Proactive Investors - Novartis AG (ADR) (NYSE:NVS) has raised its full-year revenue and profit guidance following a strong first quarter driven by momentum in key products including psoriasis drug Cosentyx, relapsing Multiple Sclerosis medicine Kesimipta and high cholesterol drug Leqvio.
The Swiss drugmaker expects its 2024 sales to grow in the high-single to low-double-digit percentage range, compared to its earlier expectation of a mid-single-digit increase.
Core operating income is seen increasing by the low-double-digit to mid-teen percentage, compared to Novartis’ previous expectation of a high-single-digit rise.
For Q1, Novartis reported revenue of $11.8 billion, ahead of estimates of $11.5 billion.
Adjusted earnings per share (EPS) were $1.80, up 23% from the year-ago quarter and above the $1.73 expected by analysts.
“Novartis continued our strong momentum with both sales growth and core margin expansion in Q1,” Novartis CEO Vas Narasimhan commented.
“Our performance was broad-based, across all key growth brands and geographies, allowing us to raise guidance for the full year 2024.”
Shares of Novartis moved higher following its earnings report, adding 2.3% at $97.30 in the early afternoon on Tuesday.