Novartis has posted net income of $1.51bn in the third quarter (Q3) of 2023, a 14% rise compared to $1.33bn in the same quarter of 2022.

The company attributed the rise in net income to increased operating income and a reduced tax rate due to non-recurring items.

An 18% growth in core net income to $3.58bn was reported from $3.03bn in the same quarter of the previous year.

Operating income stood at $1.76bn, a decline of 4% from $1.82bn in Q3 2022. 

This was driven by a rise in sales and reduced restructuring expenditures which was partly offset by increased impairments linked to the suspension of early-stage development projects.

For the quarter, earnings per share (EPS) were $0.73, up 20% year-on-year from $0.61.

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Net sales stood at $11.78bn, a growth of 12% from $10.49bn in Q3 2022.

Novartis CEO Vas Narasimhan stated: “Novartis delivered a very strong quarter, with double-digit sales and core operating income growth leading to a further upgrade to 2023 guidance. 

“We have successfully executed the spin-off of Sandoz, allowing us to fully focus on high-value innovative medicines. 

“Our growth drivers, including Kesimpta, Entresto, Kisqali and Pluvicto, continue to perform well in the market. Our robust pipeline also continues to deliver and we have achieved important innovation milestones for Pluvicto, iptacopan, remibrutinib and Lutathera.”

In July 2023, the company reported net sales of $13.62bn in Q2 2023, a 7% rise from $12.78bn in Q2 2022.