Novartis says 30 pipeline drugs with ‘significant potential’ will drive long-term growth.

Swiss pharmaceutical giant Novartis lifted its mid-term guidance ahead of an investor conference on Thursday as it raised confidence in its flagship drugs and under-study treatments.

The Basel-based group, which is at the heart of the Swiss pharmaceutical industry, said it now expects sales to grow by an average of six percent in the 2023 to 2029 period, compared with a previous target of five percent.

Pushing forward to the 2024 date, the group said it expects an average annual growth rate of five percent for the period between 2024 and 2030.

“Novartis has completed its transformation into a pure-play innovative medicine company with deep expertise and capabilities in our core therapeutic areas and technology platforms,” indicated CEO Vas Narasimhan.

“Our focus has allowed us to accelerate our commercialization process and increase our peak sales estimates for Cosentyx, Kisqali, Kesimpta, Pluvicto and Leqvio, and we have more than 15 submissions in the coming years. There are significant readouts to further strengthen our growth profile”. he said.

“Long-term, we have identified more than 30 assets in the pipeline capable of revitalizing our portfolio and supporting mid-single-digit growth beyond 2029. For shareholders. “

Since Narasimhan’s arrival at the helm in 2018, the group has spun off its subsidiary Alcon, which specializes in ophthalmology, to list it separately, and Sandoz, which specializes in generic drugs. Yes, through an IPO in 2023 as well.

Such moves have refocused the group on four therapeutic areas – cardiovascular-renal-metabolic diseases, immunology, neuroscience and oncology.

Shares of Novartis advanced 0.3 percent in early trading Thursday.