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Novartis says operating profit to grow again in 2023
By Ludwig Burger
BASEL (Reuters) -Swiss drugmaker Novartis on Wednesday predicted that core operating income would grow in a “mid single digit” percentage range in 2023, following stagnation last year.
Full-year core operating income was broadly flat at $16.7 billion, it said in a statement, coming in slightly below market expectations of $16.8 billion.
Adjusted for overall negative currency effects, group sales in 2022 advanced 4% to $50.5 billion as gains from heart failure drug Entresto and multiple sclerosis (MS) drug Kesimpta were partly offset by competition from cheap generic copies of established MS drug Gilenya.
(Reporting by Ludwig BurgerEditing by Paul Carrel)
Frequently Asked Questions about Novartis says operating profit to grow again in 2023
1What is operating profit?
Operating profit is the income earned from a company's core business operations, excluding deductions of interest and taxes. It reflects the efficiency of the company's operations.
2What is core operating income?
Core operating income refers to the profit a company makes from its regular business activities, excluding any income from non-operating activities or one-time events.
3What are generic drugs?
Generic drugs are medications that are equivalent to brand-name drugs in dosage form, strength, route of administration, quality, and performance characteristics, but are marketed without brand names.
4What is currency effect?
Currency effect refers to the impact that fluctuations in exchange rates have on the value of a company's foreign earnings when converted back to its home currency.
5What is market expectation?
Market expectation is the anticipated performance or outcome of a company or market based on current information, trends, and economic indicators.
