Novartis' strong quarter prompts guidance and share price rises
Swiss pharma giant Novartis (NOVN: VX) was trading 3% higher on Tuesday afternoon after presenting its first-quarter 2023 financial results and latest full-year guidance.
The Basel-based company reported net sales for the quarter of $12.95 billion, a 3% increase on a year ago and above an analyst consensus of $12.6 billion. On a per-share basis, Novartis had net income of $1.08. Earnings, adjusted for non-recurring costs, were $1.71 per share.
"We are driving R&D productivity by prioritizing high-value medicines across our five core therapeutic areas"These results also exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.55 per share.
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