Press Release: Novartis continues strong momentum -2-
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As the Sandoz spin-off was completed on October 3, 2023, there were no operating results in the first nine months of 2024 related to discontinued operations. In the first nine months of 2023, discontinued operations net sales were USD 7.4 billion, operating income amounted to USD 265 million and net income from discontinued operations was USD 440 million. For further details see Note 3 "Significant acquisition of businesses and spin-off of Sandoz business" and Note 11 "Discontinued operations" to the condensed interim consolidated financial statements.
Total Company
Third quarter
Total Company net income was USD 3.2 billion in 2024, compared to USD 1.8 billion in 2023 and basic EPS was USD 1.58 compared to USD 0.85 in prior year quarter. Net cash flows from operating activities for total Company amounted to USD 6.3 billion and free cash flow amounted to USD 6.0 billion.
Nine months
Total Company net income was USD 9.1 billion in 2024, compared to USD 6.4 billion in 2023 and basic EPS was USD 4.50 compared to USD 3.05 in prior year. Net cash flows from operating activities for total Company amounted to USD 13.4 billion and free cash flow amounted to USD 12.6 billion.
Q3 key growth drivers
Underpinning our financial results in the quarter is a continued focus on key growth drivers (ranked in order of contribution to Q3 growth) including:
Entresto (USD 1 865 million, +26% cc) sustained robust, demand-led
growth, with increased penetration in the US and Europe
following guideline-directed medical therapy in heart
failure, as well as in China with increased penetration
in hypertension
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Cosentyx (USD 1 693 million, +28% cc) sales grew mainly in
the US, Europe and emerging growth markets, driven
by recent launches (including the HS indication and
the IV formulation in the US) and volume growth in
core indications
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Kisqali (USD 787 million, +43% cc) sales grew strongly across
all regions, based on increasing recognition of its
overall survival benefit in HR+/HER2- advanced breast
cancer and Category 1 NCCN guidelines recommendation
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Kesimpta (USD 838 million, +28% cc) sales grew reflecting increased
demand for a high efficacy product with convenient
self-administered dosing; the prior-year period benefited
from a one-time revenue deduction adjustment in Europe
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Pluvicto (USD 386 million, +50% cc) sales grew in the US and
Europe. Q3 sales benefited from a one-time revenue
deduction adjustment in Europe. With supply now unconstrained,
the focus is on increasing share in established RLT
sites, while opening new sites and referral pathways,
and initiating new patients
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Leqvio (USD 198 million, +119% cc) continued to show steady
growth, with a focus on increasing account and patient
adoption, and continuing medical education
------------- ---------------------------------------------------------------
Jakavi (USD 500 million, +18% cc) sales grew across all regions
driven by strong demand across indications
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Scemblix (USD 182 million, +72% cc) sales grew across all regions
demonstrating the continued high unmet need in CML
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Tafinlar + (USD 534 million, +12% cc) sales grew mainly in the
Mekinist US and emerging growth markets, driven by increased
demand
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Xolair (USD 418 million, +15% cc) grew mainly in emerging
growth markets and Europe
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Fabhalta (USD 44 million) launch continues in PNH with an approval
in IgAN in Q3
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Ilaris (USD 372 million, +12% cc) sales grew across all regions,
led by the US and Europe
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Lutathera (USD 190 million, +19% cc) sales grew across all regions
due to increased demand and earlier line adoption
(within indication) in the US and Japan
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Emerging Grew +12% (cc) overall. China grew +18% (cc) to USD
Growth 1.0 billion, mainly driven by Entresto, Cosentyx and
Markets* Leqvio
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*All markets except the US, Canada, Western Europe, Japan, Australia, and New Zealand
Net sales of the top 20 brands in the third quarter and nine months
Q3
2024 % change 9M 2024 % change
USD m USD cc USD m USD cc
------ ---- ---- ------- ---- ----
Entresto 1 865 26 26 5 642 28 30
Cosentyx 1 693 27 28 4 545 24 25
Kesimpta 28 28 49 49
- excl. PY revenue deduction adjust. 838 55 56 2 274 61 62
Kisqali 787 40 43 2 131 45 48
Promacta/Revolade 569 -1 0 1 633 -4 -3
Tafinlar + Mekinist 534 11 12 1 531 7 9
Jakavi 500 17 18 1 449 14 16
Tasigna 419 -10 -9 1 260 -10 -9
Xolair 418 13 15 1 244 15 17
Ilaris 372 11 12 1 096 12 16
Pluvicto 51 50 47 47
- excl. revenue deduction adjust. 386 37 36 1 041 42 42
Sandostatin Group 305 -10 -8 973 -3 -1
Zolgensma 308 0 1 952 3 4
Lucentis 245 -33 -32 834 -29 -28
Exforge Group 174 -7 -4 544 -2 1
Lutathera 190 19 19 534 17 17
Leqvio 198 120 119 531 129 130
Scemblix 182 72 72 482 67 69
Galvus Group 159 -12 -6 458 -15 -8
Diovan Group 150 -2 2 450 -3 1
-------------------------------------- ------ ---- ---- ------- ---- ----
Top 20 brands total 10 292 17 18 29 604 17 19
-------------------------------------- ------ ---- ---- ------- ---- ----
R&D update - key developments from the third quarter
New approvals
Kisqali FDA approved Kisqali with a broad indication for HR+/HER2-
(ribociclib) stage II and III early breast cancer (eBC) at high
risk of recurrence, approximately doubling the population
eligible for CDK4/6 inhibitor adjuvant therapy, with
the inclusion of those without nodal involvement.
In addition, the CHMP issued a positive opinion for
Kisqali in eBC in October.
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Fabhalta FDA granted accelerated approval to Fabhalta for the
(iptacopan) reduction of proteinuria in adults with primary immunoglobulin
A nephropathy (IgAN) at risk of rapid disease progression.
------------- ---------------------------------------------------------------
Regulatory updates
Pluvicto Completed FDA submission for Pluvicto pre-taxane mCRPC
(lutetium Lu177 vipivotide tetraxetan) label expansion based on the positive Phase III PSMAfore
study.
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Scemblix FDA granted Priority Review status to Scemblix for
(asciminib) the treatment of newly diagnosed adult patients with
Philadelphia chromosome-positive CML in chronic phase
(Ph+ CML-CP). Scemblix is also under regulatory review
in this indication in key international markets worldwide,
including in China and Japan.
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Fabhalta Submissions for the treatment of C3 glomerulopathy
(iptacopan) (C3G) completed in the EU, China and Japan.
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(MORE TO FOLLOW) Dow Jones Newswires
October 29, 2024 02:00 ET (06:00 GMT)
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