Novartis raises profit outlook again thanks to strong performance
Published: Thursday, Jul 18th 2024, 07:30
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Business is going so well at Novartis that management has once again raised its full-year forecast. The transformation into a focused pharmaceutical company is increasingly paying off.
As the Group announced on Thursday, sales in the second quarter amounted to 12.5 billion US dollars.
This corresponds to an increase of 9% compared to the same period last year. At constant exchange rates (CER), growth amounted to 11%.
On the profit side, Novartis earned an operating profit of USD 4.0 billion (+43%) in the second quarter. The bottom line was a net profit of USD 3.2 billion, compared with USD 2.3 billion in the same period last year. The increase was mainly due to higher net sales and lower impairments, the press release explains further.
For analysts, however, the core operating profit adjusted for various factors is more important. At just under 5 billion, this was better than the AWP consensus.
Thanks to another strong quarter, Novartis management has once again raised its profit forecast. It had already raised the bar after the first quarter. While sales are expected to continue to grow in the high single-digit to low double-digit percentage range at constant exchange rates, Novartis now expects core operating profit to increase in the mid to high teens (previously: increase in the low double-digit percentage range to mid teens).
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