'Pure-play' Novartis raises 2024 financial targets

Swiss pharmaceutical giant Novartis raised its 2024 financial targets Tuesday after posting rising sales and margins in the third quarter, thanks in part to increased production of a prostate cancer drug.

A year after spinning off its generics business to become a “pure-player” developer of innovative medicines, Novartis registered a 15 percent increase in its core net profit to $4.1 billion during the July-September period, from the same quarter last year.

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