By Adria Calatayud

Novartis raised its full-year earnings guidance for the third time this year after it reported higher net profit and sales for the third quarter, boosted by strong sales of key drugs.

The Swiss pharmaceutical giant said Tuesday that it now expects core operating profit to grow this year by a percentage in the mid to high teens range. It had previously anticipated a growth rate from low double percentage digits to mid teens excluding Sandoz, the generics unit that was spun off earlier this month.

Novartis reiterated its expectation for net sales growth of a high single digit in 2023.

For the third quarter, the company made a net profit of $1.76 billion compared with $1.57 billion for the same period last year.

Net sales for the quarter grew to $11.78 billion from $10.49 billion.

"Our growth drivers, including Kesimpta, Entresto, Kisqali and Pluvicto, continue to perform well in the market," Chief Executive Vas Narasimhan said.

Excluding exceptional items, core operating income from continuing operations was up 21% at $4.41 billion.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

October 24, 2023 01:33 ET (05:33 GMT)

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