Novartis reports mixed Q3 results; reaffirms FY25 outlook

* Novartis press release [https://www.novartis.com/news/media-releases/novartis-delivers-solid-sales-and-core-operating-income-growth-strong-pipeline-progress-q3-reaffirms-fy-2025-guidance] (NYSE:NVS [https://seekingalpha.com/symbol/NVS]): Q3 Non-GAAP EPS of $2.25 misses by $0.06.
* Revenue of $13.91B (+8.4% Y/Y) beats by $60M.
* Core operating income margin was stable (cc) at 39.3% despite increasing generic impact.
* Q3 free cash flow was USD 6.2 billion (+4% USD) driven by higher net cash flows from operating activities.
* FULL-YEAR 2025 GUIDANCE REAFFIRMED: Sales expected to grow high single-digit. Core operating income expected to grow low-teens.
* “_Importantly, we achieved FDA approval for _Rhapsido_ in CSU and positive Phase III readouts for ianalumab in Sjogren’s disease – two assets with pipeline-in-a-pill potential that could underpin our growth through 2030 and beyond. In addition, we completed several deals in the quarter to further strengthen our pipeline in core therapeutic areas. We remain well on track to achieve our guidance for 2025 and over the mid-term," said _Vas Narasimhan, CEO of Novartis.

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