Novartis Q2 Results Climb, Top Estimates; Maintains FY21 Outlook - Quick Facts

(RTTNews) - Swiss drug major Novartis (NVS) reported Wednesday that its second-quarter net income climbed 55 percent to $2.90 billion from last year's $1.87 billion, driven by momentum of key growth brands.

Earnings per share grew 57 percent to $1.29 from prior year's $0.82.

Core net income was $3.72 billion, compared to $3.11 billion a year ago. Core earnings per share were $1.66, compared to last year's $1.36.

Net sales increased 14 percent to $12.96 billion from last year's $11.35 billion. Net sales grew 9 percent at constant currency rates.

On average, 5 analysts polled by Thomson Reuters expected earnings of $1.52 per share on sales of $12.51 billion. Analysts' estimates typically exclude special items.

Volume contributed 13 percentage points to sales growth, driven by Entresto, Cosentyx, Zolgensma and Lucentis.

Looking ahead for fiscal 2021, the company continues to expect net sales to grow low to mid single digit , and core operating income to grow mid single digit, ahead of sales, both at constant currency rates.