Swiss pharmaceutical giant Novartis raised its 2024 financial targets Tuesday after posting rising sales and margins in the third quarter, thanks in part to increased production of a prostate cancer drug.
A year after spinning off its generics business to become a “pure-player” developer of innovative medicines, Novartis registered a 15 percent increase in its core net profit to $4.1 billion during the July-September period, from the same quarter last year.
Sales rose by nine percent to $12.8 billion, with the gain driven by higher volumes, including a 50 percent jump in sales of Pluvicto prostate cancer treatment thanks to a new production facility receiving certification in the United States.
Novartis now expects “low double-digit” 2024 net sales growth, up from earlier guidance of high single to low double-digit increase.
It sees a “high teens” increase in core operating profits, up from its earlier forecast of a mid to high teens increase. Core operating profit rose 17 percent in the first nine months of the year.
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