After a breast cancer medication trial success and the development of a prostate cancer radiation medicine, Novartis (NOVN.S) boosted its full-year profits estimate, citing strong growth momentum.
On Tuesday, the Swiss pharmaceutical predicted that the group’s core operating income would expand “high single digit to low double digit” without Sandoz. This generic-drug company would be split off in the second part of the year.
“Mid-to-high single digit” growth was predicted.
Cosentyx sales boosted first-quarter group sales by 3% to $12.95 billion, above analyst expectations of $12.55 billion.
Novartis also credited revenue increase to Kesimpta, a monthly multiple sclerosis injection, and Kisqali, a breast cancer medication.
It said the Sandoz spin-off would happen in the second half of 2023.
Novartis obtained clearance this month to add a Millburn, New Jersey, facility to its Pluvicto radiation medicine production sites.
Last month, the Kisqali breast cancer medicine was demonstrated to reduce recurrence in early-stage patients, boosting the drugmaker’s development confidence.
