Basel pharmaceutical company – Novartis increases profits in the first quarter – News




Basel pharmaceutical company – Novartis increases profits in the first quarter – News – SRF























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  • The pharmaceutical company Novartis continued to grow in the first quarter of 2024.
  • Sales rose 11 percent to $11.83 billion.
  • The quarterly profit amounted to 2.69 billion dollars after 2.15 billion in the same period last year.

Novartis continued to grow in the first quarter of 2024. The group is thus continuing its dynamic growth path as a now focused pharmaceutical company. Management is increasing its forecasts for the year as a whole.

Between January and March, Novartis turned over $11.8 billion. This is an increase of 10 percent compared to the same period last year, as the company reports. At constant exchange rates, the increase was 11 percent. After the pharmaceutical giant spun off its Sandoz generics division last October, the previous division reporting has been dropped.

Change at the top of Novartis


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Legend:

imago images/Chris Kleponis cnpphotos

At the 2025 Annual General Meeting, Novartis will propose the election of Giovanni Caforio as Chairman of the Board of Directors. He would thus inherit Jörg Reinhardt, who has been in office for many years. He will then retire as planned after a 12-year term.

Cafario spent a large part of his professional career at the US biopharmaceutical company Bristol Myers Squibb (BMS). He was CEO from May 2015 to November 2023 and served as Executive Chairman from May 2017 to March 2024.

The designated new BoD President was born in Italy and is a trained doctor. He has Italian and US citizenship and is fluent in Italian, French, Spanish, Portuguese and English.

Operatingly, Novartis earned $3.4 billion (+29 percent) in the first quarter. The bottom line was a consolidated profit of 2.7 billion after almost 2.2 billion in the same period last year. The increase is primarily due to the overall better business development, the statement continues.

Forecast for the full year revised upwards

For analysts, however, the core operating profit adjusted for various influences is more important. At 4.5 billion, this was better than the AWP consensus in the first quarter.

After the positive start to the year, Novartis management is raising the bar for the full year 2024. Sales at constant exchange rates are now expected to grow in the high single-digit to low double-digit percentage range. So far, Novartis is forecasting growth in the mid-single-digit percentage range. An increase in the low double-digit percentage range is now being targeted for core operating profit (previously: high single-digit range).


SRF 4 News, April 23, 24, 8 a.m.;


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