FRANKFURT (Reuters) – Swiss drugmaker Novartis raised its full-year forecast on Tuesday after beating earnings estimates for the first quarter.
The pharmaceutical group expects an increase in net turnover in 2024 of between 9% and 10% (“one high figure and two low figures”), as well as a so-called “core” operating profit expected to grow between 10 % and 15% (“two digits between the bottom and the middle of the range”).
Novartis had previously forecast net revenue up to “mid single digits” and core operating profit up to “high single digits.”
The main drivers of Novartis’ growth in the quarter were Entresto, a heart failure drug, whose patent will fall into the public domain next year, Cosentyx, a psoriasis drug, and Kesimpta, a drug against multiple sclerosis.
Core operating profit increased 16% during the first quarter to $4.54 billion (€4.2 billion), compared to $4.3 billion expected by analysts.
Turnover for its part increased by 10% to reach $11.83 billion, a figure also higher than forecasts.
The company added that Giovanni Caforio would be proposed as chairman of the board at the 2025 annual shareholders’ meeting, as Joerg Reinhardt’s 12-year term ends next year.
(Report by Ludwig Burger, by Diana Mandiá, edited by Blandine Hénault)
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