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Novartis Raises Year Forecast After Sales Increase

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Novartis Raises Year Forecast After Sales Increase

(CTN News) – Novartis, the world’s largest pharmaceutical company, announced Tuesday that it has increased its outlook for the year’s sales and profits following strong results in the first quarter, thanks to the introduction of a few new drugs.

According to the Swiss drugmaker, it had boosted its earnings in the quarter thanks to the sale of medicines to treat heart disease, cancer and multiple sclerosis.

During the first three months of the year, the Novartis net profit of the group rose by three percent to roughly $2.3 billion, a significant increase over the same period last year.

There was also an increase of around three percent in sales for the first quarter of 2023, as compared to the previous quarter of 2022.

On the back of strong momentum at the beginning of the year, Novartis said that it expected its operating profit to increase in the high single digits of this year, while its sales are forecast to increase in the mid-single digits.

According to Vas Narasimhan, the group’s CEO, Novartis delivered strong growth for the first quarter of 2023, driven by our in-market growth brands, in particular Entresto, Kisqali, and Kesimpta, some of the group’s flagship products.

We are pleased with the performance we have shown so far in the first quarter of 2023 and are confident about our growth drivers going forward.”

Several high-value medicines will be prioritized across five core areas in order to drive the group’s productivity, including cardiovascular and neuroscience drugs, he said.

In the last year, the Novartis group cut around 8,000 jobs worldwide as part of a reorganization that included spinning off its generic drug division Sandoz, as part of its reorganization.

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