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Novartis profit jumps 17.2% to 2.523 billion euros in Q1
Swiss pharmaceutical company Novartis recorded a net profit of 2,688 million dollars (2,523 million euros) in the first quarter of 2024, 17.2% more than in the same period last year, the company announced today.
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Excluding the effect of the spin-off of its Sandoz generics unit, which Novartis completed last year, the company’s net income for the three months to March 2024 rose 25% year-on-year.
Revenue from Novartis’s continuing operations in the first quarter came in at $11.829 billion (€11.102 billion), up 9.5%.
“Novartis continued [...] with sales growth and core margin expansion in the first quarter,” said Novartis chief executive Vas Narasimhan.
For the full year 2024, the drugmaker has raised its outlook for net sales growth and now expects a low-to-mid single-digit increase, having previously predicted a mid-single-digit rise.
Novartis now expects core operating income to rise by a high-teens percentage for the full year, compared with its previous forecast of a low-to-mid single-digit increase.
Separately, the Novartis board has proposed appointing Giovanni Caforio, of Bristol Myers Squibb, as chairman of the board, to succeed Joerg Reinhardt, whose term ends next year, subject to a shareholder vote at the 2025 annual general meeting.
See Also: Tribunal de Contas valida criação da empresa TMP (Portuguese version)
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