Results for: Novartis

Novartis AG, the pharmaceutical giant, has suffered a legal setback in its efforts to prevent the launch of a generic version of its blockbuster heart-failure drug, Entresto. A federal court ruled against Novartis’ request to block MSN Pharmaceuticals from launching its generic version, citing a low likelihood of winning the patent infringement lawsuit. While the ruling temporarily suspends MSN’s sales pending an appeal, it marks a significant blow to Novartis’ efforts to protect its intellectual property and maintain market dominance for Entresto, its top-selling drug.

Novartis AG (NVS) announced FDA approval for Lutathera (lutetium Lu 177 dotatate) for pediatric patients aged 12 years and older with somatostatin receptor-positive (SSTR+) gastroenteropancreatic neuroendocrine tumors (GEP-NETs). Lutathera is the first therapy specifically approved for pediatric GEP-NET patients, offering a significant advancement in their treatment options.

Novartis AG (NYS: NVS) has raised its full-year revenue and profit guidance, driven by a strong first quarter performance. The Swiss drugmaker’s revenue growth is now expected to be in the high-single to low-double-digit percentage range, compared to its earlier mid-single-digit forecast. Core operating income is also expected to increase by the low-double-digit to mid-teen percentage, exceeding the previous expectation of a high-single-digit rise.

In the first quarter, Novartis reported revenue of $11.8 billion, surpassing analysts’ estimates of $11.5 billion. Adjusted earnings per share (EPS) were $1.80, up 23% year-over-year and higher than the $1.73 expected.

The company’s performance was broad-based, with growth across all key growth brands and geographies. Momentum from psoriasis drug Cosentyx, relapsing Multiple Sclerosis medicine Kesimipta, and high cholesterol drug Leqvio contributed to the strong results.

Novartis CEO Vas Narasimhan expressed confidence, stating, “Novartis continued our strong momentum with both sales growth and core margin expansion in Q1.” He added, “Our performance was broad-based, across all key growth brands and geographies, allowing us to raise guidance for the full year 2024.”

Following the earnings announcement, shares of Novartis rose 2.3% to $97.30 in early afternoon trading on Tuesday.

The U.S. Food and Drug Administration (FDA) has approved Novartis’ Lutathera for children 12 years and older with somatostatin receptor-positive (SSTR+) gastroenteropancreatic neuroendocrine tumors (GEP-NETs). This marks the first approval of a medicine for children with this type of rare cancer.

In an interview on ‘Money Movers’, Novartis CEO Vas Narasimhan discussed the factors driving the company’s strong financial guidance and addressed potential challenges related to pricing in the U.S. market.

In an exclusive interview with ‘Money Movers,’ Novartis CEO Vas Narasimhan discusses the factors behind the company’s strong guidance, the potential for pricing friction in the U.S. market, and other key issues.

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. Novartis also announced that Giovanni Caforio will be proposed as the next chair of the board of directors. The company now expects net sales growth in the high-single to low-double-digit percentage range and core operating income growth in the low double-digit to mid-teens percentage range for 2024.

Novartis has raised its full-year guidance after reporting a beat on both profit and sales in the first quarter. The company’s non-GAAP EPS of $1.80 beat consensus expectations by $0.12, while revenue of $11.83 billion beat by $330 million.