Q2 2024 Novartis AG Earnings Call Transcript
Key Points
- Novartis AG (NVS) reported strong Q2 2024 financial performance with sales up 11% in constant currency and core operating income up 19%.
- The company upgraded its full-year 2024 core operating income guidance, reflecting confidence in continued growth.
- Key products such as Kesimpta, Kisqali, Cosentyx, and Pluvicto showed robust growth, contributing significantly to overall performance.
- Novartis AG (NVS) achieved important innovation milestones, including FDA submissions for Scemblix in first-line CML and atrasentan in IgAN.
- The company is on track to meet its midterm targets of 5% plus sales growth through 2028 and a 40% core operating margin by 2027.
- The company faces potential challenges with the IRA policy, which could impact the development and profitability of small molecule drugs.
- There are ongoing issues with the manufacturing process for remibrutinib, leading to delays in its filing for CSU.
- Pluvicto's growth is hindered by late referrals and the need for increased education and capacity expansion in community oncology centers.
- The company anticipates high single-digit growth in Q3 2024 due to one-time effects from the previous year, which may affect investor expectations.
- Novartis AG (NVS) is still navigating the complexities of the IRA policy, which could impact its long-term innovation and growth strategies.
Good morning and good afternoon, and welcome to the Novartis Q2 2024 results release conference call and live webcast. (Operator Instructions) And the conference is being recorded. (Operator Instructions)
A recording of the conference call, including the Q&A session, will be available on our website shortly after the call ends.
With that, I would like to hand over to Ms. Sloan Simpson, Head of Investor Relations. Please go ahead, madam.
Thank you, operator. Good morning and good afternoon, everyone. Thank you for joining our Q2 2024 earnings call. The information presented today contains forward-looking statements that involve known and unknown risks, uncertainties and other factors. These may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements.
For a description of some of these factors, please refer to the company's Form 20-F and its most recent quarterly results on Form 6-K that
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