SCHEDULE: UBS Group AG Discloses 6.37% Stake in Novartis AG with Significant Filing Delay

UBS Group AG, through its Asset Management division, has disclosed a 6.37% beneficial ownership stake in Novartis AG as of September 30, 2024, with the filing delayed due to system integration issues.

Summary

• UBS Group AG, through its Asset Management division (UBS AM), reported beneficial ownership of 139,602,467 ordinary shares of Novartis AG.
• This ownership represents 6.37% of Novartis AG's class of securities.
• As of September 30, 2024, UBS AM held sole voting power over 126,084,217 shares and shared dispositive power over 139,602,467 shares.
• The filing of this Schedule 13G, which reports ownership as of September 30, 2024, was signed on July 17, 2025, indicating a substantial delay.
• The delay in filing was attributed to an inadvertent data issue stemming from the UBS / Credit Suisse systems integration, which has since been identified and resolved.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the significant delay in filing and the underlying data integration issue, despite the issue being resolved. The core content is a routine ownership disclosure.

Positives

• The data issue causing the filing delay has been identified and resolved, indicating a correction of internal processes.

Negatives

• The filing of the Schedule 13G was significantly delayed, with the event date being September 30, 2024, and the filing signed on July 17, 2025.
• The delay was due to an inadvertent data issue related to UBS / Credit Suisse systems integration, highlighting operational challenges during the merger.

Risks

• Operational risk associated with data integrity and systems integration, as evidenced by the inadvertent data issue during the UBS / Credit Suisse merger.
• Reputational risk due to delayed regulatory filings, even if attributed to technical issues.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding Novartis AG's future performance or UBS Group AG's investment strategy beyond the current ownership disclosure.

Management Comments

• The delay resulted from an inadvertent data issue related to UBS / Credit Suisse systems integration, which has now been identified and resolved.

Industry Context

This filing is a standard disclosure of a significant passive ownership stake by a major financial institution in a publicly traded pharmaceutical company. It reflects a large asset manager's portfolio allocation rather than a strategic corporate action by Novartis AG.

Stakeholder Impact

• Shareholders of Novartis AG receive delayed information regarding a significant beneficial ownership stake.
• UBS Group AG stakeholders may note the operational challenges during the Credit Suisse integration, which led to the filing delay.

Key Dates

Keywords

UBS Group AG, Novartis AG, Schedule 13G, Beneficial Ownership, SEC Filing, Asset Management, Credit Suisse Integration, Equity Stake, Pharmaceuticals, Financial Disclosure