Shares of Novartis (NYSE: NVS) were on an upswing in pre-market trading on Tuesday after the Swiss pharma giant reported core earnings of $1.71 per share in Q1, up 25% year-over-year on a constant currency basis and surpassing consensus estimates of $1.53 per share.
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The company posted sales of $12.95 billion in the first quarter, up by 8% year-over-year on a constant currency basis and beating Street estimates of $12.7 billion. The rise in revenues was driven by the strong performance of Novartis’ in-growth brands including Entresto, Pluvicto, Kesimpta, Kisqali, and Scemblix.
Moreover, Novartis raised its FY23 guidance and now expects its sales to grow in the mid-single digits from its prior forecast in the low-to-mid single digits while operating income is projected to grow in the high single digits from its earlier guidance of growth in the mid-single digits.
Vas Narasimhan MD, CEO of Novartis stated, “Our pipeline momentum gives us confidence in our growth outlook, highlighted by the NATALEE Phase 3 positive readout for Kisqali in early breast cancer, and we look forward to upcoming readouts for iptacopan in multiple indications and Pluvicto in earlier lines of therapy.”
NVS stock is currently hovering near its 52-week high of $100.93 and has gained more than 12% in the past year.
