Profits and first quarter sales of Swiss drugmaker Novartis have met their 2020 targets following sales at its generics unit continuing through the coronavirus lockdown without disruptions its business.
Novartis’ core net income rose to $3.55 billion, up from $2.8 billion in 2019 and compared to the average analyst forecast in a Refinitiv poll of $3.17 billion. Its sales also rose to $12.3 billion from a $11.1 billion a year ago, above the poll average of $12 billion.
The company’s net income rose by 16% to $2.2 billion, up from $1.9 billion from a year ago.
Basel-based Novartis expects its revenue to grow at a mid- to high-single-digit percentage rate; it also expects the growth rate of its core operating profit to grow faster at a high-single rate.