Novartis reports sales up 12% in Q3 2023 as ‘pure-play’ transformation complete
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Key takeaways:
- Novartis raised its 2023 full-year guidance as sales grew 12% in the third quarter.
- The company has completed its move toward being a “’pure-play’ innovative medicines business.”
Novartis sales grew 12% on a constant currency basis, with core operating income up 21%, in the third quarter of 2023 compared with this time last year, according to a company press release.
“Novartis delivered a very strong quarter, with double-digit sales and core operating income growth leading to a further upgrade to 2023 guidance,” Vas Narashimhan, MD, MPP, CEO of Novartis, said in the release. “We are confident in our mid-term growth outlook and remain committed to creating value for our shareholders.”
The company has completed its shift to what it calls a “’pure-play’ innovative medicines business,” with Sandoz spun off as a standalone entity. Innovation milestones this quarter included positive phase 3 results for Cosentyx (secukinumab), Pluvicto (lutetium Lu 177 vipivotide tetraxetan), iptacopan, remibrutinib, Lutathera (lutetium Lu 177 dotatate) and Kisqali (ribociclib).
Novartis raised its 2023 full-year guidance for core operating income, now expected to reach the mid-to-high teens, with high single-digit growth expected in net sales.
Net sales reached $11.8 billion. Net income grew 37% to $1.5 billion, largely driven by increased operating income due to higher sales and reduced restructuring charges.
The company has initiated a previously announced share buyback of up to $15 billion expected to be completed by the end of 2025.
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