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- Novartis AG NVS has reported a core EPS of $1.58 in Q3 FY22 compared to $1.71 a year ago, beating the consensus of $1.57.
- Net sales were $12.54 billion, down 4% Y/Y or up 4% at constant currency (CC), missing the consensus of $12.99 billion.
- Operating income was $2.2 billion (-33%, -23% cc), mainly due to higher impairments ($0.5 billion) and higher restructuring costs ($0.4 billion).
- Core net income reached $3.4 billion (-11%, -2% cc), as growth in core operating income was more than offset by the loss of Roche's core income.
- Quarterly revenue from heart failure drug Entresto jumped 31% to $1.14 billion. Sales from the breast cancer drug, Kisqali, jumped 49% to $327 million based on increasing recognition of OS and quality of life benefits.
- Last week, the U.S. Supreme Court rejected Novartis' effort to block the launch of generic versions of its multiple sclerosis drug Gilenya.
- Sales from Kesimpta for multiple sclerosis more than doubled to $289 million, mainly driven by the U.S. launch momentum.
- Guidance: Novartis reiterates its FY22 guidance, with sales and core operating income to grow mid-single digits.
- For Sandoz, NVS expects sales to grow low to mid-single digits. Core operating income is expected to grow low single digits, revised upwards from low single digits and broadly in line, respectively.
- Price Action: NVS shares closed at $77.71 on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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