Despite Pluvicto, MorphoSys Setbacks, Novartis Raises 2028 Sales Growth Outlook to 6%
Frankfrut: Novartis raised its medium-term sales guidance on Thursday to 6 percent annual growth through 2028, driven by momentum of launched drugs and the prospect of upcoming launches.
The Swiss drugmaker was previously targeting mid-term currency-adjusted sales growth of at least 5% from 2023 to 2028.
However, the company said it was still expecting 5% sales growth per year during the 2024-2029 period, given its strong performance in 2024.
CEO Vas Narasimhan has cut jobs and spun off Novartis' generic drugs business Sandoz to narrow its focus on drug development in certain disease and technology areas.
The company, which will hold an investor event on Thursday, reaffirmed that it was targeting a core margin of at least 40% by 2027.
The group also raised the peak annual sales estimate for five drugs with multi-billion dollar sales potential, including breast cancer drug Kisqali with at least $8 billion, up from $4 billion seen previously.
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