Novartis adj net income grows 6%, below market view Reuters via

© Reuters. The company’s logo is seen at a building of Swiss drugmaker Novartis in Rotkreuz, Switzerland, January 29, 2020. REUTERS/Arnd Wiegmann

By Ludwig Burger

FRANKFURT (Reuters) -Novartis on Wednesday reported a gain of 6% in fourth-quarter adjusted net income, helped by cost cuts and strong growth of recently launched drugs.

Core net income for the quarter came in at $3.13 billion, the Swiss drugmaker said in a statement, missing an average analyst estimate of about $3.3 billion.

The company also extended its mid-term guidance, saying it expected sales to grow 5% per year until 2028, when adjusting for currency swings. It had previously projected that pace of growth through 2027.

It reiterated that the core operating income margin would expand to about 40% or more by 2027.