Benzinga -
- 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