Novartis ups forecasts and announces $15 billion share buyback

Shares in Novartis (NOVN: VX) closed 5% higher on Tuesday after the Swiss pharma major announced its second-quarter 2023 financial results and other updates for shareholders.

Sales for the quarter grew by 7% to $13.6 billion, above an analyst consensus of $13.2 billion, while adjusted operating profit rose by 9% to $4.67 billion, surpassing a consensus of around $4.3 billion.

Raising its 2023 guidance for a second time, Novartis now expects revenues for the full year to increase by a high single-digit, up from an earlier prediction of mid-single digit. Core operating income, meanwhile, is forecast to grow in the low double digits, up from an earlier prediction in the high-single digits.