Novartis Boosts Outlook, Cites U.S. Investment

Novartis reported stronger-than-expected first-quarter results, with net sales rising 15% to $13.2 billion and adjusted core operating income up 27% to $5.58 billion. Growth was driven by robust demand for key drugs such as Kisqali, Kesimpta, and Leqvio. The Swiss pharmaceutical giant raised its 2025 outlook, projecting net sales growth in the high single digits and core operating income growth in the low double digits. First-quarter core operating income increased by 23–27% depending on the metric used. Amid potential U.S. tariffs on pharmaceuticals, Novartis announced a $23 billion investment in U.S. manufacturing to ensure market access. CEO Vas Narasimhan stated that the investment was primarily motivated by long-term U.S. growth, not just tariff concerns.