BASEL (dpa-AFX) - Swiss drug major Novartis AG (NVS) reported that its net income attributable to shareholders for the second quarter rose to $4.041 billion or $2.06 per share from last year's $3.246 billion or $1.59 per share, mainly driven by higher operating income, partly offset by higher net financial expense.
The company is initiating a share buyback program of up to US$10 billion, with completion expected by the end of 2027.
Looking ahead, the company now expects core operating income for fiscal year 2025 to grow in the low teens compared to the prior year, revising its earlier outlook of low double-digit growth. Annual sales are still expected to grow high single digit from the prior year. The outlook reflects growth compared to the prior year on a constant currency basis.
Novartis's core net income attributable to shareholders for the quarter was $4.709 billion or $2.42 per basic share up from $4.008 billion or $1.97 per basic share in the previous year.
Net sales to third parties for the second quarter increased to $14.054 billion from $12.512 billion last year.
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