FRANKFURT: Swiss drugmaker Novartis, on a deal-making spree this year, reported a gain in operating income of 6% as growth of its new drugs made up for stagnant revenue from established heart drug Entresto.
Third-quarter operating income, adjusted for special items, rose to $5.46 billion, it said on Tuesday, slightly above consensus numbers cited by analysts of $5.4 billion.
Novartis has made a push for acquisitions and licensing deals worth up to $30 billion this year, including a $12 billion deal for US biotech Avidity, to bolster its drug pipeline and offset a sales decline from established treatments losing patent protection.
The company, which has raised its expectations twice this year, confirmed its 2025 guidance with sales expected to grow by a “high single-digit” percentage and adjusted operating income to grow by a “low-teens” percentage.