Novartis raised its guidance and announced the buybacks as the Swiss drugmaker reported second-quarter earnings, which topped Wall Street's expectations.
Novartis expects sales to rise by a high-single-digit percentage in 2023, an increase from a previous expectation of mid-single-digit growth. The company also anticipates group core operating income will grow by a low double-digit percentage, up from a previous expectation of high-single-digit growth.
The company posted a net income of $2.32 billion, or $1.11 per share, for the quarter. That compares with $1.70 billion, or 77 cents per share, for the same period a year ago. Excluding certain items, Novartis' adjusted earnings per share were $1.83 for the quarter. The company's innovative medicines business, which develops patented medicines, raked in sales of $11.24 billion for the quarter. That also rose 7% from a year ago.
The company's generic medicines division, Sandoz, posted sales of $2.38 billion, up 5% from a year ago.
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