Mohamad Faizal Bin Ramli
- Novartis (NYSE:NVS) has raised its FY23 outlook and reported Q3 results that beats top-line estimates.
- Q3 Non-GAAP EPS of $1.74 in-line.
- Revenue from continuing operations of of $11.78B (+12.3% Y/Y) beats by $410M.
- Revenue growth driven by continued strong performance from Kesimpta (+124% cc), Entresto (+31% cc), Kisqali (+76% cc), Pluvicto (+217% cc) and Scemblix (+157% cc).
- Discontinued operations net sales were $2.5 billion (+8%, +6% cc), mainly driven by ex-US growth.
- Q3 free cash flow was $5.0 billion (+24% Y/Y).
- Initiated previously announced, up-to $15 billion share buyback to be completed by year-end 2025.
- Full-year 2023 guidance raised for core operating income based on strong momentum. Net sales expected to grow high single digit; Core operating income expected to grow mid to high teens (from low double digit to mid teens).