<SEC-DOCUMENT>0001171843-17-003696.txt : 20170620
<SEC-HEADER>0001171843-17-003696.hdr.sgml : 20170620
<ACCEPTANCE-DATETIME>20170620094828
ACCESSION NUMBER:		0001171843-17-003696
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170620
FILED AS OF DATE:		20170620
DATE AS OF CHANGE:		20170620

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NOVARTIS AG
		CENTRAL INDEX KEY:			0001114448
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15024
		FILM NUMBER:		17919981

	BUSINESS ADDRESS:	
		STREET 1:		LICHTSTRASSE 35
		CITY:			BASEL
		STATE:			V8
		ZIP:			CH 4056
		BUSINESS PHONE:		01141613241111

	MAIL ADDRESS:	
		STREET 1:		LICHTSTRASSE 35
		CITY:			BASEL
		STATE:			V8
		ZIP:			CH 4056
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_062017.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><B>UNITED STATES</B></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Washington, D.C. 20549</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><B>FORM 6-K</B></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>PURSUANT TO RULE 13a-16 or 15d-16 OF</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Report on Form 6-K dated June 20, 2017</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(Commission File No. 1-15024)</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">____________________</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><B>Novartis AG</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Name of Registrant)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Lichtstrasse 35</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>4056 Basel</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Switzerland</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Address of Principal Executive Offices)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">____________________</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 3pt">Indicate by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Form 20-F:&nbsp;&#9746;</B></FONT></TD>
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 47%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Form 40-F:&nbsp;&#9744;</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 3pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1):</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-size: 10pt">Yes:&nbsp;&#9744;</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-size: 10pt"><B>No</B>:&nbsp;<B>&#9746;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 3pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-size: 10pt">Yes:&nbsp;&#9744;</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-size: 10pt"><B>No</B>:&nbsp;<B>&#9746;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 3pt">Indicate by check mark whether the registrant by furnishing the information contained
in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange
Act of 1934.&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-size: 10pt">Yes:&nbsp;&#9744;</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-size: 10pt"><B>No</B>:&nbsp;<B>&#9746;</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="color: rgb(0, 0, 0); font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0px"><FONT STYLE="font-size: 10pt"><IMG SRC="logo.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="color: rgb(0, 0, 0); font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="color: rgb(0, 0, 0); font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0px"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>N<FONT STYLE="font-size: 12pt">ovartis RTH258 (brolucizumab) demonstrates robust
visual gains in nAMD patients with a majority on a 12-week injection interval</FONT></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>RTH258 achieved the primary efficacy endpoint of non-inferiority to aflibercept in mean change in BCVA from baseline to
week 48[1],[2] in two head-to-head pivotal Phase III studies[3],[4] </I><BR>
<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>57% and 52% of patients receiving RTH258 6 mg in the respective trials were maintained exclusively on a q12w interval immediately
following the loading phase and continuing through week 48[1],[2] </I><BR>
<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>In both studies overall ocular and non-ocular adverse event rates for RTH258 were comparable to aflibercept[1],[2]</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;&nbsp;</P>



<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Basel, June 20, 2017 - </B>Novartis<B>,</B> the global leader in Ophthalmology, today
reported that RTH258 (brolucizumab) 6 mg met the primary and key secondary endpoints in two Phase III studies, HAWK and HARRIER.
RTH258 3 mg, evaluated in HAWK, also met these endpoints. These pivotal studies enrolled more than 1,800 patients with neovascular
age-related macular degeneration (nAMD) across 400 centers worldwide. The primary and key secondary efficacy endpoints were non-inferiority
of RTH258 to aflibercept in mean change in best-corrected visual acuity (BCVA) from baseline to week 48, and average mean change
over the period of week 36-48, respectively.[3],[4] Both were met with highly significant p values. RTH258 was generally well tolerated
with overall ocular and non-ocular (systemic) adverse event rates comparable to aflibercept.[1],[2]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">RTH258 demonstrated long-lasting efficacy versus aflibercept dosed every eight weeks.
A majority of patients, 57% (HAWK) and 52% (HARRIER), were maintained exclusively on a q12w (every 12 week) interval immediately
following the loading phase through week 48.[1],[2]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&quot;These&nbsp;results clearly and convincingly demonstrate RTH258 has the potential
to reduce injection burden while providing excellent visual outcomes.&nbsp; Given our legacy in developing medicines to preserve
vision, we are pleased that RTH258 carries the promise of being the next major advancement for patients with nAMD&quot; said Vas
Narasimhan, Global Head, Drug Development and Chief Medical Officer, Novartis. &quot;Based on these robust data, we are looking
forward to working with regulatory agencies to bring this pioneering treatment to patients.&quot;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Detailed analysis of the data is ongoing and will be presented at an upcoming medical
congress. RTH258 is a highly innovative single chain antibody that enables much higher concentrations of antibody in the eye than
approved therapies. Given the complexity of the formulation, Novartis has invested to ensure a competitive, low cost of goods formulation
over the past 18 months to maximize the long term value of RTH258. Novartis expects to complete the pharmacokinetic study with
the final manufacturing process to enable filing in 2018.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">RTH258 has the potential to address the needs of patients with nAMD who would benefit
from a long-lasting, efficacious treatment with a less frequent dosing regimen.[5]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B></B></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>About RTH258 (brolucizumab)</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Designed specifically for the eye, RTH258 is the most clinically advanced, humanized
single chain anti-body fragment in development. The proprietary innovative architecture results in a small molecule (26 kDa) with
potent inhibition of, and high affinity to all VEGF-A isoforms.[6],[7] Potential benefits of the small size include better tissue
penetration and rapid clearance from the systemic circulation.[6],[8],[9]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">In preclinical studies,[6],[7],[8],[9] RTH258 inhibited activation of VEGF receptors
through prevention of the ligand-receptor interaction. Increased signalling through the VEGF pathway is associated with pathologic
ocular angiogenesis and retinal edema[10]. Inhibition of the VEGF pathway has been shown to inhibit the growth of neovascular lesions,
resolve retinal edema and improve vision in patients with chorioretinal vascular diseases.[11]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>About HAWK and HARRIER</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">With more than 1,800 patients across 400 centers worldwide, HAWK and HARRIER are the
first and only global head-to-head trials in patients with nAMD that prospectively demonstrate efficacy with a pre-specifed injection
interval of 12 weeks.[1],[2] Both studies are 96-week prospective, randomized, double-masked multi-center studies and part of the
Phase III clinical development of RTH258.[3],[4]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The studies were designed to compare the efficacy and safety of intravitreal injections
of RTH258 6 mg and 3 mg (HAWK only) versus aflibercept 2 mg in patients with nAMD.[3],[4] The primary efficacy objective of HAWK
and HARRIER trials was to confirm that RTH258 is non-inferior to aflibercept in mean change in best-corrected visual acuity (BCVA)
from baseline to Week 48.[3],[4] Secondary endpoints include average mean change in BCVA from baseline over the period week 36-48,
the proportion of patients on a q12w interval at week 48 and anatomical parameters.[3],[4]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">In both protocols, patients were randomized to either RTH258 or aflibercept. Immediately
following the 3-month loading phase, patients in the RTH258 arms received a q12w dosing interval with an option to adjust to a
q8w dosing interval based on masked disease activity assessments at defined visits. Aflibercept was dosed bi-monthly according
to its label.[3],[4]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">RTH258 6 mg met the primary and key secondary endpoints in two Phase III studies, HAWK
AND HARRIER. RTH258 3 mg, evaluated in HAWK, also met these endpoints. In both studies, these endpoints were met with highly significant
p.[1],[2]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>About neovascular age-related macular degeneration (nAMD or wet AMD) </B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">nAMD is the leading cause of severe vision loss and legal blindness in people over the
age of 65 in North America, Europe, Australia and Asia, impacting an estimated 20 to 25 million people worldwide.[12],[13] nAMD
occurs when abnormal blood vessels form and grow underneath the macula, the area of the retina responsible for sharp, central vision.&nbsp;These
blood vessels are fragile and leak fluid and blood, disrupting the normal retinal architecture and ultimately causing damage to
the light sensitive cells.[14],[15]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #44546A">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Early symptoms of nAMD include distorted vision or metamorphopsia and difficulties seeing
objects clearly.[16] Prompt diagnosis and intervention are essential. As the disease progresses cell damage increases, further
reducing vision quality. This can lead to a complete loss of central vision, leaving the patient unable to read, drive or recognize
familiar faces.[14] Without treatment, vision can deteriorate within days.[17]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>About Novartis in Ophthalmology </B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Novartis is a leading ophthalmology company, with therapies that treat both front and
back of the eye disorders, including retina diseases, glaucoma, dry eye and other external eye diseases. In 2016, 200 million patients
worldwide were treated with Novartis ophthalmic products.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B></B></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Disclaimer</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The foregoing release contains forward-looking statements that can be identified by words
such as &quot;prospective,&quot; &quot;commitment,&quot; &quot;potential,&quot; &quot;looking forward,&quot; &quot;above expectations,&quot;
&quot;ongoing,&quot; &quot;will,&quot; &quot;upcoming,&quot; &quot;on track,&quot; &quot;end of 2018,&quot; &quot;can,&quot; &quot;would,&quot;
&quot;in&nbsp;development,&quot; or similar terms, or by express or implied discussions regarding potential marketing approvals
for RTH258, or regarding potential future revenues from RTH258. You should not place undue reliance on these statements. 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. There can
be no guarantee that RTH258 will be submitted or approved for sale in any market, or at any particular time. Nor can there be any
guarantee that RTH258 will be commercially successful in the future. In particular, management's expectations regarding RTH258
could be affected by, among other things, 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; the company's
ability to obtain or maintain proprietary intellectual property protection; general economic and industry conditions; global trends
toward health care cost containment, including ongoing pricing and reimbursement pressures; safety, quality or manufacturing issues,
and other risks and factors referred to in Novartis AG's current Form 20-F on file with 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 contained in this press release as a result of new information, future events or otherwise.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>About Novartis</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Novartis provides innovative healthcare solutions that address the evolving needs of
patients and societies. Headquartered in Basel, Switzerland, Novartis offers a diversified portfolio to best meet these needs:
innovative medicines, cost-saving generic and biosimilar pharmaceuticals and eye care. Novartis has leading positions globally
in each of these areas. In 2016, the Group achieved net sales of USD 48.5 billion, while R&amp;D throughout the Group amounted
to approximately USD 9.0 billion. Novartis Group companies employ approximately 118,000 full-time-equivalent associates. Novartis
products are sold in approximately 155 countries around the world. For more information, please visit http://www.novartis.com.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Novartis is on Twitter. Sign up to follow @Novartis at http://twitter.com/novartis</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">For Novartis multimedia content, please visit www.novartis.com/news/media-library</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">For questions about the site or required registration, please contact media.relations@novartis.com</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>References</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[1] Data on file.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[2] Data on file.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[3] ClinicalTrials.gov. Identifier NCT02307682. Available at https://clinicaltrials.gov/ct2/show/NCT02307682.
Accessed June 2017.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[4] ClinicalTrials.gov. Identifier NCT02434328. Available at https://clinicaltrials.gov/ct2/show/NCT02434328.
Accessed June 2017.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[5] Prenner JL, et al. Disease Burden in the Treatment of Age-Related Macular Degeneration:
Findings From a Time-and-Motion Study. American Journal of Ophthalmology. 2015;160(4):725-731.e1.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[6] Escher D, Schmidt A, STeiner P, Maurer P, Weissgerber G. Single-chain antibody fragments
in ophthalmology. Oral presentation at EURETINA congress. 2015. Abstract. Available at: http://www.euretina.org/nice2015/programme/free-papers-details.asp?id=4072&amp;day=0
(accessed 16 May 2017)</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[7] Tietz J, Spohn G, Schmid G, et al. Affinity and Potency of RTH258 (ESBA1008), a Novel
Inhibitor of Vascular Endothelial Growth Factor A for the Treatment of Retinal Disorders. IOVS. 2015; 56(7): 1501. http://iovs.arvojournals.org/article.aspx?articleid=2331210.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[8] Nimz EL, Van't Land CW, Yanez JA, Chastain JE. Intraocular and systemic pharmacokinetics
of brolucizumab (RTH258) in nonhuman primates. The Association for Research in Vision and Ophthalmology (ARVO) annual meeting.
2016. Abstract 4996. http://www.arvo.org/webs/am2016/sectionpdf/RC/Session_443.pdf</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[9] Gaudreault J, Gunde T, Floyd HS, et al. Preclinical pharmacology and safety of ESBA1008,
a single-chain antibody fragment, investigated as potential treatment for age related macular degeneration. ARVO Annual meeting
abstract. Invest Ophthalmol Vis Sci 2012;53:3025. http://iovs.arvojournals.org/article.aspx?articleid=2354604</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[10] Qazi Y, et al. Mediators of ocular angiogenesis. J. Genet. 2009;88(4):495-515.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[11] Kim R. Introduction, mechanism of action and rationale for anti-vascular endothelial
growth factor drugs in age-related macular degeneration. Indian J Ophthalmol. 2007;55(6):413-415.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0pt 0">[12] Schmidt-Erfurth U, et al. Guidelines for the management of neovascular age-related
macular degeneration by the European Society of Retina Specialists (EURETINA). Br J Ophthalmol. 2014;98:1144-1167.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[13] Chopdar A et al. Age related macular degeneration. BMJ. 2003;26(7387):485-488.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[14] World Health Organization. Priority eye diseases: Age-related macular degeneration.
Available at http://www.who.int/blindness/causes/priority/en/index7.html.
Accessed June 2017.NHS Choices. Macular Degeneration. Available at http://www.nhs.uk/Conditions/Macular-degeneration/Pages/Introduction.aspx.
Accessed June 2017.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[15] National Eye Institute. Facts About Age-Related Macular Degeneration. Available
at https://nei.nih.gov/health/maculardegen/armd_facts.
Accessed June 2017</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[16] NHS Choices. Macular degeneration - Symptoms. Available at http://www.nhs.uk/Conditions/Macular-degeneration/Pages/Symptoms.aspx.
Accessed June 2017.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[17] van Lookeren Campagne M, et al. Mechanisms of age-related macular degeneration and
therapeutic opportunities. J Pathol. 2014; 232(2):151-64. doi: 10.1002/path.4266.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"># # #</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Novartis Media Relations</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Central media line: +41 61 324 2200</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">E-mail: <FONT STYLE="color: Black">media.relations@novartis.com</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black">Eric Althoff</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black">Novartis Global Media Relations</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black">+41 61 324 7999 (direct)</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black">+41 79 593 4202 (mobile)</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black">eric.althoff@novartis.com</FONT></P></TD>
    <TD STYLE="width: 50%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="color: Black">Friedrich von Heyl</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black">Novartis Pharma Communications</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black">+41 61 324 8984 (direct)</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black">+41 79 749 0286 (mobile)</FONT></P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="color: Black">friedrich.vonheyl@novartis.com</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black"><B>Novartis Investor Relations</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black">Central investor relations line: +41 61 324 7944</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black">E-mail: investor.relations@novartis.com</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%">Central</TD>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 28%">North America</TD>
    <TD STYLE="width: 21%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Samir Shah</TD>
    <TD>+41 61 324 7944</TD>
    <TD>Richard Pulik</TD>
    <TD>+1 212 830 2448</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Pierre-Michel Bringer</TD>
    <TD>+41 61 324 1065</TD>
    <TD>Cory Twining </TD>
    <TD>+1 212 830 2417</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Thomas Hungerbuehler</TD>
    <TD>+41 61 324 8425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Isabella Zinck</TD>
    <TD>+41 61 324 7188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Media release (PDF): http://hugin.info/134323/R/2114312/804427.pdf</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>



<P STYLE="font-size: 10pt; margin: 0pt 0"></P>



<P STYLE="color: rgb(0, 0, 0); font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0px"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>     <p></P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SIGNATURES</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; font-size: 10pt">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Novartis AG</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">Date: June 20, 2017</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ PAUL PENEPENT</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Paul Penepent</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Head Group Financial Reporting and Accounting</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X1#F17AI9@  34T *@    @ !0$.  (
M   6   (5@$Q  (    F   (;(=I  0    !   (DIR;  $    L   0LNH<
M  <   @,    2@     <Z@    @
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M     &YO=F%R=&ES7VQO9V]?<F=B7W!O<P!!9&]B92!);&QU<W1R871O<B!#
M0R R,#$U("A-86-I;G1O<V@I   !ZAP !P  " P   BD     !SJ    "
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M                                      !N &\ =@!A '( = !I ',
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MS_\ $ITHL.C$+)<./?'EK^+5^79S.69Y_0R^'PTVI2_/\K6\V?T9PI2I\/\
M!.-SRM\=9.G!>6L5]\FV_*!WO_!0[2SJ'_!.6^NPN[^S/$-A=9QTRYA_]K5W
M/[$NEKI'_!,;X8KM\MKJVN;R3/?S;N5P?^^2M:'[96F?VK_P3+^+D.W<T&DI
M>+[>1/'-G\D-=Y\ =%70_P!ACX2Z.\8_=>$;#S5(XR]NC,#^+&OW^>(OPS&C
M_P!/F_\ R1?JS^1X8:W$LJ]O^727SYO\D>P=J*^3OBI;^(OA+XKT[Q7X'U.>
MQT&_G,=WI,CF6SCFP6&(R<*K@-PN,$'&,X'O/P\\<6?C_P"&UMKEK']EN QA
MO;7=DP2KC(SW!!!!]"*_(<#Q!0Q.:5<KKP=/$4];7NI1T]Z,M+[JZ:37;1V_
M3,5E52C@88ZG+GI3TOLT^TEK;U3:?S1W%%%%?8'SYX7\:OC<WP3\-_\ "0:I
M\-_$_BKPK% )+[6="6VEBL26*[94>99%'0[]I3YAD@U'\!_VB/ ?[07@G5-4
M\(?:]/OM,N?)U#2=35$NH W,<F$9@4< X8'JK X(K-_:V)7_ ()L?&0C_H79
M?YK7YI_$[P3XO_8I_:T\*_&7X:P2S_#?7%16LFD8Q*)%#SZ;,W]UL%X7/(*]
MS&=WW669;@<SP#I_#B&Y*#N[2Y5%M.^S:>ENWW_#YGF6-RW'JI\6'23FK:QY
MFU=6W2MK?O\ =^R/B[7-4\.^![K5M(\*:CXTO(67&E:5+ EQ("<$J9Y(T.!S
MC=D]LFO'/A3\?KCXL>.M6TC3_A+XP\-V6DW\^GZOJNLK9Q6]E=0J&:W8+.SL
M_P RC"*P&X$D#FO4OAS\0O#/Q2^#6A^.O"-\+[1-3@$D>>)(7'#Q2+_"Z,"K
M#U'<8->,_LT_\A']HC_LLNL_^B[>OGZ=*$,-756G[\++6Z:;=FFKVT_/>Y[U
M2K4GBJ#I5/<G=Z)--)75G:^O_#6/IB66."VDFFD6&&-2TDCL%50!DDD] !WK
MYMLOVBO^$\\4ZII?P,\!WOQ6M=,G-OJ'B-K^/3-#CE&,QQW4@9IV&1D11N "
M#G!!KYL_X*+_ !;UCP[\*O"_PC\-73VM]XN:275GB8J[6<;*BP9'\,LC8;U6
M,KT8U]T_"KP#I/PN_9X\(^ ]'MTM[72-.CAD*+CSIL9EE;U9Y"S$^K5U?4Z6
M$RVGC*ZYI56U&.J5HZ.3M9[Z))KN[['-]<JXO,:F#HOEC22<I:-WEM%7NMM6
MVGVTW/ O&7[3/C#X0RVM]\:/@AJ?A[PA-,(3XE\,ZU%K5I;LQPHF7RXI(\GC
M)7GH,GBOI3P9XV\*_$/X=Z?XL\%ZY;>(?#]ZN8+NU?(R.JL#@HP/!5@&!Z@5
MH^(-!T?Q5X(U;PWX@T^'5=#U*U>UOK2==R31N,,I_#OU!Y%?CS^S#X@UK]G3
M_@J_XH^ =]?S7'A'6-6FTU8YFX\X(9;*Z [.\>V-L==XSG:*Z\-@L+FF!JSH
MQY*U)<S2;<91ZVNVTUZV?8Y,1C<3E>-I0K2YZ-5\MVDI1ETO9)-/TNNY]Y?&
MG]JC3_@3XA$/C3X6^+WT.:X$&GZ]8I9R65X^S?M4^>&5L!OE=5/RDC(YKT;X
M/?%ZX^,'A*/Q':?#OQ#X2\,W-JEQINIZV]H$OU;IY:13.^,<Y95%<W^U9\,?
M^%L?L,>-_#EK;_:-;M+;^U-& &6^U6V9%5?=U#Q_]M*^<?\ @G!\3/\ A)/V
M6=;^'5[<%]0\)W_F6:.WS?8KHM(H Z_+*)A[ J*I83!U\@EBJ4/WE.24M7L]
MI)7ZO3MN2\7BZ&?1PM6?[NI%N.BW6\6[=%KWV/M_Q]XNU;P7X.76-)\":UX^
M(DVW%GH4EL)X4VD^9MGEC##(QA26YZ8S7"?!7XW?\+L\,_\ "0Z7\.O$OA?P
MK+ 9+#6-;%JD-\0^PK$L<SR'!#?,5"\<$UE_M0>)M4T7]E2^\-^&Y3'XR\;W
M\'A30-I^99[UO+>3V\N'SI,]ME>S>$/"^E^"?A7X<\'Z)$(=)T738;"T3&/W
M<2!%)]R!D^Y->-RT(9<IRA[\I-)W>RW=KVW:2]&>US5IY@XQG[D8IM66[V5[
M7V3;]44?B!XVT7X;_!7Q/X[\0,ZZ/H>GR7ERL6-\@4<1ID@;F;"@$@985Y/^
MSE^T3H/[17PW\0:]I.BS^&[K2=4^QW.FW5RLTH1D#Q2DJ  '!88YP4;DU@_'
MA8_B#\>?@_\  E46ZTS5-2;Q-XN@(W(VEZ<59(9!W2:Z:!/<(U?"_P"SS<3?
MLX?\%H/&OP?U"1K?PUXDN)+&Q\PX5@V;K3W]R49H?]YR.U>[@LKPV)RJK+7V
MZC[2/^!.ST[Z-_=;<\+&YIB,-FE*/_+ARY)/^^U=:]M4OO['['5XE\9_C)<?
M!GPBWB2[^'/B+Q=X9M[9I]2U31'M3'8 ''[U9)D?&#G<JD>I%>VU\[_M:?\
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M#?0?@UXZU+QQIC3K?Z2@T]9(# X24%FN@GRL0.&/7C->C:=^T2__  OSP/\
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M<T:RQMU5UR#^!HHJ2AP 50J@*HZ 4M%% !1110 4444 %%%% !1110 4444
M%%%% !6;J&CZ1J\(CU;2K/5(QT6[MDE _!@:**:;3NA-)JS':?I6EZ19FWTG
:3;72[<G)BM+=8E_)0!6A110VV[L$DE9'_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
