Drugmaker Novartis climbs 4.4% after guidance rise on sales of blockbuster drugs

Shares of Swiss drugmaker Novartis climbed as much as 4.8% in early deals on Tuesday, after the company raised its full-year guidance following better-than-expected first-quarter results.

Stock pared gains slightly to trade up 4.6% by 8:50 a.m. London time.

The company said 2024 net sales are now anticipated to pick up by a high-single to low double-digit percentage, up from a previous outlook of mid-single-digit growth.

The drugmaker has also revised its expectations for core operating income, now set to expand by a low double-digit to mid-teens percentage, up from the high single-digit growth forecast prior.

This breaking news story is being updated.