Novartis notches first of expected ‘beat-and-raise’ quarters

2024-04-23

财报高管变更

Having started the year by issuing conservative guidance, Novartis on Tuesday announced the first of its anticipated “beat-and-raise” quarters. The company said alongside its first-quarter financial results that it now expects annual sales growth in the high-single to low double-digits, with core operating income increasing in the low double-digit to mid-teens.

“Our performance was broad-based, across all key growth brands and geographies, allowing us to raise guidance,” remarked CEO Vas Narasimhan. Novartis previously estimated sales growth for 2024 in the mid-single digits, with core operating income rising by the high-single digits, although analysts noted that the cautious outlook left room for subsequent upgrades.

Novartis reported sales growth of 10% in the first quarter to $11.8 billion, while net income increased 25% to $2.7 billion.

The company also said that former Bristol Myers Squibb’s chief executive Giovanni Caforio has been proposed as board chair to replace Joerg Reinhardt when he retires next year.

More to come.

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