The following is a summary of the Novartis AG (NVS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Novartis reported Q1 2024 sales were up 11% in constant currencies.
Core operating income increased by 22% pushing towards their goal of 40% by 2027.
Core earnings per share grew by 23% to $1.80 driven by the share buyback program.
Free cash flow is expected to grow approximately in line with core operating income for 2024.
The company returned $7.6 billion to shareholders via dividends in Q1.
Novartis upgraded its guidance expecting net sales to grow in the range of high-single digit to low-double digit, and core operating income to grow in the range of low-double digit to mid-teens.
Business Progress:
Novartis announced a strong start to several new initiatives including the launch of Fabhalta in Europe.
Key brands Entresto, Kesimpta, Cosentyx, and Kisqali demonstrated broad-based growth.
Novartis announced two acquisitions in Q1: MorphoSys and Arvinas.
The company made significant progress in their pipeline with multiple submissions and readouts.
The company is planning on increasing investment in their four main therapeutic areas.
Novartis expects to file for and launch Kisqali, in the second half of the year.
Uptake in the first line setting for Scemblix is anticipated to be modest early on.
The ongoing Phase 3 study on ianalumab is expected to yield promising results in treating ITP.
More details: Novartis AG IR
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