Novartis AG (NVS) reported strong first-quarter results, leading the company to raise its full-year guidance. Adjusted EPS increased 17% year over year to $1.80, surpassing the consensus estimate of $1.67. Sales reached $11.83 billion, exceeding the consensus of $11.43 billion. Key growth drivers included the heart failure drug Entresto, the psoriasis drug Cosentyx, and the cancer drug Pluvicto.
Entresto sales reached $1.9 billion, up 36%, while Cosentyx sales increased 25% to $1.3 billion. Pluvicto, despite supply constraints, reported sales of $310 million, up 47%.
Novartis also announced changes to its leadership team. Giovanni Caforio, the former CEO of Bristol Myers Squibb, will be proposed as the next chair of the board of directors at the 2025 annual shareholders meeting. Joerg Reinhardt, the current chair, will not seek re-election after 12 years in office.
The company raised its guidance for 2024. Net sales are now anticipated to grow in the high-single to low-double-digit percentage range, up from a previous outlook of mid-single-digit growth. Core operating income is expected to increase in the low double-digit to mid-teens percentage range, up from the high single-digit growth forecast prior.
Novartis’ strong performance and increased guidance reflect the company’s continued focus on innovation and growth. The company’s pipeline of new drugs and therapies positions it well for continued success in the years to come.
