The following is a summary of the Novartis AG (NVS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Novartis reported Q1 2024 sales were up 11% in constant currencies.

• Core operating income increased by 22% pushing towards their goal of 40% by 2027.

• Core earnings per share grew by 23% to $1.80 driven by the share buyback program.

• Free cash flow is expected to grow approximately in line with core operating income for 2024.

• The company returned $7.6 billion to shareholders via dividends in Q1.

• Novartis upgraded its guidance expecting net sales to grow in the range of high-single digit to low-double digit, and core operating income to grow in the range of low-double digit to mid-teens.

Business Progress:

• Novartis announced a strong start to several new initiatives including the launch of Fabhalta in Europe.

• Key brands Entresto, Kesimpta, Cosentyx, and Kisqali demonstrated broad-based growth.

• Novartis announced two acquisitions in Q1: MorphoSys and Arvinas.

• The company made significant progress in their pipeline with multiple submissions and readouts.

• The company is planning on increasing investment in their four main therapeutic areas.

• Novartis expects to file for and launch Kisqali, in the second half of the year.

• Uptake in the first line setting for Scemblix is anticipated to be modest early on.

• The ongoing Phase 3 study on ianalumab is expected to yield promising results in treating ITP.

More details: Novartis AG IR

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