Novartis (NVS) reported first quarter net income from continuing operations of $2.2 billion, an increase of 16%, or up 24% cc year-on-year, including higher legal provisions and taxes. Earnings per share was $0.96 compared to $0.81. Core operating income was $4.2 billion, growth of 28%, or up 34% cc, mainly driven by higher sales, benefiting from COVID-19 forward purchasing and gross margin improvement, partly offset by launch investments. Excluding COVID-19 related forward purchases and lower spending, the company estimates core operating income growth to be approximately 22% cc. Core earnings per share was $1.56 compared to $1.21. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $1.36, for the quarter. Analysts' estimates typically exclude special items.
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