Novartis raises forecast again after strong Q3
Published: Tuesday, Oct 29th 2024, 08:20
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Novartis has raised its annual forecast for the third time this year. With the transformation into a focused pharmaceutical company, sales and profits continued to rise in the third quarter.
As the Group announced on Tuesday, turnover in the third quarter amounted to 12.8 billion US dollars. This corresponds to an increase of 9 percent compared to the same period last year. At constant exchange rates (CER), growth amounted to 10 percent.
On the profit side, Novartis doubled its operating profit in the third quarter to USD 3.6 billion. Novartis attributes this to lower impairments and higher net sales. The bottom line was a net profit of USD 3.2 billion, compared with USD 1.5 billion in the prior-year period.
However, analysts are primarily looking at the core operating profit adjusted for various factors. At 5.1 billion, this was better than the AWP consensus.
Thanks to another strong quarter, Novartis management has once again raised its own guidance for the year as a whole. The Group has raised its guidance with every quarter since 2023.
Sales growth at constant exchange rates is now targeted in the low double-digit percentage range (previously: high single-digit to low double-digit percentage range). Core operating profit is now expected to grow in the high teens (previously: increase in the mid to high teens).
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