BERLIN (Reuters) -Novartis on Thursday posted a slightly more optimistic full-year earnings forecast, citing the strong growth of drugs such as breast cancer drug Kisqali during the second quarter.
The Swiss drugmaker said it now expects core operating income to grow in the low teens, from the low double-digits cited previously.
In April, Novartis had narrowed its earnings target range to rule out growth below 10%.
Second-quarter operating income, adjusted for special items, rose 20% to $5.93 billion.
The company’s breast cancer drug Kisqali saw quarterly revenues jump 64% to $1.2 billion, while sales of multiple sclerosis drug Kesimpta surged 35% to $1.1 billion.
“Our robust balance sheet and confidence in our mid and long-term growth enable us to initiate an up-to $10 billion share buyback as part of our commitment to balanced capital allocation,” said Chief Executive Vas Narasimhan.
(Reporting by Miranda Murray, Editing by Friederike Heine)
Comments