Novartis AG
Adjusted operating profit increased 9% to $4.67 billion, with adjusted EPS of $1.83 above the consensus of $1.66.
Sales growth was mainly driven by a continued strong performance from Entresto, Kesimpta, Pluvicto, and Kisqali, partly offset by generic competition, mainly for Gilenya.
Heart failure drug Entresto sales are up 37% in local currencies at $1.52 billion.
Kesimpta, a new once-a-month injection against multiple sclerosis, quarterly revenues more than doubled to $489 million.
Sales of the newly launched Pluvicto, a radiotherapy against prostate cancer, came in at $240 million after a manufacturing facility upgrade in New Jersey.
Buyback: The pharma major is also initiating a share buyback program worth up to $15 billion to be completed by year-end 2025, following the completion of its previous share buyback in June 2023.
Spin-Off: Novartis also said its board of directors has "unanimously" endorsed the total spin-off of the generics division Sandoz, first announced last year.
Novartis shareholders will vote on the proposed Sandoz spin-off and complete separation at an extraordinary general meeting on September 15.
Guidance: Novartis now expects revenues for 2023 to grow at a high single digit, up from mid, with core operating income set to grow in the low double digits, up from a previous forecast of high single digits.
"Our growth drivers and rich pipeline continue to provide confidence in our mid-term growth outlook," said chief executive Vas Narasimhan.
Price Action: NVS shares are up 3.33% at $102.33 during the premarket session on the last check Tuesday.
