Novartis Reports Q3 2024 Earnings: $12.82B Sales, Core EPS $2.06, Raises Guidance for High Teens Growth

Swiss pharmaceutical company Novartis AG reported strong financial results for the third quarter of 2024, with net sales reaching $12.82 billion, surpassing analyst expectations of $12.68 billion. The company also reported a core earnings per share (EPS) of $2.06, exceeding estimates of $1.94. Year-over-year, net sales grew by 8.85%, while EPS increased by 18.39%. Novartis attributed its robust performance to the increased utilization of its prescription drugs, particularly the psoriasis and arthritis treatment Cosentyx. Following these results, Novartis raised its full-year earnings guidance for the third time this year, now projecting core operating income growth in the high teens. However, the company also announced a delay in the submission of its myelofibrosis drug, which may impact future growth prospects.