Novartis raises sales growth target to 5 percent a year through 2027
Frankfurt: Novartis has dialled up its sales growth target to 5% per year until 2027, citing demand for innovative drugs after the spin off of its generics business.
The medium-term target, which excludes any foreign exchange effects, is mainly driven by six drugs, led by Kisqali, the Swiss drugmaker said in a presentation on Tuesday.
The breast cancer drug was shown this year to help a wider patient group in a study, a major win for CEO Vas Narasimhan, and Novartis said it saw peak annual sales potential of more than $3 billion for the drug.
The sales forecast, up from a previous revenue growth target of 4% through 2027, is also underpinned by demand for Pluvicto, a precision radiotherapy against prostate cancer, and self-administered multiple sclerosis (MS) shot Kesimpta.
Last month, the Basel-based drugmaker spun off and listed generic drugs business Sandoz and raised its 2023 earnings forecast for the third time, citing cost cuts and higher-than-forecast prices for the MS drug.
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