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  • Novartis raises sales...

Novartis raises sales growth target to 5 percent a year through 2027

Ruchika SharmaWritten by Ruchika Sharma Published On 2023-11-28T15:30:15+05:30  |  Updated On 30 Nov 2023 5:51 PM IST
Novartis oral Fabhalta gets USFDA nod for adults with C3 glomerulopathy
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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.

It said it was confident about mid-single digit percentage sales growth beyond 2027, banking on peak annual sales of more than $3 billion of iptacopan, a drug candidate trialled against rare blood and kidney disorders.

Novartis ascribed the same sales potential to remibrutinib, which is being tested against a range of auto-immune conditions.

The group's shares were up 0.4% at the open as scepticism over long-term growth prospects prevailed.

"We believe investors will stay cautious on growth post 2027 pending pipeline delivery in the coming years," said JP Morgan analysts.

Novartis, which is updating investors on its research and development, reiterated it was aiming for a core operating income margin of at least 40% by 2027, up from 35% last year.

Read also: Novartis wins USFDA nod for Cosentyx to treat hidradenitis suppurativa in adults

novartisnovartis newskisqaliPluvictoprostate cancermultiple sclerosiskesimptaremibrutinib
Source : Reuters
Ruchika Sharma
Ruchika Sharma

    Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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