ZURICH: Pharmaceutical giant Novartis said Tuesday it was increasing its full-year sales and profits outlook after strong earnings in the first quarter on the back of a handful of new drugs.

The Swiss drugmaker said that its medicines for heart disease, cancer and multiple sclerosis had buoyed earnings in the quarter.

The group reported a three percent increase in net profit in the first three months of the year to nearly $2.3 billion.

Sales were also up three percent compared to the last three months of 2022 to almost $13 billion.

Drug price adjustment: Pharma industry seeks support of govt

Novartis said that its operating profit would likely increase in the high single-digits this year on the back of strong momentum at the start of the year, while group sales are expected to grow in mid-single digits.

“Novartis delivered strong growth to start 2023, driven by our in-market growth brands, in particular Entresto, Kisqali and Kesimpta,” said the group’s CEO Vas Narasimhan, referring to some of the group’s flagship products.

“Our strong start to the year and confidence in our growth drivers allow us to raise guidance for the full year 2023.”

He said the group would prioritise “high-value” medicines“ across five core areas to drive its productivity, including cardiovascular and neuroscience.

Last year the group slashed around 8,000 jobs worldwide as part of a reorganisation that includes spinning off its generic drug division Sandoz.