Novartis raised its full-year guidance after second-quarter results beat expectations and said looming U.S. tariffs on imported pharmaceuticals will not alter its 2025 plans. The Swiss drugmaker now expects core operating income to grow by a low-teens percentage, up from the previously projected low double-digit increase. Adjusted operating profit rose 20% to $5.9 billion on revenue of $14 billion, driven by a 64% jump in sales of breast-cancer therapy Kisqali to $1.2 billion and continued growth of heart drug Entresto, which gained 24% to $2.36 billion. Chief Executive Officer Vas Narasimhan told analysts that the company has “adequate inventory” to shield this year’s performance from Washington’s 145% tariff on Chinese goods and any future levies on foreign-made medicines. Novartis is committing $23 billion to expand U.S. production capacity, a move Narasimhan said should mitigate potential duties over the medium term. He added that discussions with the U.S. government over both tariff policy and President Donald Trump’s proposed most-favored-nation drug-pricing framework have been “productive,” but a final resolution on pricing reforms is unlikely soon. Alongside the outlook upgrade, Novartis announced a share-buyback programme of up to $10 billion running through 2027. The company also disclosed that long-time Chief Financial Officer Harry Kirsch will retire in March 2026 and will be succeeded by Mukul Mehta, currently head of business planning and digital finance. Shares initially fell on weaker-than-expected Cosentyx sales but pared losses after the guidance increase and capital-return plans.