Swiss pharma giant Novartis AG (NYSE: NVS) reported better-than-expected results for the second quarter of 2024. Core earnings (excluding one-time charges) of $1.97 per share beat the Zacks Consensus Estimate of $1.87 and were up from $1.69 reported a year ago. The year-over-year growth was driven by an increase in sales. Revenues of $12.5 billion climbed 9% from the year-ago quarter's figure. On a constant currency basis, sales increased 11%, driven by momentum in Entresto, Kesimpta, Kisqali, Cosentyx, Pluvicto and Leqvio. The top line beat the Zacks Consensus Estimate of $12.2 billion. However, the company's shares are trading down in the pre-market following the results. Shares of Novartis have risen 10.7% year to date compared with the industry's growth of 23.4%. Image Source: Zacks Investment Research Quarter in Detail All growth rates mentioned below are on a year-over-year basis and at constant exchange rates. In October 2023, Novartis completed the spin-off of its generic and biosimilar unit, Sandoz, following which the latter became an independent company. The results of the Sandoz division and selected portions of corporate activities attributable to the Sandoz business are reported as discontinued operations. With the successful spin-off of the Sandoz business, Novartis operates as a single global operating segment. It is now concentrating on four core therapeutic areas — cardiovascular-renal-metabolic, immunology, neuroscience and oncology. Cardiovascular drug Entresto's sales rose 28% from the year-ago quarter's level to $1.9 billion. The increase was driven by robust demand due to increased penetration in the United States and Europe, following the continued adoption of guideline-directed medical therapy in heart failure. Increased penetration in China also boosted its demand. Entresto's sales, however, missed the Zacks Consensus Estimate of $1.91 billion but beat our model estimate of $1.88 billion. Cosentyx's sales (psoriasis, spondylitis and arthritis) increased 22% to $1.5 billion, which beat the Zacks Consensus Estimate of $1.44 billion and our model estimate of $1.45 billion. In October ...