Published on 1 Feb 2023 on Benzinga via Yahoo Finance
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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