Novartis (NYSE: NVS) reported Q1 EPS of $1.33, $0.23 better than the analyst estimate of $1.10. Revenue for the quarter came in at $11.9 billion versus the consensus estimate of $12.9 billion.

• For total Group, Q1 divestments resulted in exceptional operating income gains totaling USD 12.8 billion and net income gains of USD 10.8 billion

• Strong progress on innovation continued in Q1
  • Three approvals in Oncology: Jakavi in polycythemia vera (EU), Farydak in multiple myeloma (US) and Jadenu for chronic iron overload (US)
  • LCZ696 granted FDA priority review and CHMP accelerated assessment in heart failure
  • Positive trials on Cosentyx in psoriasis showing superiority to Stelara®, sustained two-year efficacy
  • Sandoz received FDA approval for first biosimilar Zarxio and in April for first substitutable generic version of Copaxone® 20mg one-time-daily injection, Glatopa

• Portfolio rejuvenation continued in Q1, reinforcing growth prospects for continuing operations
  • Growth Products[3] grew 15% (USD) to USD 3.7 billion, or 31% of net sales
  • Strong performance in Emerging Growth Markets [3] (+12% cc)

• Continued progress in transforming portfolio and increasing productivity
  • Transactions with GSK and Lilly closed on March 2 and January 1, respectively; divestment of influenza Vaccines business to CSL expected to be completed in H2 2015
  • For continuing operations, core margin improved (+1.7 percentage points cc) mainly due to ongoing productivity initiatives

• Outlook 2015 for continuing operations confirmed
  • Net sales expected to grow mid-single digit (cc); core operating income expected to grow ahead of sales at a high-single digit rate (cc)

For earnings history and earnings-related data on Novartis (NVS) click here.