Novartis Raises 2024 Profit Guidance on Strong Sales Growth

Novartis, the Swiss pharmaceutical giant, reported strong second-quarter results with a significant increase in profit driven by robust sales of key drugs like Entresto, Cosentyx, and Kesimpta. The company raised its full-year profit guidance for 2024, now expecting mid to high teens growth in core operating income, up from the previous outlook of low double-digit to mid-teens growth. Novartis exceeded market expectations with adjusted operating income of $4.95 billion in the second quarter, and it reaffirmed its growth ambitions despite upcoming challenges like the loss of U.S. patent protection for key drugs. The company is optimistic about the potential of drugs like Kesimpta and Leqvio to drive future revenues, aiming for continued growth and a 5% annual currency-adjusted sales growth target until 2028.