Novartis EPS beats by $0.20, beats on revenue

Novartis (NYSE:NVS): Q1 Non-GAAP EPS of $1.56 beats by $0.20; GAAP EPS of $0.96 beats by $0.07.

Revenue of $12.28B (+10.5% Y/Y) beats by $360M.

COVID-19 had a favorable impact of ~USD 0.4B on sales. Core operating income benefited by ~$0.4B from forward purchasing and lower spending. These impacts are expected to reverse in the remainder of 2020.

FY20: Net sales expected to grow mid to high-single digit in constant currency; core operating income expected to grow high-single to low double digit in constant currency.

Shares +0.9% PM.

Press Release

https://seekingalpha.com/news/3565051-novartis-eps-beats-0_20-beats-on-revenue