LONDON — Novartis on Tuesday increased its earnings guidance for the third time this year, boosted by strong sales of its leading drugs.
The company said it anticipates full-year operating profit to grow by a percentage in the high teens, up from the previously forecasted mid- to high teens.
Separately, Novartis CEO Vas Narasimhan said it would be a “couple more years” before the company could submit to regulators an experimental drug for a rare bone marrow cancer that was the centerpiece of a nearly $3 billion deal for the biotech MorphoSys. Novartis had originally hoped to file for the drug’s approval this year, but ongoing questions about its data profile have yet to be resolved.
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