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Novartis ramps up revenue after fourth quarter 2022 decline
Novartis reported revenue of $50.55 billion at the end of 2022, 2% less than in 2021. Net income fell 20% year on year to $6.96 billion.
- By Newsdesk
- Switzerland
- Apr 27, 2023
According to Reuters, the Swiss pharmaceutical company Novartis increased its revenue in the first quarter of 2023 by 3% to $12.95 billion, exceeding analysts' forecast of $12.6 billion. Previously, revenue fell 4% to $12.69 billion in the fourth quarter of 2022, owing to increased competition from generic manufacturers, compared to $13.23 billion in October-December 2021.
Cost cuts, successful trials of breast cancer drug Kisqali (shown to reduce the risk of early recurrence), expansion of Pluvicto, a prostate cancer radiotherapy drug, and strong revenue from sales of Cosentyx, a psoriasis and arthritis drug, are driving profit growth.
Novartis reported revenue of $50.55 billion at the end of 2022, 2% less than in 2021. Net income fell 20% year on year to $6.96 billion.