core EPS was USD 6.94 (+19%, +21% cc), benefiting from the lower weighted average number of shares outstanding.

Free cash flow amounted to USD 15.9 billion (+26% USD), compared with USD 12.6 billion in the prior-year period, driven by higher net cash flows from operating activities.

Q3 priority brands

Underpinning our financial results in the quarter is a continued focus on key growth drivers (ranked in order of contribution to Q3 growth) including:

Kisqali	(USD 1 329 million, +68% cc) sales grew strongly across all regions, including +91% growth in the US with strong momentum from the recently launched early breast cancer indication as well as continued share gains in metastatic breast cancer.
Kesimpta	(USD 1 222 million, +44% cc) sales grew across all regions driven by increased demand and strong access.
Pluvicto	(USD 564 million, +45% cc) showed sustained demand growth in the US following the pre-taxane metastatic castration-resistant prostate cancer (mCRPC) approval, as well as continued access expansion ex-US in the post-taxane mCRPC setting, with 25 countries now approved including Japan.
Scemblix	(USD 358 million, +95% cc) sales grew across all regions, demonstrating the continued high unmet need in CML, with strong momentum from the early-line indication in the US and Japan.
Leqvio	(USD 308 million, +54% cc) continued steady growth across all regions, with a focus on increasing account and patient adoption, and continuing medical education.
Fabhalta	(USD 149 million, +236% cc) sales grew, reflecting market share gains in PNH globally and continued launch progress in IgAN and C3G in the US.
Lutathera	(USD 213 million, +11% cc) sales grew mainly in the US, Japan and Europe due to increased demand and earlier-line adoption.
Cosentyx	(USD 1 698 million, -1% cc) sales were broadly stable, as strong volume growth in the US was partially offset by higher revenue deductions, and ex-US declined due to a one-time price effect in the prior year. Novartis remains confident in Cosentyx USD 8 billion+ peak sales guidance.
Zolgensma	(USD 301 million, -5% cc) sales declined reflecting a lower incidence of SMA compared to prior year.

  
Net sales of the top 20 brands in the third quarter and nine months

	Q3 2025	% change		9M 2025	% change
	USD m	USD	cc	USD m	USD	cc
Entresto	1 877	1	-1	6 495	15	15
Cosentyx – excl. revenue deduction adjust.*	1 698	0 5	-1 4	4 861	7 9	7 9
Kisqali	1 329	69	68	3 462	62	63
Kesimpta	1 222	46	44	3 198	41	40
Tafinlar + Mekinist	550	3	1	1 675	9	9
Jakavi	539	8	4	1 555	7	6
Promacta/Revolade	362	-36	-38	1 410	-14	-14
Pluvicto	564	46	45	1 389	33	33
Ilaris	473	27	26	1 369	25	24
Xolair	440	5	3	1 339	8	8
Tasigna	221	-47	-48	925	-27	-26
Zolgensma	301	-2	-5	925	-3	-4
SandostatinGroup	302	-1	-1	922	-5	-5
Scemblix	358	97	95	894	85	84
Leqvio	308	56	54	863	63	61
Lutathera	213	12	11	613	15	14
ExforgeGroup	176	1	0	546	0	2
Lucentis	148	-40	-42	510	-39	-39
DiovanGroup	143	-5	-5	447	-1	0
GalvusGroup	126	-21	-20	373	-19	-16
Top 20 brands total	11 350	10	9	33 771	14	14

*Sales growth impacted by a one-time revenue deduction adjustment in the US

R&D update – key developments from the third quarter

New approvals

Rhapsido (remibrutinib)

Rhapsido was approved by the FDA as an oral treatment for adult patients with chronic spontaneous urticaria (CSU) who remain symptomatic despite H1 antihistamine treatment. It is the first FDA-approved Bruton’s tyrosine kinase inhibitor (BTKi) for CSU. Remibrutinib is also in Phase III development for chronic inducible urticaria, hidradenitis suppurativa and food allergy, as well as multiple sclerosis and myasthenia gravis.

Regulatory updates

Scemblix (asciminib)

The CHMP of the EMA adopted a positive opinion and recommended granting marketing authorization for Scemblix for the treatment of adult patients with Philadelphia chromosome-positive chronic myeloid leukemia in chronic phase (Ph+ CML-CP) in all lines of treatment.

  
Results from ongoing trials and other highlights

Ianalumab (VAY736)	The Phase III NEPTUNUS-1 and -2 trials evaluating ianalumab in adults with active Sjögren’s disease met their primary endpoint, showing statistically significant improvements in disease activity as measured by a reduction in ESSDAI compared to placebo. Ianalumab was well tolerated and demonstrated a favorable safety profile, supporting its potential to become the first targeted treatment for this chronic autoimmune disease. Novartis plans to submit ianalumab to health authorities globally and was granted Fast Track Designation by the FDA. In the Phase III VAYHIT2 trial, ianalumab plus eltrombopag significantly extended the time to treatment failure compared to placebo plus eltrombopag in adult patients with primary immune thrombocytopenia (ITP), previously treated with corticosteroids. The safety profile was consistent with previous studies. Data will be presented at an upcoming medical meeting and included in regulatory submissions in 2027. Ianalumab is also in Phase III development for systemic lupus erythematosus, lupus nephritis and warm autoimmune hemolytic anemia.
Pluvicto (lutetium Lu177 vipivotide tetraxetan)	In the Phase III PSMAddition trial, Pluvicto plus standard-of-care (SoC) reduced risk of progression or death by 28% versus SoC alone, with a positive trend in overall survival in patients with PSMA+ metastatic hormone-sensitive prostate cancer (mHSPC). Safety remained consistent with PSMAfore and VISION trials. Data presented at ESMO.
Kisqali (ribociclib)	The five-year analysis of the pivotal Phase III NATALEE trial in the broadest population of high-risk stage II and III HR+/HER2- early breast cancer (eBC) showed the addition of Kisqali to endocrine therapy (ET) reduced the risk of recurrence by 28.4% compared to ET alone. Data also showed a 29.1% risk reduction in distant disease-free survival, a positive trend in overall survival, and no new safety signals. Data presented at ESMO.
Cosentyx (secukinumab)	The Phase III REPLENISH study met its primary endpoint, with Cosentyx demonstrating statistically significant and clinically meaningful sustained remission compared to placebo at week 52 in adults with relapsing polymyalgia rheumatica (PMR). Full data will be presented at an upcoming medical congress and submitted to health authorities in 2026.
Fabhalta (iptacopan)	In the Phase III APPLAUSE-IgAN final analysis, Fabhalta demonstrated statistically significant, clinically meaningful superiority compared to placebo in slowing IgAN progression measured by annualized total slope of estimated glomerular filtration rate (eGFR) decline over two years. Full data will be presented at future medical meetings and included in regulatory submissions in 2026.
Leqvio (Inclisiran)	In the Phase IV V-DIFFERENCE study, 85% of patients with hypercholesterolemia who had not reached guideline-recommended LDL-C targets despite optimized lipid-lowering therapy (LLT) achieved their goals with Leqvio plus LLT, versus 31% with placebo plus LLT, with benefits evident in as early as 30 days. Leqvio also reduced LDL-C by 59% over 360 days, outperforming placebo plus LLT by 35%. Data presented at ESC.
Entresto (sacubitril/ valsartan)	Data from the Phase IV PARACHUTE-HF study in patients with heart failure with reduced ejection fraction due to chronic Chagas disease showed that Entresto outperformed enalapril on a composite endpoint of cardiovascular death, heart failure hospitalization or NT-proBNP change. Entresto was well tolerated, with no new safety signals identified. Data presented at ESC.
Kesimpta (ofatumumab)	In the ARTIOS Phase IIIb study, patients with RMS who switched to Kesimpta after breakthrough disease on fingolimod or fumarate-based therapies showed a substantial reduction in disease activity. This was reflected in a low annualized relapse rate (ARR of 0.06 over 96 weeks), near-complete suppression of MRI activity, and over 90% of participants achieving no evidence of disease activity (NEDA-3). No new safety concerns were identified, regardless of prior disease-modifying treatment. In the separate ALITHIOS open-label extension study, more than 90% of naïve patients receiving Kesimpta showed no evidence of disease activity (NEDA-3) at 7 years, with no new safety concerns, reinforcing the benefit of introducing Kesimpta early. Data from both studies presented at ECTRIMS.
Selected transactions	Novartis entered into an agreement to acquire Tourmaline Bio, a clinical-stage biopharmaceutical company developing pacibekitug, a Phase III-ready anti-IL-6 monoclonal antibody for atherosclerotic cardiovascular disease (ASCVD). In Phase II, pacibekitug reduced median high-sensitivity C-reactive protein (hsCRP) levels by up to 86% compared to placebo, with similar incidence rates of adverse events and serious adverse events. The transaction is expected to close on October 28, 2025. Novartis entered a second collaboration with Monte Rosa Therapeutics, in addition to the existing license agreement for VAV1 degraders, announced in October 2024. Under the new agreement, Novartis receives an exclusive license to an undisclosed discovery target and options to license two programs from Monte Rosa’s preclinical immunology portfolio. Novartis continued its collaboration with Argo Biopharma, adding two new agreements: an exclusive license to an siRNA candidate currently in IND-enabling studies and expected to enter Phase I in 2026, and an option to exclusively license two second-generation siRNA molecules currently in development, with a right of first negotiation to the Phase II ANGPTL3 program. Novartis entered into a global licensing and collaboration agreement with Arrowhead Pharmaceuticals for ARO-SNCA, a preclinical-stage siRNA therapy targeting alpha-synuclein for the treatment of synucleinopathies such as Parkinson’s disease. The agreement also includes additional collaboration targets leveraging Arrowhead’s proprietary Targeted RNAi Molecule (TRiM™) platform.

Capital structure and net debt

Retaining a good balance between investment in the business, a strong capital structure, and attractive shareholder returns remains a priority.

During the first nine months of 2025, Novartis repurchased a total of 66.4 million shares for USD 7.5 billion on the SIX Swiss Exchange second trading line. These repurchases included 49.1 million shares (USD 5.4 billion) under the USD 15 billion share buyback (announced in July 2023 and completed in July 2025) and 6.6 million shares (USD 0.8 billion) under the new up-to USD 10 billion share buyback announced in July 2025. In addition, 10.7 million shares (USD 1.3 billion) were repurchased to mitigate anticipated full-year dilution related to the equity-based compensation plans of associates. Further, 1.6 million shares (equity value of USD 0.2 billion) were repurchased from associates. In the same period, 11.7 million shares (equity value of USD 0.9 billion) were delivered to associates related to equity-based compensation plans. Consequently, the total number of shares outstanding decreased by 56.3 million versus December 31, 2024. These treasury share transactions resulted in an equity decrease of USD 6.8 billion and a net cash outflow of USD 7.7 billion.

Net debt increased to USD 20.4 billion at September 30, 2025, compared to USD 16.1 billion at December 31, 2024. The increase was mainly due to the free cash flow of USD 15.9 billion being more than offset by the USD 7.8 billion annual dividend payment, cash outflows for treasury share transactions of USD 7.7 billion and net cash outflow for M&A, intangible assets transactions and other acquisitions of USD 3.7 billion.

As of Q3 2025, the long-term credit rating for the company is Aa3 with Moody’s Ratings and AA- with S&P Global Ratings.

2025 outlook

Barring unforeseen events; growth vs. prior year in cc
Net sales	Expected to grow high single-digit
Core operating income	Expected to grow low-teens

Foreign exchange impact

If late-October exchange rates prevail for the remainder of 2025, the foreign exchange impact for the year would be neutral to positive 1 percentage point on net sales and negative 2 percentage points on core operating income. The estimated impact of exchange rates on our results is provided monthly on our website.

Key figures¹

	Q3 2025	Q3 2024	% change			9M 2025	9M 2024	% change
	USD m	USD m	USD	cc		USD m	USD m	USD	cc
Net sales	13 909	12 823	8	7		41 196	37 164	11	11
Operating income	4 501	3 627	24	27		14 028	11 014	27	31
As a % of sales	32.4	28.3				34.1	29.6
Net income	3 930	3 185	23	25		11 563	9 119	27	29
EPS (USD)	2.04	1.58	29	31		5.94	4.50	32	35
Net cash flows from operating activities	6 571	6 286	5			16 880	13 426	26
Non-IFRS measures
Free cash flow	6 217	5 965	4			15 941	12 618	26
Core operating income	5 460	5 145	6	7		16 960	14 635	16	18
As a % of sales	39.3	40.1				41.2	39.4
Core net income	4 330	4 133	5	6		13 522	11 822	14	17
Core EPS (USD)	2.25	2.06	9	10		6.94	5.83	19	21

1. Constant currencies (cc), core results and free cash flow are non-IFRS measures. An explanation of non-IFRS measures can be found on page 42 of the Condensed Interim Financial Report. Unless otherwise noted, all growth rates in this Release refer to same period in prior year.

Detailed financial results accompanying this press release are included in the Condensed Interim Financial Report at the link below:
https://ml-eu.globenewswire.com/resource/download/7781ab26-6902-4024-a9c8-49124629eb37/
  
Disclaimer
This press release 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 “anticipate,” “can,” “will,” “continue,” “ongoing,” “growth,” “launch,” “expect,” “expand,” “deliver,” “accelerate,” “guidance,” “outlook,” “priority,” “potential,” “momentum,” “commitment,” 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. 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 results 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 press release 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 that the expected benefits or synergies from the transactions described in this press release will be achieved in the expected timeframe, or at all. In particular, our expectations could be affected by, among other things: uncertainties concerning global healthcare cost containment, including ongoing government, payer and general public pricing and reimbursement pressures and requirements for increased pricing transparency; 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; 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 regarding our ability to realize the strategic benefits, operational efficiencies or opportunities expected from our external business opportunities; uncertainties in the development or adoption of potentially transformational digital technologies, including artificial intelligence, 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 press release; safety, quality, data integrity, or manufacturing issues; our performance on and ability to comply with environmental, social and governance measures and requirements; major macroeconomic and geo- and socio-political developments, including the impact of any potential tariffs on our products or the impact of 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 press release 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 product names appearing in italics are trademarks owned by or licensed to Novartis.

About Novartis
Novartis is an innovative medicines company. Every day, we work to reimagine medicine to improve and extend people’s lives so that patients, healthcare professionals and societies are empowered in the face of serious disease. Our medicines reach nearly 300 million people worldwide.

Reimagine medicine with us: Visit us at https://www.novartis.com and connect with us on LinkedIn, Facebook, X and Instagram.

Novartis will conduct a conference call with investors to discuss this news release today at 14:00 Central European time and 9:00 Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Novartis website. A replay will be available after the live webcast by visiting https://www.novartis.com/investors/event-calendar.

Detailed financial results accompanying this press release are included in the Condensed Interim Financial Report at the link below. Additional information is provided on our business and pipeline of selected compounds in late-stage development. A copy of today’s earnings call presentation can be found at https://www.novartis.com/investors/event-calendar.

Important dates
October 30, 2025	Immunology pipeline event at ACR (virtual)
November 19-20, 2025	Meet Novartis Management 2025 (London, UK)
December 1, 2025	Social Impact & Sustainability annual investor event (virtual)
February 4, 2026	Fourth quarter & full year 2025 results

# # #

Please find full media release in English attached and on the following link:
Media Release (PDF)

Further language versions are available through the following links:

German version is available through the following link:
Medienmitteilung (PDF)

Takaichi sees US as partner in ‘new golden age’ of tiespublished at 01:59 GMT

01:59 GMT

Shaimaa Khalil
Tokyo correspondent

So far, one remark stands out. President Trump is affording Ms Takaichi a lot of good will.

“I want to just let you know – any time you have any question, any doubt, anything you want, any favors you need, anything I can do to help Japan, we will be there.”

It’s a critical moment for Japan and for its new PM Sanae Takaichi – a defining early test of leadership. In her first face-to-face meeting with President Trump, she described him as a partner in a new golden age and praised his role in Middle East peace.

President Trump praised Japan as “a great ally” and said he’ll be there to help Japan whenever needed. But he’s also pushing hard on trade and security, leaving Tokyo backed into a corner.

Trump wants more US access to Japan’s markets – especially in cars, agriculture, and technology. He’s pressing Japan to buy more American rice and soybeans, and to open its market to US vehicles.

Tokyo, heavily reliant on exports, can’t afford a tariff fight – especially when it comes to its auto industry.
But Takaichi also needs to protect domestic industries and doesn’t want to anger crucial interest groups like the powerful farming lobby.

For now, the tone is friendly. But there’s real pressure on Tokyo to deliver on agreements with little room to manoeuvre.

• Significant insider control over Pan-United implies vested interests in company growth

• The top 3 shareholders own 64% of the company

• Recent sales by insiders

Trump has pledged to “unleash” American oil and gas and these 15 US stocks have developments that are poised to benefit.

If you want to know who really controls Pan-United Corporation Ltd (SGX:P52), then you’ll have to look at the makeup of its share registry. And the group that holds the biggest piece of the pie are individual insiders with 72% ownership. In other words, the group stands to gain the most (or lose the most) from their investment into the company.

And insiders own the top position in the company’s share registry despite recent sales.

Let’s take a closer look to see what the different types of shareholders can tell us about Pan-United.

View our latest analysis for Pan-United

Small companies that are not very actively traded often lack institutional investors, but it’s less common to see large companies without them.

There could be various reasons why no institutions own shares in a company. Typically, small, newly listed companies don’t attract much attention from fund managers, because it would not be possible for large fund managers to build a meaningful position in the company. It is also possible that fund managers don’t own the stock because they aren’t convinced it will perform well. Pan-United might not have the sort of past performance institutions are looking for, or perhaps they simply have not studied the business closely.

Hedge funds don’t have many shares in Pan-United. The company’s largest shareholder is Han Whatt Ng, with ownership of 23%. The second and third largest shareholders are Bee Kiok Ng and Bee Bee Ng, with an equal amount of shares to their name at 21%. Bee Bee Ng, who is the third-largest shareholder, also happens to hold the title of Chairman of the Board.

To make our study more interesting, we found that the top 3 shareholders have a majority ownership in the company, meaning that they are powerful enough to influence the decisions of the company.

While it makes sense to study institutional ownership data for a company, it also makes sense to study analyst sentiments to know which way the wind is blowing. There are plenty of analysts covering the stock, so it might be worth seeing what they are forecasting, too.

The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it.

Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.

It seems that insiders own more than half the Pan-United Corporation Ltd stock. This gives them a lot of power. Given it has a market cap of S$824m, that means they have S$594m worth of shares. It is good to see this level of investment. You can check here to see if those insiders have been buying recently.

The general public, who are usually individual investors, hold a 27% stake in Pan-United. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.

While it is well worth considering the different groups that own a company, there are other factors that are even more important. For instance, we’ve identified 2 warning signs for Pan-United that you should be aware of.

If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future.

NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Amazon is planning major job cuts among its corporate workers as soon as this week, multiple media outlets have reported.

The online retail giant plans to lay off as many as 30,000 employees as part of cost-cutting measures led by chief executive Andy Jassy, according to the Wall Street Journal and Reuters. Each cited sources stating the same number of layoffs.

Amazon declined to comment when contacted by the BBC.

If confirmed, the layoffs could be one of the largest seen in recent months. It would be Amazon’s biggest cuts since 2022, when the company let go of around 27,000 workers over several months.

Amazon’s layoff plans were also reported by CNBC and the New York Times, citing sources familiar with the matter. The reports did not say where in the world job cuts will be made.

The number of potential layoffs would be around 10% of the company’s corporate headcount, but still a small fraction of Amazon’s total workforce, which has more than 1.5 million employees across its warehouses and offices worldwide.

The company has around 350,000 corporate workers, which include those in executive, managerial and sales roles, according to figures that Amazon submitted to the US government last year.

Like many technology firms, Amazon hired aggressively during the Covid-19 pandemic to meet the surge in demand for online deliveries and digital services.

Amazon boss Mr Jassy has since focused on reducing spending as the company invests heavily in artificial intelligence (AI) tools to boost efficiency.

Mr Jassy said in June that the increase in AI tools will likely lead to job cuts as machines take over routine tasks.

“We will need fewer people doing some of the jobs that are being done today, and more people doing other types of jobs,” he said then.

• 66% of responding senior leaders say AI has already driven significant productivity improvements across their organization

• 41% of respondents anticipate returns on AI investments in under a year

• 72% of large enterprises surveyed (1,001 – 5,000 employees) report AI-driven productivity gains compared with 55% of SMEs

• Around 85% said interoperability, choice and transparency of AI systems is important

Oct 28, 2025

LONDON, Oct. 28, 2025 /PRNewswire/ — A new study from IBM (NYSE: IBM) reveals enterprises across Europe, the Middle East and Africa (EMEA) are already reporting significant productivity gains from using AI, with many expecting returns on their investments (ROI) within the next year. However, the findings suggest small to medium sized enterprises (SME) and public sector organizations are falling behind larger, private sector firms in boosting productivity with AI.

“The Race for ROI,” a new IBM report produced in partnership with Censuswide, surveyed 3,500 senior executives across ten countries, and reveals 66% of respondents said their organizations have achieved significant operational productivity improvements using AI. 

In addition, approximately one in five respondents said their organization has already realized ROI goals from AI-driven productivity initiatives, with a further 42% on average expecting to achieve ROI within 12 months across cost reduction (41%); time savings (45%); increased revenue (37%); employee satisfaction (42%) and increased Net Promoter Score (43%).

Further productivity benefits are expected from the introduction of AI Agents, with 92% of leaders expecting that agentic AI will deliver measurable ROI within two years.

According to the study, business areas achieving the biggest AI-driven productivity gains are software development and IT (32%), customer service (32%), and procurement (27%). At the same time, executives reported the top three benefits of enhanced productivity as greater operational efficiency (55%), enhanced decision-making (50%), and augmented workforce capabilities such as automating repetitive tasks (48%).

However, the gains are not evenly distributed across all types of organizations. While 72% of large enterprises surveyed reported productivity gains from AI, only 55% of SMEs say the same. The research also indicates that public sector organizations are in the earlier stages of realizing AI’s full potential, with only 55% reporting significant productivity improvements to date.

AI Transforming Business Models

Across EMEA, the data shows that leaders are increasingly using AI to enable strategic business transformation. Of the 66% of respondents who reported significant productivity gains, nearly a quarter (24%) credit AI with fundamentally changing their business models.

Strikingly, around a third of respondents are already using AI to change their operations in ways such as accelerating innovation timelines (36%); shifting to continuous AI-driven decision-making instead of periodic planning cycles (32%); and redesigning value streams around AI rather than automating existing steps (32%, and around 2 in 5 intend to do so across all these areas.

Nearly half of all senior leaders surveyed (48%) said that AI is augmenting workforce capabilities. For example, with the time saved from greater productivity, executives said employees are spending more time on tasks such as developing new ideas (38%), strategic decision-making and planning (36%), and engaging in creative work (33%), the report finds.

Ana Paula Assis, Senior Vice President and Chair, IBM EMEA and Growth Markets, said:

“The true value of AI for business goes far beyond individual productivity – it’s about strategic transformation. Our research suggests that, while we are still in the foothills of AI adoption, enterprises in EMEA are seeing meaningful productivity gains from infusing AI into their operations, with many redesigning their business models.

“On the question of technology autonomy, the response was emphatic: enterprises want to use technology on their terms, with transparency, choice and flexibility baked in.”

Prioritizing open systems, interoperability and choice

The study found that openness, interoperability, and choice are critical priorities for all types of organizations adopting AI. 85% of respondents emphasized the importance of transparency in AI systems and models, ensuring that the technology operates ethically and responsibly. Similarly, 84% stressed the need for interoperability, enabling seamless integration of AI tools into IT systems to maximize efficiency and adaptability.

A further 85% said they valued having the flexibility to choose and adapt AI solutions or providers as needs evolve, underscoring strong demand for autonomy.

Overcoming risk and complexity

While the findings suggest companies are progressing towards greater ROI on AI, it also identified concerns about security, privacy and ethics – including the risk of data breaches and the trustworthiness of AI – as the top barrier to scaling successful AI pilots, cited by 68% of respondents. Similarly, IT complexity challenges, such as integrating AI with legacy systems, was cited by 68% of senior leaders surveyed.

To accelerate ROI from AI, the report outlines five priorities for enterprise leaders:

• Establish an effective operating model for AI: Establishing a common and universally understood approach for AI transformation across the organization, such as a federated or hub-and-spoke model, along with clear ownership, is crucial for delivering return on investment.
• Cultivate AI literacy and a culture of innovation, from the Board to entry-level: In the coming years, AI tools will become increasingly embedded in every interaction. Knowledge of how and why to use these tools across teams and functions will help the organisation to adapt and thrive as AI capabilities and the opportunities they create continue to evolve.
• Get comfortable with uncertainty and rapid change: The world is moving into an era of AI everywhere. AI tools will be embedded and procured into every interaction layer we have – whether it is search engines, the device people interact with or the companies they engage with. Success in this era means developing a culture that embraces change and uncertainty, and enables rapid, purposeful innovation.
• Understand the risks around AI deployment: As with any technology, AI must be applied with caution and a detailed understanding of regulatory, reputational and operational risks. Enterprises should apply AI governance tooling to monitor and mitigate potential risks, such as unauthorized data sharing and unwanted bias.
• Establish a cross company “AI Board” to mitigate risk: The AI Board’s role is to define ethical principles and risk appetite and review higher risk AI use cases before they are implemented. This, combined with increased AI literacy, will give business units a high level of autonomy to implement AI use cases with confidence.

To discover more about how AI is helping unlock opportunities for growth and innovation in EMEA, including across major industry sectors, download the ‘The Race for ROI” report here.

Research Methodology 

This report is based on a survey conducted by IBM in partnership with Censuswide in September 2025, involving over 3,500 senior business leaders (aged 25+). This included 500 respondents in each of the following markets; UK, Germany, France, UAE and Saudi Arabia and 200 respondents in Spain, Italy, Poland, Sweden and the Netherlands.

Respondents were drawn from organizations which currently use AI tools, representing a range of industries, including Finance, Public Sector, Retail, Telecoms, and Energy.

Quotas were set to ensure an even split of responses from organizations of different sizes based on number of employees. The categories were split as follows: under 250 employees, 250 – 1,000 employees, 1,001 – 5,000 employees, over 5,000 employees.

About IBM

IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of governments and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service. Learn more at IBM.com.

Media Contact

Gregor Hastings

IBM EMEA Communications

gregor.hastings@ibm.com

SOURCE IBM