FRANKFURT (Reuters) – Swiss pharmaceutical group Novartis, which has made multiple acquisitions this year, reported a 6% increase in operating profit on Thursday, as growth in its new treatments offset stagnant revenues from the chronic heart failure drug Entresto.
Third-quarter operating profit, adjusted for special items, increased to $5.46 billion (4.68 billion euros), the group said on Tuesday, slightly higher than analysts’ estimates of $5.4 billion.
Novartis has ramped up acquisitions and licensing deals worth up to $30 billion this year, including a $12 billion deal for U.S. biotech Avidity, to strengthen its drug portfolio and offset falling sales linked to the loss of patent protection for established treatments.
The group, which raised its forecasts twice this year, confirmed its objectives for 2025, forecasting growth in its turnover of 7 to 9% (“high single-digit”) and an increase in its adjusted operating profit of 11 to 14% (“low-teens”).
(Reporting Ludwig Burger and Bhanvi Satija, Elena Smirnova, editing by Kate Entringer)
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