2023-07-18 08:50:04 ET
Novartis' ( NYSE: NVS ) board said that it would initiate a buyback of up to $15B worth of shares by the end of 2025 as the Swiss drugmaker also boosted its 2023 sales guidance.
Both items were revealed during Novartis' ( NVS ) Q2 financial results in which it beat on the top and bottom lines .
The pharma just completed another up to $15B share buyback that was announced in December 2021 and ended in June. A total of 170.7M shares were purchased over this period.
Novartis ( NVS ) said that group sales are expected to grow high single digit (from mid single) and group core operating income is expected to grow low double digit (from high single) this year.
In Q2, core net income rose 11% to ~$3.8B compared to Q2 2022 ($1.83 non-GAAP EPS vs. $2.56). The growth was driven by the innovative medicines division.
Novartis ( NVS ) reported revenue of $13.62B in Q2, and ~$2.8B of that came from the company's two best-selling drugs, Entresto (sacubitril/valsartan) and Cosentyx (secukinumab). The former brought in ~$1.5B (35% year-over-year increase) while the latter, ~$1.3B (flat YoY).
The drug with the highest YoY sales increase, percentage-wise, was Kesimpta (ofatumumab), which saw a 105% YoY increase to $489M.
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Novartis unveils $15B stock buyback as it raises 2023 guidance again