Swiss pharma giant Novartis reports soaring profits off drug sales

Swiss pharma giant Novartis reports soaring profits off drug sales

/ 03:47 PM July 18, 2024

This photograph taken on October 30, 2022, shows the logo of the Swiss pharmaceutical and drug maker Novartis on a building in Basel

This photograph taken on October 30, 2022, shows the logo of the Swiss pharmaceutical and drug maker Novartis on a building in Basel. (Photo by GABRIEL MONNET / AFP)

Zurich, Switzerland — Swiss pharmaceutical giant Novartis on Thursday reported soaring profits and raised its expectations for 2024 operating income, driven by strong sales for a range of its popular drugs.

The firm’s net profits jumped 43 percent to $3.2 billion in the second quarter of this year, it said in a statement.

Article continues after this advertisement

Sales rose by nine percent to $12.5 billion, narrowly beating the forecasts of analysts by Swiss financial news service AWP.

FEATURED STORIES

READ: DOH to probe docs, pharma firm over marketing scheme

“Our performance reflects continued strong momentum of our key growth drivers” both in and outside the United States, CEO Vas Narasimhan said in the statement.

Article continues after this advertisement

The results were driven in part by sales of drugs including heart failure treatment Entresto, which rose by nearly 30 percent to $1.9 billion.

Article continues after this advertisement

Sales of multiple sclerosis drug Kesimpta leapt 65 percent to nearly $800 million, the firm said.

Article continues after this advertisement

Breast cancer treatment Kisqali meanwhile saw sales jump more than 50 percent to over $715 million.

Novartis, which raised its financial outlook when it announced its first quarter results in April, still expects sales to grow in the high-single to low double-digits.

Article continues after this advertisement

But the firm raised its expectation for core operating income, predicting it would grow in the mid to high teens, up from “low double-digit to mid-teens” previously.

Last year, Novartis spun off Sandoz, one of the world’s biggest makers of generic and biosimilar medicines, and listed it on the Swiss stock exchange.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: novartis, pharmaceutical, Swiss

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.