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Novartis Reports Mixed Bag Q4 Earnings, Forecasts Higher Sales, Profits Ahead Of Sandoz Spin-Off

  • Novartis AG (NYSE: NVS) has reported Q4 core EPS of $1.52 compared to $1.40 a year ago, beating the consensus of $1.44.

  • Net sales were $12.69 billion, down 4% Y/Y or up 3% at constant currency (CC), missing the consensus of $13.13 billion.

  • Core operating income was $4 billion (+6%, +15% cc), driven by higher sales and productivity, including initial savings from the previously announced streamlined organizational model.

  • Related: Novartis CEO Refutes Recent Report Of Weighing Options For Ophthalmology, Respiratory Units.

  • Quarterly revenue from the heart failure drug Entresto jumped 36% to $1.29 billion. Sales from the breast cancer drug, Kisqali jumped 25% to $357 million.

  • Sales from Kesimpta for multiple sclerosis increased 151% to $369 million, mainly driven by solid launch uptake.

  • Novartis said it's on track to spin off its generics unit Sandoz in the second half of the year to sharpen its focus on its patented prescription medicines.

  • Guidance: Novartis expects FY23 sales to grow low-to-mid single digit and core operating income mid-single digit. Innovative Medicines is expected to grow sales low-to-mid single digit and core operating income mid-to-high single digits.

  • Price Action: NVS shares are down 2.45% at $88.40 during the premarket session on the last check Wednesday.

  • Photo Via Wikimedia Commons

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This article Novartis Reports Mixed Bag Q4 Earnings, Forecasts Higher Sales, Profits Ahead Of Sandoz Spin-Off originally appeared on Benzinga.com

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