Novartis, the Swiss pharmaceutical major, has announced an increase in its full-year guidance following a strong performance in the first half of the year. Furthermore, the company has revealed plans for a share buyback program worth up to $15 billion, which is expected to be completed by the end of 2025.
In terms of its financial outlook for the current year, Novartis now anticipates sales growth in the high single digits, surpassing its previous expectation of mid-single-digit growth. Additionally, the group’s core operating income is expected to experience low double-digit growth, compared to the initial projection of high-single-digit growth.
Moreover, Novartis’ board has approved the separation of its generics unit, Sandoz. The separation will be executed through a 100% spinoff scheduled to take place in the fourth quarter of this year.
In another positive development, the company reported a significant increase in net profit for the second quarter, rising to $2.32 billion from $1.70 billion in the same period last year. This growth can be attributed to a rise in sales figures, reaching $13.62 billion compared to $12.78 billion previously. Furthermore, Novartis’ operating income also increased substantially from $2.23 billion to $2.92 billion, while core earnings per share rose to $1.83 from $1.56, according to company data.
These recent achievements are indicative of Novartis’ strong performance and its commitment to delivering value to shareholders. With an optimistic outlook for the remainder of the year, the company continues to uphold its position as a leading player in the pharmaceutical industry.