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v3.22.4

Non-current financial debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure of financial liabilities [abstract] |
Disclosure of non-current portion of non-current borrowings by type |
(USD millions) |  | 2022 |  | 2021 |
Straight bonds |  | 22 341 |  | 25 296 |
Liabilities to banks and other financial institutions 1 |  | 144 |  | 227 |
Total, including current portion of non-current financial debt |  | 22 485 |  | 25 523 |
Less current portion of non-current financial debt |  | -2 241 |  | -2 621 |
Total non-current financial debt |  | 20 244 |  | 22 902 |
1 Average interest rate 2.3% (2021: 0.9%)
Disclosure of detailed information about borrowings |
Coupon |  | Currency |  | Notional amount (millions) |  | Issuance year |  | Maturity year |  | Issuer |  | Issue price |  | 2022 (USD millions) |  | 2021 (USD millions) |
2.400% |  | USD |  | 1 500 |  | 2012 |  | 2022 |  | Novartis Capital Corporation, New York, United States |  | 99.225% |  |  |  | 1 498 |
3.700% |  | USD |  | 500 |  | 2012 |  | 2042 |  | Novartis Capital Corporation, New York, United States |  | 98.325% |  | 490 |  | 490 |
3.400% |  | USD |  | 2 150 |  | 2014 |  | 2024 |  | Novartis Capital Corporation, New York, United States |  | 99.287% |  | 2 147 |  | 2 144 |
4.400% |  | USD |  | 1 850 |  | 2014 |  | 2044 |  | Novartis Capital Corporation, New York, United States |  | 99.196% |  | 1 827 |  | 1 826 |
1.625% |  | EUR |  | 600 |  | 2014 |  | 2026 |  | Novartis Finance S.A., Luxembourg, Luxembourg |  | 99.697% |  | 638 |  | 676 |
0.250% |  | CHF |  | 500 |  | 2015 |  | 2025 |  | Novartis AG, Basel, Switzerland |  | 100.640% |  | 541 |  | 547 |
0.625% |  | CHF |  | 550 |  | 2015 |  | 2029 |  | Novartis AG, Basel, Switzerland |  | 100.502% |  | 595 |  | 602 |
1.050% |  | CHF |  | 325 |  | 2015 |  | 2035 |  | Novartis AG, Basel, Switzerland |  | 100.479% |  | 352 |  | 356 |
3.000% |  | USD |  | 1 750 |  | 2015 |  | 2025 |  | Novartis Capital Corporation, New York, United States |  | 99.010% |  | 1 742 |  | 1 740 |
4.000% |  | USD |  | 1 250 |  | 2015 |  | 2045 |  | Novartis Capital Corporation, New York, United States |  | 98.029% |  | 1 221 |  | 1 220 |
0.125% |  | EUR |  | 1 250 |  | 2016 |  | 2023 |  | Novartis Finance S.A., Luxembourg, Luxembourg |  | 99.127% |  | 1 330 |  | 1 409 |
0.625% |  | EUR |  | 500 |  | 2016 |  | 2028 |  | Novartis Finance S.A., Luxembourg, Luxembourg |  | 98.480% |  | 528 |  | 559 |
2.400% |  | USD |  | 1 000 |  | 2017 |  | 2022 |  | Novartis Capital Corporation, New York, United States |  | 99.449% |  |  |  | 1 000 |
3.100% |  | USD |  | 1 000 |  | 2017 |  | 2027 |  | Novartis Capital Corporation, New York, United States |  | 99.109% |  | 994 |  | 993 |
1.125% |  | EUR |  | 600 |  | 2017 |  | 2027 |  | Novartis Finance S.A., Luxembourg, Luxembourg |  | 99.874% |  | 638 |  | 677 |
0.500% |  | EUR |  | 750 |  | 2018 |  | 2023 |  | Novartis Finance S.A., Luxembourg, Luxembourg |  | 99.655% |  | 798 |  | 846 |
1.375% |  | EUR |  | 750 |  | 2018 |  | 2030 |  | Novartis Finance S.A., Luxembourg, Luxembourg |  | 99.957% |  | 797 |  | 846 |
1.700% |  | EUR |  | 750 |  | 2018 |  | 2038 |  | Novartis Finance S.A., Luxembourg, Luxembourg |  | 99.217% |  | 792 |  | 840 |
1.750% |  | USD |  | 1 000 |  | 2020 |  | 2025 |  | Novartis Capital Corporation, New York, United States |  | 99.852% |  | 998 |  | 998 |
2.000% |  | USD |  | 1 250 |  | 2020 |  | 2027 |  | Novartis Capital Corporation, New York, United States |  | 99.909% |  | 1 246 |  | 1 246 |
2.200% |  | USD |  | 1 500 |  | 2020 |  | 2030 |  | Novartis Capital Corporation, New York, United States |  | 99.869% |  | 1 494 |  | 1 493 |
2.750% |  | USD |  | 1 250 |  | 2020 |  | 2050 |  | Novartis Capital Corporation, New York, United States |  | 97.712% |  | 1 215 |  | 1 214 |
0.000% 1 |  | EUR |  | 1 850 |  | 2020 |  | 2028 |  | Novartis Finance S.A., Luxembourg, Luxembourg |  | 99.354% |  | 1 958 |  | 2 076 |
Total straight bonds |  |  |  |  |  |  |  |  |  |  |  |  |  | 22 341 |  | 25 296 |
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, 2022, 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) |  | 2022 |  | 2021 |
2022 |  |  |  | 2 621 |
2023 |  | 2 241 |  | 2 342 |
2024 |  | 2 147 |  | 2 144 |
2025 |  | 3 281 |  | 3 284 |
2026 |  | 638 |  | 693 |
2027 |  | 2 909 |  | 2 916 |
After 2027 |  | 11 269 |  | 11 523 |
Total |  | 22 485 |  | 25 523 |
Non-current financial debt including current portion by currency |
(USD millions) |  | 2022 |  | 2021 |
US dollar (USD) |  | 13 376 |  | 15 862 |
Euro (EUR) |  | 7 478 |  | 7 930 |
Japanese yen (JPY) |  | 76 |  | 174 |
Swiss franc (CHF) |  | 1 488 |  | 1 505 |
Others |  | 67 |  | 52 |
Total |  | 22 485 |  | 25 523 |
Comparison of balance sheet and fair value of total non-current financial debt including current portion |
(USD millions) |  | 2022 Balance sheet |  | 2022 Fair values |  | 2021 Balance sheet |  | 2021 Fair values |
Straight bonds |  | 22 341 |  | 20 277 |  | 25 296 |  | 27 079 |
Others |  | 144 |  | 144 |  | 227 |  | 227 |
Total |  | 22 485 |  | 20 421 |  | 25 523 |  | 27 306 |

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