FRANKFURT (Reuters) -Swiss drugmaker Novartis, on a deal-making spree this year, reported a gain in operating income of 6% as growth of its new drugs made up for stagnant revenue from established heart drug Entresto.
Third-quarter operating income, adjusted for special items, rose to $5.46 billion, it said on Tuesday, slightly above consensus numbers cited by analysts of $5.4 billion.
Novartis has made a push for acquisitions and licensing deals worth up to $30 billion this year, including a $12 billion deal for U.S. biotech Avidity, to bolster its drug pipeline and offset a sales decline from established treatments losing patent protection.
The company, which has raised its expectations twice this year, confirmed its 2025 guidance with sales expected to grow by a “high single-digit” percentage and adjusted operating income to grow by a “low-teens” percentage.
(Reporting by Ludwig Burger in Frankfurt and Bhanvi Satija in London, Editing by Friederike Heine)
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