Novartis sales rise 10% in third quarter, raises guidance
Signage for Novartis AG at a building in the company’s headquarters campus in Basel, Switzerland, on Monday, Jan. 8, 2023.
Bloomberg | Bloomberg | Getty Images
Novartis reported 10% sales growth and 20% core operating income growth in its third-quarter results Tuesday, prompting the Swiss pharmaceutical company to raise its full-year guidance.
Net sales came in at $12.8 billion and core operating income was $5.15 billion in the three months to October. The company said it now sees net sales growing in the low-double digits for the full year.
The company pointed to “important innovation milestones,” including in the firm’s early breast cancer and nephropathy treatments, as having helped drive the revised outlook.
— Karen Gilchrist
CNBC Pro: Alibaba and more: Fund manager gets bullish on 3 China tech stocks — expecting one to double
Shares of e-commerce giants in China look attractive as Beijing attempts to stimulate domestic consumption, according to investor Jason Hsu.
Hsu, founder and chairman of Rayliant Global Advisors, revealed three of his top picks and one he is more cautious about due to company-specific factors.
Hsu said if signs of consumption growth return to China, one of the stocks could double from current levels.
CNBC Pro subscribers can read more here.
— Ganesh Rao
HSBC beats third-quarter earnings expectations, announces additional $3 billion share buyback
Europe’s largest lender HSBC on Tuesday reported third-quarter earnings that beat analysts’ expectations, boosted by strong revenue growth, as it embarks on a major restructuring to balance its operations in China and the West.
HSBC’s pre-tax profit rose 10% compared with the $7.7 billion posted a year ago. The company’s quarterly revenue grew 5% to $17 billion from the $16.2 billion that was reported a year ago, while after-tax profit gained $500 million from last year to $6.7 billion.
Shares of HSBC traded 2.24% higher.
—Anniek Bao, Lee Ying Shan
CNBC Pro: Investing in Japan after the elections? The pros share their take
Japan’s stock market rallied on Monday as the Yen plummeted to a three-month low following news that Prime Minister Shigeru Ishiba’s ruling coalition had lost a majority in the nation’s parliamentary election.
Such a phenomenon raises uncertainties as “we may not know how this new government is going to look like, who the potential coalition partners (are and what the) coalition agreements are going to be,” Izumi Devalier, chief Japan economist at Bank of America..
The pros lay out areas of concern – and opportunities they see – in Japan going forward.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
European markets: Here are the opening calls
European markets are expected to open in flat to lower territory Tuesday.
The U.K.’s FTSE 100 index is expected to open 10 points lower at 8,283, Germany’s DAX down 25 points at 19,501, France’s CAC up 1 point at 7,564 and Italy’s FTSE MIB up 1 point at 34,819, according to data from IG.
Earnings are set to come from Adidas, Lufthansa, Novartis, Santander and BP, among others. Data releases of note include Germany’s GfK consumer confidence figures.
— Holly Ellyatt
