Novartis (NYSE: NVS) enjoyed a strong rally today, as the Swiss drugmaker announced an improved revenue forecast for 2023 and a massive share repurchase program. Specifically, the drugmaker's stock rose by as much as 5.1% on heavy volume during the morning portion of Tuesday's trading session.

Since hitting this intraday high, Novartis' stock modestly cooled off as today's session progressed. However, the drugmaker's shares were still up by a healthy 4.5% at the close on Tuesday.

Novartis expects to grow its annual sales by the high single digits in 2023, up from its previous guidance of mid-single-digit growth. This reflects the robust demand for key products, such as Entresto for heart failure and Pluvicto for prostate cancer, as well as the potential launch of new therapies in its pipeline.

Continue reading

Source Fool.com