Novartis rises as 'beat-and-raise returns'
** Novartis' NOVN.S shares rise 2.7% in pre-market tradeafter the Swiss drugmaker reported better-than-expectedQ1 results and lifted itsguidance
** Novartis now expects its yearly net sales to grow by a high single to low double digit percentage with adjusted operating income expected to grow by a low double-digit to mid-teens percentage
** Quarterly adjusted operating income rose 16% to $4.54 billion, beating an average analyst estimate of about $4.3 billion
** "Novartis reported very strong numbers for 1Q24 which once again show the strong momentum for its products in both, sales and profitability," Vontobel writes
** Jefferies says the Q1 sales beat was helped by strong heart failure drug Entresto and psoriasis drug Cosentyx beats
** It adds that outlook hike is a "significant positive surprise" after only first quarter, suggesting up to +5% potential consensus upgrades and "delivering much needed hopes for a return to beat-and-raise"
** The stock tops Switzerland's blue chip index .SSMI in premarket trade
Reporting by Tristan Veyet
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