FRANKFURT, April 23 Reuters Swiss drugmaker Novartis on Tuesday raised its fullyear guidance after reporting betterthanexpected firstquarter results.

In a statement, it said 2024 net sales would likely grow by a highsingle to low doubledigit percentage with adjusted operating income expected to grow by a low doubledigit to midteens percentage.

It has previously predicted that adjusted operating income would increase by a high singledigit percentage with mid singledigit sales growth.

Novartis said key growth drivers in the quarter included heart failure drug Entresto, which will lose patent protection next year, psoriasis drug Cosentyx and multiple sclerosis drug Kesimpta.

Quarterly adjusted operating income gained 16 to 4.54 billion, beating an average analyst estimate of about 4.3 billion. Revenues climbed 10 to a betterthanexpected 11.83 billion.

The company added that former Bristol Myers Squibb CEO Giovanni Caforio would be proposed as Chair of the Board of Directors at the 2025 annual shareholders meeting as incumbent Joerg Reinhardt will not run again after 12 years in office.

CEO Vas Narasimhan previously led a push to cut jobs and costs, part of a focus on fewer therapeutic areas and geographic markets. He also had generic drugs business Sandoz spun off and listed late last year.

But his focus has recently shifted again to drug development. He has also been active on the deals front, agreeing to pay up to 1.01 billion, depending on achievements, for an…