Latest news with #HarryKirsch
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
Novartis Lifts Profit Outlook After Growth in Sales, Earnings
Novartis NOVN -0.98%decrease; red down pointing triangle raised its full-year profit guidance after the company posted higher earnings and sales for the second quarter, and said longtime financial chief Harry Kirsch would retire next year. The Swiss pharmaceutical company said Thursday that it now expects core operating profit—the company's preferred metric, which strips out exceptional and other one-off items—to grow by a low-teens percentage this year when excluding currency movements.
Yahoo
2 days ago
- Business
- Yahoo
Novartis Appoints Mukul Mehta as Chief Financial Officer, as Harry Kirsch Retires after 22 Years with the Company
Ad hoc announcement pursuant to Art. 53 LR Mukul Mehta, currently Head of Business Planning and Analysis (BPA), Digital Finance and Tax, has been appointed Chief Financial Officer, effective March 16, 2026, and will join the Executive Committee (ECN) After an extraordinary 22-year career at Novartis and more than 12 years as a member of the ECN, Harry Kirsch will retire and step down from the ECN on March 15, 2026 Basel, July 17, 2025 – Novartis announced today the appointment of Mukul Mehta as the Chief Financial Officer (CFO) and a member of the Executive Committee of Novartis (ECN), effective March 16, 2026. Mukul succeeds Harry Kirsch, who has served as CFO since 2013, and will retire from Novartis after an extraordinary 22-year career with the company. Harry will continue in his role as CFO and member of the ECN until March 15, 2026. 'It has been a tremendous privilege to serve Novartis for the past 22 years. I am proud of the transformation we've led - from streamlining the company from six divisions to three, to the successful spinoffs of Alcon and Sandoz, and the divestitures of our stakes in the consumer healthcare joint venture with GSK and in Roche. Together, we've built a truly focused medicines company. I leave with deep gratitude for the teams I've worked with and have full confidence in Mukul's leadership,' said Harry Kirsch, CFO of Novartis. Mukul brings over 20 years of experience at Novartis, having held key finance leadership roles across geographies and business units. He brings deep expertise in the pharmaceutical industry and an in-depth understanding of Novartis. Mukul was recently appointed to the role of Head of BPA, Digital Finance and Tax, where he will continue until March of next year. His career includes serving as CFO International for three years, ad-interim President International, CFO Pharmaceuticals business unit, CFO Novartis Business Services, CFO Pharmaceuticals Europe business, and Country CFO of France, Poland, and Norway. Known for his operational excellence, commercial acumen, and people-first leadership style, Mukul has consistently driven performance through data-driven decision-making and inclusive team engagement. 'I am honored to take on the role of CFO at Novartis,' said Mukul Mehta. 'I've had the privilege of growing with this company and working alongside exceptional colleagues. I look forward to continuing our journey as a focused medicines company and delivering sustainable value for patients and shareholders.' Vas Narasimhan, CEO of Novartis said, 'Harry's impact on Novartis has been profound. He played a pivotal role in driving what has so far been one of our strongest periods of growth and strategic transformation. Under Harry's leadership, the company's financial performance has significantly improved as evidenced by our strong balance sheet, improved core operating income margin, and robust free cash flow. I thank him for his unwavering commitment and wish him the very best in his next chapter. I am also looking forward to welcoming Mukul to the ECN. His deep knowledge of our business, strong financial expertise, and collaborative style position him well to guide our financial strategy and finance organization through our next phase of growth.' Mukul holds a degree in Management from the Jamnalal Bajaj Institute of Management Studies in India and an MBA from INSEAD France. Disclaimer This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by words such as 'potential,' 'can,' 'will,' 'plan,' 'may,' 'could,' 'would,' 'expect,' 'anticipate,' 'look forward,' 'believe,' 'committed,' 'confidence,' 'continuing,' 'commitment' or similar terms, or by express or implied discussions regarding the goals, effects and consequences of the CFO leadership transition, or regarding discussions of our strategy, plans, expectations or intentions. You should not place undue reliance on these statements. Such forward-looking statements are based on our current beliefs and expectations regarding future events, and are subject to significant known and unknown risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. In particular, our expectations and assumptions related to this leadership transition could be affected by, among other things, the uncertainties inherent in research and development, including clinical trial results and additional analysis of existing clinical data; regulatory actions or delays or government regulation generally; global trends toward health care cost containment, including government, payor and general public pricing and reimbursement pressures and requirements for increased pricing transparency; our ability to obtain or maintain proprietary intellectual property protection; the particular prescribing preferences of physicians and patients; general political, economic and business conditions, including the effects of and efforts to mitigate pandemic diseases; safety, quality, data integrity or manufacturing issues; potential or actual data security and data privacy breaches, or disruptions of our information technology systems, and other risks and factors referred to in Novartis AG's current Form 20-F on file with the US Securities and Exchange Commission. Novartis is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise. About Novartis Novartis is an innovative medicines company. Every day, we work to reimagine medicine to improve and extend people's lives so that patients, healthcare professionals and societies are empowered in the face of serious disease. Our medicines reach nearly 300 million people worldwide. Reimagine medicine with us: Visit us at and connect with us on LinkedIn, Facebook, X/Twitter and Instagram. # # # Novartis Media RelationsE-mail: Novartis Investor RelationsCentral investor relations line: +41 61 324 7944E-mail:
Yahoo
02-05-2025
- Business
- Yahoo
Novartis to buy Regulus Therapeutics for as much as $1.7 billion
Novartis AG has agreed to buy U.S. biotech firm Regulus Therapeutics Inc. in a deal that could be valued at up to $1.7 billion. The Swiss company will pay $7 a share in cash up-front through a subsidiary, equivalent to $800 million, according to a statement Wednesday. Regulus Therapeutics shareholders will also receive a so-called contingent value right, which entitles them to a further $900 million if regulatory approval is secured for farabursen, which seeks to treat patients living with ADPKD, the most common genetic cause of renal failure. Novartis is hunting for deals that could boost its sales beyond 2025, Chief Financial Officer Harry Kirsch said this week, and sees prices dropping in biotech. Regulus Therapeutics works on therapies that target what's called microRNA, a type of molecule that helps control the function of cells. Novartis' global development and commercial capabilities will help bring farabursen, its lead product, to market, according to Regulus Therapeutics Chief Executive Jay Hagan. Shares in Regulus Therapeutics surged as much as 167% in pre-market trading in New York on Wednesday. The stock has since pared some of those gains to trade at about 131% higher. Novartis stock was largely flat in trading in Switzerland on Wednesday but is up nearly 6% in the last 12 months. The proposed deal has been approved by both boards and should complete in the second half of 2025. Hipwell and Kresge write for Bloomberg. Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times. Sign in to access your portfolio
Los Angeles Times
02-05-2025
- Business
- Los Angeles Times
Novartis to buy Regulus Therapeutics for as much as $1.7 billion
Novartis AG has agreed to buy U.S. biotech firm Regulus Therapeutics Inc. in a deal that could be valued at up to $1.7 billion. The Swiss company will pay $7 a share in cash up-front through a subsidiary, equivalent to $800 million, according to a statement Wednesday. Regulus Therapeutics shareholders will also receive a so-called contingent value right, which entitles them to a further $900 million if regulatory approval is secured for farabursen, which seeks to treat patients living with ADPKD, the most common genetic cause of renal failure. Novartis is hunting for deals that could boost its sales beyond 2025, Chief Financial Officer Harry Kirsch said this week, and sees prices dropping in biotech. Regulus Therapeutics works on therapies that target what's called microRNA, a type of molecule that helps control the function of cells. Novartis' global development and commercial capabilities will help bring farabursen, its lead product, to market, according to Regulus Therapeutics Chief Executive Jay Hagan. Shares in Regulus Therapeutics surged as much as 167% in pre-market trading in New York on Wednesday. The stock has since pared some of those gains to trade at about 131% higher. Novartis stock was largely flat in trading in Switzerland on Wednesday but is up nearly 6% in the last 12 months. The proposed deal has been approved by both boards and should complete in the second half of 2025. Hipwell and Kresge write for Bloomberg.
Yahoo
30-04-2025
- Business
- Yahoo
Novartis AG (NVS) Q1 2025 Earnings Call Highlights: Impressive Growth and Strategic Advancements
Sales Growth: Up 15% in Q1 2025. Core Operating Income: Increased by 27%. Core Margin: Reached 42.1%, up 400 basis points. Core Earnings Per Share: $2.28, up 31%. Free Cash Flow: $3.4 billion, up 66% in US dollars. Kisqali Growth: 56% in constant currency. Kesimpta Growth: 43% in constant currency. Pluvicto Growth: 21% in Q1. Leqvio Growth: 72% in the quarter. Cosentyx Growth: 18% in the quarter. Entresto Growth: 22%, reaching over $2.2 billion in global sales. Full-Year Guidance: Sales expected to grow high single digits; core operating income to grow low double digits. Warning! GuruFocus has detected 3 Warning Signs with FNNNF. Release Date: April 29, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Novartis AG (NYSE:NVS) reported double-digit sales growth of 15% and core operating income growth of 27% for Q1 2025. The company achieved a core margin of 42.1%, reflecting a 400 basis points improvement. Key products such as Kisqali, Kesimpta, and Pluvicto showed strong growth, with Kisqali growing 56% and Kesimpta 43% in constant currency. Novartis AG (NYSE:NVS) upgraded its full-year 2025 guidance, expecting high single-digit sales growth and low double-digit core operating income growth. The company made significant pipeline progress with three new approvals in the quarter, including Pluvicto, Vanrafia, and Fabhalta. The company faces potential challenges from tariffs and geopolitical uncertainties, which could impact its financial outlook. There is ongoing litigation concerning generic entries for key products like Entresto, which could affect future revenue. Novartis AG (NYSE:NVS) is dealing with pricing pressures in Europe, which may impact the launch and profitability of new medicines. The company needs to expand the number of sites capable of administering Pluvicto to fully realize its market potential. There are concerns about the impact of potential US policy changes, such as the most favored nation pricing, on the company's financial performance. Q: Can you provide insights on Novartis' exposure to tariffs and the impact on your financial outlook? A: Vasant Narasimhan, CEO, explained that Novartis has accounted for potential tariffs in its guidance and has taken actions to manage inventory and supply chain effectively. The company is investing $23 billion to ensure key US products are produced end-to-end in the US, aiming for a manageable impact on financials. Q: Could you elaborate on the gross to net positive impact and its distribution across the portfolio? A: Harry Kirsch, CFO, noted that the 2 percentage points impact was due to lower Medicaid utilization and favorable channel mix. This was broad-based across many brands, without distorting growth rates significantly. Q: What is the outlook for Pluvicto, especially regarding the PSMAfore launch in the US? A: Vasant Narasimhan, CEO, confirmed the $5 billion peak sales ambition for Pluvicto. The company expects rapid uptake in established accounts and is working to expand community capacity and referral networks to support broader adoption. Q: How does Novartis view the competitiveness of pelacarsen given emerging data from competitors? A: Vasant Narasimhan, CEO, stated that Novartis is focused on delivering Phase III trial results and establishing pelacarsen as a first-in-class therapy. The company is also developing less frequently dosed formulations to maintain competitiveness. Q: Can you discuss the potential impact of the Inflation Reduction Act (IRA) on Novartis, particularly regarding exclusivity differences between small and large molecules? A: Vasant Narasimhan, CEO, expressed optimism about legislative support for extending small molecule exclusivity from 9 to 13 years, which is a top priority for the industry. He also highlighted ongoing advocacy for PBM reform and fixing the 340B system. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
