Swiss pharmaceutical giant Novartis exceeded fourth-quarter sales expectations but fell short of its full-year projections. The company saw a 16% increase in constant currency-based net sales for the quarter, reaching $13.2 billion. Full-year net sales grew by 12% to $50.32 billion, slightly below the forecast. Core operating income for the year increased by 22% to $19.5 billion, surpassing expectations. CEO Vas Narasimhan highlighted the company's strong performance and its focus on advancing its development pipeline.
Swiss pharmaceutical giant Novartis announced better-than-anticipated sales for the fourth quarter of 2023, but fell short of its own full-year projections. Fourth-quarter net sales surged by 16% on a constant currency basis, reaching $13.2 billion, exceeding the $12.795 billion estimated by analysts in an LSEG poll. For the full year 2023, net sales increased by 12% on a constant currency basis to $50.32 billion, slightly below the forecasted $50.47 billion.
Full-year core operating income also demonstrated a strong performance, rising by 22% to $19.5 billion, surpassing the projected $17.02 billion. Novartis had consecutively raised its 2024 earnings guidance for the third quarter in October, anticipating both full-year net sales and core operating income to grow by 'high teens' percentages, compared to the previously forecasted 'mid- to high teens'. CEO Vas Narasimhan characterized the results as a positive indicator following the implementation of a strategic business overhaul in 2023. He stated, 'In our first full year as a pure-play innovative medicines company, Novartis delivered one of the strongest financial performances in our history, growing sales 12% cc (constant currencies) and core operating income 22% cc.' Narasimhan expressed confidence in continued strong sales growth with margin expansion in 2025, reaffirming their commitment to achieving their mid-term guidance. Looking ahead, the company emphasized its focus on advancing its development pipeline, which includes over 30 assets possessing the potential to generate differentiated growth in the long term. Furthermore, Novartis outlined its guidance for 2025, projecting mid- to high single-digit net sales growth and high single to low double-digit core operating income increase
Novartis Pharmaceutical Earnings Sales Guidance Fourth Quarter Full Year CEO Vas Narasimhan
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Novartis Reports Strong Q4 Sales, But Falls Short of Full-Year GuidanceSwiss pharmaceutical giant Novartis exceeded analysts' expectations for fourth-quarter sales but fell short of its own full-year sales forecast. Net sales for the quarter rose 16% to $13.2 billion, compared to estimates of $12.795 billion. For the full year, net sales increased 12% to $50.32 billion, slightly below the forecasted $50.47 billion. CEO Vas Narasimhan highlighted the positive performance as a result of the company's strategic overhaul in 2023.
Read more »
LVMH Reports Better-Than-Expected Full-Year Sales, Signaling Potential Luxury Sector TurnaroundLVMH, the world's largest luxury company, reported stronger-than-anticipated full-year sales, indicating a possible recovery in the high-end market. The French conglomerate, known for brands like Louis Vuitton and Moët & Chandon, saw revenues reach €84.68 billion, exceeding analysts' forecasts. This positive performance comes after a period of decline in the luxury sector, particularly in Asia. LVMH's chairman and CEO, Bernard Arnault, attributed the results to the company's resilience and strong strategy.
Read more »
Bag labeled 'Definitely Not A Bag Full Of Drugs' found full of drugs in Central FloridaA Florida woman was arrested for the second time in less than two weeks after deputies discovered drugs in a bag labeled 'Definitely Not A Bag Full Of Drugs.'
Read more »
Swiss pharma giant Novartis posts better-than-expected fourth-quarter salesSwiss pharmaceutical giant Novartis on Friday reported fourth-quarter results after repeatedly raising its full-year guidance.
Read more »
Levine on Transgender Care: 'Robust Discussion' Needed, But Politically Motivated Bans UnfoundedHHS Assistant Secretary for Health Dr. Rachel Levine addressed concerns about gender transitions in an NPR interview, emphasizing the need for ongoing research and discussion within the medical field. However, she asserted that efforts to ban gender-affirming care for minors are driven by political motives rather than medical evidence.
Read more »
US Dollar rises as robust labor data buoy sentimentThe US Dollar Index (DXY), which measures the value of the USD against a basket of currencies, gained towards 109.00 on Wednesday, mainly due to strong labor market figures.
Read more »