FRANKFURT: Swiss drugmaker Novartis raised its 2024 earnings guidance for the third time on Tuesday, driven by wider use of its prescription drugs such as psoriasis and arthritis drug Cosentyx.

In a statement on Tuesday, Novartis said it expects full-year core operating income, adjusted for one-off items, to grow by a “high teens” percentage, compared with a previous guidance of “mid- to high teens” percentage.

The group, which has cut jobs and spun off generic drugs business Sandoz to focus on new drug development, also posted better-than-expected third-quarter earnings, helped by revenue gains from anti-inflammation drug Cosentyx, among other factors.

Novartis aims for 5% annual sales growth through 2027

Quarterly adjusted core operating income gained 17% to $5.15 billion, beating an average analyst estimate of over $4.8 billion.

Quarterly Cosentyx sales gained 27% to $1.69 billion, helped by its recent approval to treat hidradenitis suppurativa, a painful acne-like skin condition.