By John Miller
ZURICH (Reuters) – Swiss drugmaker Novartis <NOVN.S> raised its full-year sales outlook, citing growing revenue from its Cosentyx psoriasis and arthritis drug as well as the performance of its heart failure medicine Entresto, whose third-quarter sales more than doubled.
It also announced on Thursday the $2.1 billion (£1.6 billion) acquisition of U.S. biopharmaceutical company Endocyte <ECYT.O>.
Novartis now expects sales to grow in the mid-single-digit percentage range at constant currencies, up from its previous forecast of low-to-mid-single-digit percentage rates.
Operating profit was still seen rising in the mid-to-high-single-digit percentages.
Third-quarter core net income rose 2 percent to $3.1 billion, compared to the average analyst forecast of $3 billion in a Reuters poll.
Sales rose 3 percent to $12.78 billion, compared to the average forecast of $12.84 billion in the poll.
Novartis said it expected 2018 net sales at its innovative medicines division to grow at a mid-to-high-single digit rate, its Sandoz generics business to decline at a low-single-digit rate, and its Alcon eye care business to grow at a mid-single-digit pace.
(Reporting by John Miller; Editing by Michael Shields)