Novartis Q3 Profit Climbs; Lifts FY23 Core Profit View, Backs Sales Forecast

(RTTNews) - Swiss drug major Novartis AG (NVS) reported Tuesday that its third-quarter net income grew 14 percent to $1.51 billion from last year's $1.33 billion. Earnings per share were $0.73, up 20 percent from $0.61 a year ago.

Core net income was $3.59 billion or $1.74 per share, compared to prior year's $3.04 billion or $1.40 per share.

On average, three analysts polled by Thomson Reuters expected earnings of $1.70 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales increased 12 percent to $11.78 billion from last year's $10.49 billion. Sales grew 12 percent at constant currency rates.

Further, the company said it initiated the previously announced up-to $15 billion share buyback, to be completed by year-end 2025.

Looking ahead for fiscal 2023, the company now expects core operating income to grow mid to high teens, compared to previously expected growth in low double digit to mid teens.

Net sales are still expected to grow in high single digit.

Novartis further said it is confident in mid-term growth outlook.

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