Novartis $NVS raised its 2026 core operating income guidance despite booking a $1.9 billion write-down tied to a setback in its del-desiran drug trial. The company now expects core operating income to be flat to up low single digits, compared with its previous forecast for a decline. Q3 revenue rose 4% to $14.5B, while reported operating income fell 59%. CEO Vas Narasimhan defended the company's acquisition strategy, saying, “We don't need to change our M&A strategy.”