Novartis's Q3 net profit increase has resulted in a raised annual sales outlook

October 29, 2024 04:46 AM PDT | By Team Kalkine Media

Google News:

Novartis's Q3 net profit increase has resulted in a raised annual sales outlook — Image source: Shutterstock

Recent News

RTX (NYSE:RTX) Stands Out Amid Liabilities Dow Jones Industrial Averag...

Renasant (NYSE:RNST) Stock Shows Institutional Strength Russell 1000

Allison Transmission (NYSE:ALSN) Stock Surges Ahead Of S&P 500

CRH plc (NYSE:CRH) Stock Dominated S&P 500

Highlights

Increased Annual Guidance: Novartis AG revised its annual sales forecast, anticipating growth in low double-digits, reflecting strong performance in the third quarter.

Strong Q3 Financial Results: The company reported net earnings of $3.185 billion, marking a significant increase from the previous year.

Key Product Success: Sales of the Entresto and Cosentyx brands surged by 26% and 27%, respectively, contributing to the overall sales growth.

Novartis AG (NYSE:NVS), a prominent Swiss pharmaceutical company, has revised its annual sales guidance upward following a notable increase in net profit during the third quarter. CEO Vas Narasimhan highlighted the company's strong operational performance, reporting a 10% rise in sales and a 20% increase in core operating income. The positive results stem from contributions across all key growth drivers, reinforcing confidence in both the business momentum and the product pipeline.

For the full year, Novartis now anticipates core operating income growth in the high teens, an upgrade from the previous outlook of mid to high teens. The annual sales projection has shifted to low double-digit growth, replacing the earlier expectation of high single to low double-digit growth. This positive adjustment reflects the company’s strong market position and performance.

In the third quarter, Novartis recorded net earnings of $3.185 billion, translating to $1.58 per share, a marked increase from $1.763 billion, or $0.85 per share, during the same period the previous year. Sales also improved significantly, reaching $12.823 billion compared to $11.782 billion in the prior year.

The company’s success can be attributed to the strong performance of its key products. Sales for the Entresto brand reached $1.865 billion, up 26% from the previous year, while the Cosentyx brand saw a 27% increase in sales, totaling $1.693 billion. These figures underscore Novartis's capacity to adapt to market demands and maintain a competitive edge in the pharmaceutical sector.

With this robust performance, Novartis remains well-positioned to advance its strategic initiatives and continue its growth trajectory in the coming years.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.