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Non-current financial debt (Tables)
 12 Months Ended
Dec. 31, 2020
Disclosure of financial liabilities [abstract]  
Disclosure of non-current portion of non-current borrowings by type
(USD millions)
2020
2019
Straight bonds
28 298
22 167
Liabilities to banks and other financial institutions  1
233
188
Total, including current portion of non-current financial debt
28 531
22 355
Less current portion of non-current financial debt
– 2 272
– 2 002
Total non-current financial debt
26 259
20 353
 1  Average interest rate 0.3% (2019: 0.2%)
Disclosure of detailed information about borrowings


Coupon




Currency
Nominal

amount

(millions)


Issuance

year


Maturity

year




Issuer




Issue price
2020

(USD

millions)
2019

(USD

millions)
4.400%
USD
1 000
2010
2020
Novartis Capital Corporation, New York, United States
99.237%
1 000
2.400%
USD
1 500
2012
2022
Novartis Capital Corporation, New York, United States
99.225%
1 497
1 495
3.700%
USD
500
2012
2042
Novartis Capital Corporation, New York, United States
98.325%
490
489
3.400%
USD
2 150
2014
2024
Novartis Capital Corporation, New York, United States
99.287%
2 142
2 139
4.400%
USD
1 850
2014
2044
Novartis Capital Corporation, New York, United States
99.196%
1 826
1 825
0.750%
EUR
600
2014
2021
Novartis Finance S.A., Luxembourg, Luxembourg
99.134%
737
670
1.625%
EUR
600
2014
2026
Novartis Finance S.A., Luxembourg, Luxembourg
99.697%
735
670
0.250%
CHF
500
2015
2025
Novartis AG, Basel, Switzerland
100.640%
568
517
0.625%
CHF
550
2015
2029
Novartis AG, Basel, Switzerland
100.502%
625
568
1.050%
CHF
325
2015
2035
Novartis AG, Basel, Switzerland
100.479%
369
336
3.000%
USD
1 750
2015
2025
Novartis Capital Corporation, New York, United States
99.010%
1 737
1 735
4.000%
USD
1 250
2015
2045
Novartis Capital Corporation, New York, United States
98.029%
1 220
1 219
0.125%
EUR
1 250
2016
2023
Novartis Finance S.A., Luxembourg, Luxembourg
99.127%
1 530
1 392
0.625%
EUR
500
2016
2028
Novartis Finance S.A., Luxembourg, Luxembourg
98.480%
607
553
1.800%
USD
1 000
2017
2020
Novartis Capital Corporation, New York, United States
99.609%
1 000
2.400%
USD
1 000
2017
2022
Novartis Capital Corporation, New York, United States
99.449%
998
996
3.100%
USD
1 000
2017
2027
Novartis Capital Corporation, New York, United States
99.109%
992
990
0.000%
EUR
1 250
2017
2021
Novartis Finance S.A., Luxembourg, Luxembourg
99.133%
1 536
1 396
1.125%
EUR
600
2017
2027
Novartis Finance S.A., Luxembourg, Luxembourg
99.874%
735
670
0.500%
EUR
750
2018
2023
Novartis Finance S.A., Luxembourg, Luxembourg
99.655%
919
837
1.375%
EUR
750
2018
2030
Novartis Finance S.A., Luxembourg, Luxembourg
99.957%
920
838
1.700%
EUR
750
2018
2038
Novartis Finance S.A., Luxembourg, Luxembourg
99.217%
913
832
1.750%
USD
1 000
2020
2025
Novartis Capital Corporation, New York, United States
99.852%
996
2.000%
USD
1 250
2020
2027
Novartis Capital Corporation, New York, United States
99.909%
1 245
2.200%
USD
1 500
2020
2030
Novartis Capital Corporation, New York, United States
99.869%
1 493
2.750%
USD
1 250
2020
2050
Novartis Capital Corporation, New York, United States
97.712%
1 213
0.000%  1
EUR
1 850
2020
2028
Novartis Finance S.A., Luxembourg, Luxembourg
99.354%
2 255
Total straight bonds
28 298
22 167
 1  The EUR 1 850 million bond issued in 2020 features a coupon step-up of 0.25% commencing with the first interest payment date after December 31, 2025, if one or both of the 2025 Patient Access Targets are not met. These 2025 Patient Access Targets are the 2025 Flagship Programs Patient Reach Target and the 2025 Strategic Innovative Therapies Patient Reach Target, as defined in the bond prospectus. As of December 31, 2020, there is no indication that these 2025 Patient Access Targets will not be met.
Non-current financial debt including current portion by maturity
(USD millions)
2020
2019
2020
2 002
2021
2 272
2 067
2022
2 631
2 583
2023
2 546
2 321
2024
2 142
2 139
2025
3 302
2 252
After 2025
15 638
8 991
Total
28 531
22 355
Non-current financial debt including current portion by currency
(USD millions)
2020
2019
US dollar (USD)
15 848
12 889
Euro (EUR)
10 888
7 861
Japanese yen (JPY)
194
184
Swiss franc (CHF)
1 563
1 421
Others
38
Total
28 531
22 355
Comparison of balance sheet and fair value of total non-current financial debt including current portion


(USD millions)
2020

Balance

sheet
2020

Fair

values
2019

Balance

sheet
2019

Fair

values
Straight bonds
28 298
31 359
22 167
23 701
Others
233
233
188
188
Total
28 531
31 592
22 355
23 889