Novartis, the Swiss pharmaceutical giant, has released its third-quarter results, surpassing analysts’ predictions. Here are the key details from the report.
Sales Break Records
Net sales for the third quarter reached an impressive $11.78 billion, beating expectations by exceeding the estimated $11.62 billion. This demonstrates a substantial increase compared to the $10.49 billion the company achieved in the same period last year, following the spinoff of its generic-drugs business Sandoz.
Exceptional Core Net Profit
Novartis reported a core net profit of $3.59 billion, surpassing expectations of $3.51 billion. This represents strong growth compared to the $3.04 billion earned during the corresponding period the previous year.
Focus on Key Drugs
Novartis Chief Executive Vas Narasimhan expressed confidence in the performance of key growth drivers in their product portfolio. Cancer drugs Kisqali and Pluvicto, multiple-sclerosis treatment Kesimpta, and heart medicine Entresto have all received positive feedback from the market. While sales of Kisqali, Kesimpta, and psoriasis treatment Cosentyx exceeded expectations, Pluvicto and Entresto fell slightly short. Kisqali saw an impressive 77% increase in sales to reach $562 million, Kesimpta more than doubled to $657 million, and Cosentyx experienced 4% growth, generating $1.33 billion in revenue. Meanwhile, Entresto sales rose by 31% to $1.49 billion, and revenue from Pluvicto more than tripled to $256 million, according to Novartis.
Novartis has raised its earnings guidance for 2023 for the third consecutive quarter. The company now expects core operating income to grow in the mid- to high percentage teens range, aligning with current consensus expectations. This marks an improvement from the previous forecast of growth in the low double-digit to mid-teens range.
Novartis continues to demonstrate industry leadership with its exceptional financial performance and strategic focus on key drugs. The company’s strong sales and profitability provide a promising outlook for the future.