Novartis raises 2024 profit forecast on demand for new blockbuster drugs

The drugmaker left its sales forecast unchanged, saying revenue will rise this year at a high-single to low double-digit level

Adjusted operating income in the three months ending in June gained 17% to $4.95bn, beating an average analyst estimate of just over $4.6bn.

Pharma giant Novartis raised its profit forecast for the second time this year as sales climbed for its blockbuster psoriasis and heart failure treatments.

Core operating income is expected to grow in the mid-to-high teens in 2024, the Switzerland-based drugmaker said on Thursday. That’s up from the low double-digit to mid-teens pace it predicted in April.