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Novartis Q1 Net Income Declines; Raises Core Operating Income Growth Guidance

Novartis (NVS) reported that its first-quarter net income from continuing operations declined to $1.87 billion from $1.97 billion, prior year. Basic EPS from continuing operations was $0.81 compared to $0.85. Core operating income from continuing operations was $3.3 billion, up 9%, or an increase of 18% in constant currencies. Core basic EPS from continuing operations was $1.21 compared to $1.15.

For the first-quarter, net sales improved to $11.11 billion from $10.91 billion, previous year. Net sales were up 2%, or 7% in constant currencies driven by volume growth of 11 percentage points mainly from Cosentyx, Entresto, Lutathera, Promacta and Kisqali. Sandoz net sales were $2.3 billion, down 8%, or a decline of 2% in constant currencies.

For 2019, the company revised core operating income guidance upwards, and now projects to grow high single digit in constant currencies. Net sales are confirmed to grow mid-single digit in constant currencies.

Novartis also announced appointment of Richard Saynor as CEO of Sandoz effective no later than August 1, 2019. He currently serves as SVP Classic & Established Products, Commercial & Digital Platforms at GSK.

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