ASTRAZENECA PLC vs Novartis AG, two Drug Manufacturers stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Neither AstraZeneca nor Novartis carries any net debt, so the capital structures referee nothing; the businesses have to argue for themselves. Novartis argues with margins, 32.4% operating against 23.4%, a 30% return on equity against 21%, and a 5.8% free-cash yield against 4%. AstraZeneca argues with its pipeline reputation, and the market listens: 28.5 times earnings against 21.5, a seven-turn premium for the lower-margin franchise. Both run gross margins near 79-82%, the signature of patent-protected pricing. The pair is a clean test of what a pharma multiple pays for: current economics favor the cheaper stock on every printed line, so the premium is entirely a bet on whose next decade of molecules is better.
Comparison updated 2026-07-10.
| Metric | AZN | NVS |
|---|---|---|
| Price | $188.37 | $155.27 |
| Market cap | $292.0B | $301.1B |
| Sector | Drug Manufacturers | Drug Manufacturers |
| Stage | Mature | Mature |
| Implied growth (priced in) | +22.0% | +8.3% |
| P/E | 28.5 | 21.5 |
| P/B | 5.99 | 6.47 |
| P/S | 4.97 | 5.52 |
| EV/EBITDA | 20.8 | 16.4 |
| Revenue growth | +12.1% | +6.4% |
| Gross margin | 81.9% | 78.8% |
| Operating margin | 23.4% | 32.4% |
| Net margin | 17.4% | 25.6% |
| Return on equity | 21.0% | 30.0% |
| Return on assets | 9.0% | 12.6% |
| Return on invested capital | 23.3% | 32.4% |
| FCF yield | 4.0% | 5.8% |
| Debt / equity | 0.00 | 0.00 |
| Current ratio | 0.94 | 1.12 |
| Altman Z (solvency) | 3.71 | 3.86 |
| Piotroski F (quality) | 8 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.