Novartis weathers the COVID-19 storm in Q3, lifts outlook
Swiss pharma company Novartis has lifted its outlook for 2020 after its core operating income climbed by 11% in the third quarter (Q3).
As restrictions across the globe continued to lift throughout Q3, Novartis was able to recover from some of the worse negative impacts of the pandemic.
For its core operating income, Novartis reported an 11% increase to $4.06bn, which was mainly driven by a decrease in spending and an improved gross margin. Net sales remained stagnant at $12.3bn in the quarter, accounting for the difference in currencies.
Despite profits from net income falling to $1.93bn in the quarter, compared to $2.04bn in the same period last year, Novartis is still expecting an increase in its outlook going into 2021.
The company is expecting net sales to increase in the mid-single-digits, while guidance for its core operating income has been upgraded from low-double-digits to low-double-digits to mid-teens.
Read more: http://www.pmlive.com/pharma_news/novartis_weathers_the_covid-19_storm_in_q3,_lifts_outlook_1354831
As restrictions across the globe continued to lift throughout Q3, Novartis was able to recover from some of the worse negative impacts of the pandemic.
For its core operating income, Novartis reported an 11% increase to $4.06bn, which was mainly driven by a decrease in spending and an improved gross margin. Net sales remained stagnant at $12.3bn in the quarter, accounting for the difference in currencies.
Despite profits from net income falling to $1.93bn in the quarter, compared to $2.04bn in the same period last year, Novartis is still expecting an increase in its outlook going into 2021.
The company is expecting net sales to increase in the mid-single-digits, while guidance for its core operating income has been upgraded from low-double-digits to low-double-digits to mid-teens.
Read more: http://www.pmlive.com/pharma_news/novartis_weathers_the_covid-19_storm_in_q3,_lifts_outlook_1354831
