Novartis Raises Earnings Guidance After Key Drugs Boost Profit, Sales
October 24 2023 - 12:48AM
Dow Jones News
By Adria Calatayud
Novartis raised its full-year earnings guidance for the third
time this year after it reported higher net profit and sales for
the third quarter, boosted by strong sales of key drugs.
The Swiss pharmaceutical giant said Tuesday that it now expects
core operating profit to grow this year by a percentage in the mid
to high teens range. It had previously anticipated a growth rate
from low double percentage digits to mid teens excluding Sandoz,
the generics unit that was spun off earlier this month.
Novartis reiterated its expectation for net sales growth of a
high single digit in 2023.
For the third quarter, the company made a net profit of $1.76
billion compared with $1.57 billion for the same period last
year.
Net sales for the quarter grew to $11.78 billion from $10.49
billion.
"Our growth drivers, including Kesimpta, Entresto, Kisqali and
Pluvicto, continue to perform well in the market," Chief Executive
Vas Narasimhan said.
Excluding exceptional items, core operating income from
continuing operations was up 21% at $4.41 billion.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
October 24, 2023 01:33 ET (05:33 GMT)
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