Novartis Increases Its Sales by 3% in the First Quarter

Novartis, the pharmaceutical laboratory of Swiss origin, has increased its sales by 3% in the first quarter of 2023, up to $12.9 billion. At constant exchange rates, revenue rose 8%, the company has detailed in its results.

The company recorded a profit of $2.3 billion between March and January, 3% more than in the same period of the previous year (at constant exchange rates, 14% more). In this way, Novartis breaks with the negative trend in profits of the last year, since in 2022 its profit plummeted by 70%.

By business segments, the proprietary medicines division advanced 3%, up to $10.6 billion, while sales of Sandoz, which groups the generic medicines business, were $2.4 billion, 4% more than the figure registered in the same period of the previous year.

Novartis has also increased its forecasts for the whole of 2023. The pharmaceutical company has assured that, excluding the Sandoz division that will be split from the group in the second half of the year, the company’s revenues will touch double-digit growth.

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Novartis targets double-digit growth by 2023

Novartis has stated that it is focused on five therapeutic areas, including cardiovascular, immunology, neuroscience, solid tumors, and hematology. By markets, the company has detailed that it plans to boost its growth in the United States, China, Germany, and Japan.

“The company has achieved strong growth at the beginning of the year, especially through the Entresto, Kisqali, and  Kesimpta brands, which, together with the increase in R&D productivity, have boosted our project portfolio,” said Vas Narasimhan, CEO of Novartis, who pointed out that “the solid start has enabled the growth engines of the group to be raised.”

In Spain, the company presented an employment regulation file (ERE) for 117 workers at the end of last year. In the agreement, it was agreed to compensate a dismissal of 59 days per year worked with a maximum of 42 monthly payments, in addition to the guarantee for the people affected of 100% of the annual objectives and incentives and the values ​​and behaviors (regardless of whether these have been fulfilled or not).

Novartis is a pharmaceutical and biotechnology company headquartered in Basel, Switzerland. The company was created as a result of the merger between Cibba-Geigy and Sandoz in 1996. The company focuses its activity on three divisions: innovative medicines, vision care, and generic and biosimilar medicines.

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(Featured image by Herney via Pixabay)

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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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