Daily Management Review

Novartis nine-month net income loses 29 percent


Novartis, a pharmaceutical business, reported that its net income for the first nine months of 2022 decreased by 29% from the same period last year to $5.489 billion.

In comparison to $3.44 a year earlier, Novartis' diluted earnings per share for the three quarters was $2.5. Revenue decreased 1% from the prior year to $37.855 billion.

A net income of $1.575 billion was announced for the third quarter, a 43% decrease from the corresponding quarter in 2021. A year ago, diluted earnings per share were $1.23; this year, they were $0.73.

The business noted that Novartis "produced solid third-quarter earnings and strong operating performance since the beginning of the year."

The current year's sales growth forecast was kept at the 4-6% range anticipated in July.

source: bloomberg.com