NVS - Why Novartis Stock Topped the Market on Tuesday
2024-04-23 18:25:09 ET
Scooting past analyst estimates for its latest quarter gave Novartis (NYSE: NVS) a lift on Tuesday. Investors like what they heard about the global healthcare company's inaugural earnings release for 2024, and rewarded Novartis with a more than 2% lift in its stock price today. The shares did better than the S&P 500 index, which had a relatively good trading session with a 1.2% gain.
In its first quarter, Novartis managed to boost net sales by 11% year over year to $11.8 billion. The pharmaceutical company's core net income rose by 14% to hit $3.68 billion ($1.80 per share).
Both headline figures came in above the average analyst estimates. Collectively, prognosticators tracking the company were anticipating it would post net sales of $11.43 billion, and a per-share core net income of $1.67.
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Why Novartis Stock Topped the Market on Tuesday