Swiss drugmaker Novartis (NVS) Q1 revenue gallops on robust sales

2 min read | April 26, 2022 07:41 AM PDT | By Team Kalkine Media

Swiss drugmaker Novartis (NVS) Q1 revenue gallops on robust sales — Image source: © Lucaderoma | Megapixl.com

Novartis earned US$20.7 billion in December

Novartis said that it made US$20.7 billion in December by selling its 33% stake in Roche Holding AG back to the Swiss rival.

Novartis confirmed that it would still have sufficient funds to acquire companies and technologies in the future even after earmarking US$15 billion to buy back shares, an announcement made last year.

The Swiss drugmaker also said that it would come up with an update on its strategic review of Sandoz by the year-end.

Now, investors are speculating as to how Novartis CEO Vas Narasimhan will utilize the proceeds from the Sandoz deal, which comes with a market tag of US$25 billion.

Meanwhile, Narasimhan said that the prices of biotech firms would have to fall further even though they have pulled back from exorbitant levels currently.

Bottom line:

In December last year, Novartis launched a fresh share buyback worth US$15 billion, which would be executed by the end of 2023. The company said it is confident in its robust growth and deep pipeline.

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