
Novartis more upbeat on 2025 guidance after strong Q1 momentum
FRANKFURT: Novartis on Tuesday issued a more optimistic full-year earnings guidance, citing strong growth of drugs such as Kisqali, Kesimpta and Leqvio during the first quarter.
The Swiss drugmaker said in a statement that it expects 2025 operating income, adjusted for special items, to grow by a 'low double-digit' percentage.
Novartis agrees to acquire Anthos for up to $3.1 billion
It had previously projected 'high single to low double-digit' growth, compared with a 22% increase in 2024.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Express Tribune
2 days ago
- Express Tribune
China sets up int'l mediation body in HK
Chinese Foreign Minister Wang Yi, Hong Kong Chief Executive John Lee, Pakistan's Foreign Minister Ishaq Dar and Swiss Foreign Minister Ignazio Cassis pose for a photograph after a signing ceremony of the Convention on the Establishment of The International Organization for Mediation in Hong Kong. Photo: Reuters Listen to article China signed a convention setting up an international organisation for mediation in Hong Kong on Friday that Beijing hopes will be on par with the International Court of Justice and bolster the city's international credentials. The move comes amid growing geopolitical tensions that have been exacerbated by US President Donald Trump's global trade war and fuelled risks of a sharp worldwide economic downturn. Pakistan became a co-signatory to the IOMed, a statement by the Foreign Office said. Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar signed the convention establishing the organisation during a ceremony attended by officials from several countries, including Indonesia, Cambodia, Laos and Serbia. Representatives from around 20 international organisations, including the United Nations, were also expected to participate, according to Hong Kong's public broadcaster RTHK. "IOMeD also offers new opportunities and fresh hopes to build a more inclusive, more just and more equitable world. As one of the founding members of IOMed, Pakistan would continue to be an active voice in this noble mission," the statement quoted him as saying. Speaking at the high-profile gathering, Dar lauded the visionary leadership of the People's Republic of China for spearheading the creation of IOMed. He hailed China for once again leading a transformative initiativecomparable in impact to the Asian Infrastructure Investment Bank (AIIB). The DPM underlined that Pakistan reaffirmed its commitment to peaceful conflict resolution by becoming a founding member of the newly established International Organization for Mediation (IOMed). Senator Dar described the establishment of IOMed as "the birth of an important global institution dedicated to mediation and peaceful dispute resolution," and commended the selection of Hong Kong as the organization's headquarters. Calling the city a "super connector," he noted its symbolic value in bridging East and West. Reiterating Pakistan's dedication to the principles of the UN Charter and international law, Dar highlighted the country's recent efforts, including the establishment of the International Mediation and Arbitration Center (IMAC) in Pakistan, aimed at advancing commercial dispute resolution. The Foreign Minister also used the platform to draw attention to pressing global conflicts, citing unresolved issues such as Jammu and Kashmir and the occupied Palestinian territories, and warned against the rise of unilateralism and populism. The mediation body aims to cement Hong Kong's presence as a top centre to resolve disputes between countries, leader John Lee said earlier this week, adding that it's status would be on par with the International Court of Justice and the Permanent Court of Arbitration of the United Nations in The Hague. Indonesia, Pakistan, Laos, Cambodia and Serbia were among the countries attending the signing ceremony. Representatives from 20 international bodies including the United Nations were also expected to join, public broadcaster RTHK said.


Business Recorder
3 days ago
- Business Recorder
Pre-owned Rolex sales boom amid Trump tariff threat
Watch aficionados bought up used Rolex and Patek Philippe watches at the end of April, in an effort to avoid post-tariff price hikes as threatened by US President Donald Trump, as reported by Bloomberg on Friday. The watch dealer and trading platform Subdial observed a 160% bump in April – far above the average 112% bump experienced over the past year, added the report. The trend was noted mostly in the US and UK. Analysts have attributed this hike to a flurry by customers to splurge before Trump's tariffs hit, which will raise the prices of imported Swiss goods in the US by at least 10%. Swiss watchmaker Rolex debuts new model for 2025 The phenomenon echoed another trend seen in Switzerland, where watch exports jumped by nearly a fifth in April – with shipments to the US more than doubling ahead of expanded tariffs, added Bloomberg. Rolex begins selling used watches, but at a premium Tariffs are also threatening the prices of metals – silver and gold to rise even further. The current gold rally has also driven up the demand and prices of specifically gold timepieces. Last month, Bloomberg reported that demand for used gold Rolex watches was rising as precious metal prices soared and collectors seek out dressier models. Three gold timepieces made by the Swiss luxury brand have climbed the most places since the 2022 launch of the Bloomberg Subdial Watch Index, which tracks prices for the 50 most-traded models by transaction value, added the report. The yellow-gold Day-Date 228238, which Rolex suggests retailing for €43,800 ($48,050), was the index's fastest climber, rising from 30th place to ninth in that period.


Business Recorder
3 days ago
- Business Recorder
Dollar poised for fifth-straight monthly drop on trade, fiscal uncertainty
SINGAPORE: The U.S. dollar softened on Friday, heading for its fifth-straight monthly decline as traders braced for further bouts of uncertainty around trade and fiscal health, while investors awaited a pivotal inflation report later in the day. The greenback had a choppy week, ending lower in the previous session after a federal court temporarily reinstated the most sweeping of President Donald Trump's tariffs, a day after a separate trade court had ordered an immediate block on tariffs. Trump on Thursday criticized the trade court's decision and said he hoped the Supreme Court would overturn the decision. The uncertainty around tariffs has taken a vice-like grip on the markets as investors flee U.S. assets looking for alternatives, worried that Trump's erratic policies could challenge the strength and outperformance of U.S. markets. 'The (court) decision marks the beginning of a new source of uncertainty rather than the total closure of another,' said Kyle Rodda, senior financial market analyst at noting the mood in the markets was cautious. Thursday's weekly jobless claims and economic growth data did little to placate worries of an economic downturn. The focus will be on the Federal Reserve's preferred inflation data - the personal consumption expenditure report - later on Friday. Much of the month was also dominated by worries about fiscal debt levels in developed economies, highlighted by weak appetite for freshly issued longer-dated credit in the U.S. and in Japan. On Friday, the euro was slightly firmer at $1.1378, while the Swiss franc was also stronger at 0.8216 per dollar. The U.S. currency was set for monthly declines against the Swiss franc, the euro as well as the pound . The dollar index , which tracks the U.S. unit against a basket of six other currencies, was muted on the day. The index was set for a decline of 0.4% in May, on course for its fifth month in the red. On the flip side, markets have been taking notice of emerging market assets in recent weeks. An index tracking emerging market currencies has gained 2.2% for the month - its biggest one-month rise since November 2023. On Friday, the Japanese yen firmed 0.3% to 143.73 per dollar after data showed underlying inflation in Tokyo hit a more than two-year high in May, keeping alive the chances of further interest rate hikes from the Bank of Japan. Dollar falls as investors see long court battle on tariffs However, the dollar is on track for a small monthly rise against the yen, its first after five previous months in the red. Markets are also on the lookout for any fresh clues on highly anticipated trade deals as the Trump-mandated July 9 deadline on tariffs draws near. Yields on longer-dated U.S. and Japanese bonds have eased this week, but still remain close to multi-month highs as investors question debt sustainability of the economies. Elsewhere, the Australian dollar eased a bit to $0.6429 and was set for a marginal rise in May. The New Zealand dollar last bought $0.5973.