Novartis Net Profit Boosted by Gain From Sandoz Spinoff — Update
By Adria Calatayud
Novartis reported a big jump in fourth-quarter net profit after it booked a gain from the spinoff of its generics-drugs business Sandoz.
Net profit for the fourth quarter was $8.48 billion compared with $1.47 billion in the same period a year before, the Swiss pharmaceutical major said Wednesday. This included a noncash gain of $5.9 billion from the distribution of Sandoz shares to Novartis shareholders that was completed in October, it said.
Net profit from continuing operations doubled to $2.64 billion on sales that rose 8% to $11.42 billion, Novartis said. Strong growth in sales of the company's Entresto heart drug and Cosentyx psoriasis treatment, with both topping $1 billion in quarterly revenue, helped the top line.
Core operating profit climbed 4.8% to $3.82 billion, it said.
Analysts polled by Visible Alpha expected Novartis to report fourth-quarter net profit of $3.75 billion on sales of $11.51 billion.
For 2024, the company said it expects growth in net sales of a mid single digit percentage and in core operating profit of high single digit, both at constant currency.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
January 31, 2024 01:40 ET (06:40 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks