An office building designed by Frank O. Gehry at the Novartis AG headquarters campus in Basel, Switzerland.
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Swiss pharmaceutical giant Novartis on Friday reported better-than-expected sales in the fourth quarter, but falling short of its own guidance over the full-year stretch.
Fourth-quarter net sales rose 16% on a constant currency basis to $13.2 billion, compared to the $12.795 billion estimated by analysts in an LSEG poll.
Quarterly adjusted core operating income came in at $4.86 billion versus the $4.23 billion expected.
For 2024, net sales rose 12% on a constant currency basis to $50.32 billion, versus $50.47 billion forecasted. Full-year core operating income increased 22% to $19.5 billion versus the $17.02 billion forecasted.
Novartis raised its 2024 earnings guidance for the third consecutive quarter in October, saying it expected full-year net sales and core operating income to both grow by “high teens” percentages versus the “mid- to high teens” previously forecast.
This is a breaking news story and will be updated shortly.
