(fxcue news) - Swiss drug major Novartis AG on Tuesday raised its core operating income and sales guidance for fiscal 2024 after reporting significantly higher profit in its third quarter, driven by sales growth in key drugs. The third-quarter core earnings and topline beat market estimates. Meanwhile, the shares were losing around 3 percent in the Swiss trading as well as in early morning trading on the NYSE. Vas Narasimhan, CEO of Novartis, said, "Novartis delivered another quarter of strong operational performance in Q3, with sales up 10 percent and core operating income up 20 percent. All key growth drivers contributed to the momentum. With the momentum in our business and pipeline, we were able to once again upgrade our full-year guidance and remain highly confident in our mid-term outlook." For the full year, Novartis now expects its core operating income growth in high teens against prior outlook for a growth from mid to high teens. Annual sales are now projected to grow in low double-digits, compared with previous expectation for a high single to low double-digit growth. In its third quarter, net earnings of the drug maker stood at $3.185 billion, up from last year's $1.763 billion. Earnings per share surged to $1.58 from $0.85 in the prior year. Excluding prior year's discontinued operations, net income grew 111 percent from last year's $1.513 billion, and earnings per share surged 116 percent from $0.73 in the prior year. Core net income on a continuing operations was $4.13 billion, compared to $3.59 billion last year. Core earnings per share were $2.06, compared to $1.74 a year ago. Analysts on average expected the company to report earnings of $1.96 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. Operating income grew 106 percent from last year to $3.63 billion, and core operating income went up 17 percent to $5.15 billion. Core operating income margin was 40.1 percent, 340 basis points higher than last year, mainly driven by higher net sales. Net sales improved 9 percent to $12.823 billion from prior year's $11.782 billion. At constant currency rates, net sales went up 10 percent. The Street was looking for sales of $12.76 billion for the quarter. Entresto brand generated sales of $1.865 billion, up 26 percent at CC from last year. Sales of Cosentyx brand rose by 27 percent to $1.693 billion. In Switzerland, Novartis shares were trading at 97.17 francs, down 2.65 percent. On the NYSE, the shares were at $111.68, down 3.42 percent. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.