The Swiss-based pharma firm exceeded first-quarter forecasts and raised its financial outlook due to strong demand for its leading drugs, Entresto and Cosentyx. The company reported a core net income of $1.80 per share and a 9.5% increase in revenue to $11.83 bn, surpassing estimates. Sales for heart medicine Entresto surged 36% to $1.88 bn, and those for Cosentyx, a psoriasis treatment, rose 25% to $1.33 bn.

The following article originally appeared in Investopedia.

American depositary receipts (ADRs) of Novartis (NVS) rose in intraday trading Tuesday as the Swiss-based pharmaceutical firm reported better-than-expected first-quarter results and boosted its guidance on strong demand for its top-selling drugs, Entresto and Cosentyx.

The company posted core net income of $1.80 per share, with revenue increasing 9.5% to $11.83 billion.

Both were above estimates.

Sales of heart medicine Entresto jumped 36% to $1.88 billion, as the drug had greater penetration in the U.S., Europe, and China. Psoriasis treatment Cosentyx had a 25% gain in sales to $1.33 billion, with growth mainly in the U.S., Europe, and emerging market nations.

Chief Executive Officer (CEO) Vas Narasimhan said the company’s performance was “broad-based, across all key growth brands and geographies.”

Novartis now predicts full-year sales will climb by high-single-digit to low-double-digit percent, up from its earlier forecast of mid-single-digit percent. It sees core operating income advancing by low-double-digit to mid-teens percent, compared with the previous outlook of high-single-digit percent growth.

Despite Tuesday’s 2.5% move higher to $97.45 as of 12:14 p.m. ET, Novartis ADRs remain lower for 2024.

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