- Novartis AG NVS has reported Q1 FY23 core EPS of $1.71 compared to $1.46 a year ago, beating the consensus of $1.55.
- Net sales were $12.95 billion, up 3% Y/Y or 8% at constant currency (CC), beating the consensus of $12.64 billion.
- Core operating income was $4.4 billion (+8%, +15% cc).
- Growth was driven by the strong performance of Entresto, Pluvicto, Kesimpta, Kisqali, and Scemblix.
- Quarterly revenue from the heart failure drug Entresto jumped 28% to $1.39 billion. Sales from the breast cancer drug, Kisqali jumped 74% to $415 million.
- Sales from Kesimpta for multiple sclerosis almost doubled to $384 million.
- Most recently, the Independent Data Monitoring Committee recommended stopping NATALEE Phase 3 trial of Kisqali (ribociclib) plus endocrine therapy in a certain type of breast cancer as the primary endpoint of invasive disease-free survival has been met.
- In April FDA approved the Millburn facility for commercial production of Pluvicto against prostate cancer. It is expected to contribute meaningfully to supply in Q3 after the anticipated approval of additional lines.
- Guidance: Novartis raised its full-year sales and profits outlook after solid earnings in the first quarter on the back of a handful of new drugs.
- Novartis said its operating profit would likely increase in the high single digits, while group sales are expected to grow in the mid-single digits.
- Earlier, the company expected mid-single digit growth in operating profit and sales to increase low-to-mid single digits.
- Price Action: NVS shares are up 3.06% at $103.67 during the premarket session on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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