(Sharecast News) - Swiss pharmaceutical giant Novartis raised its full-year guidance Tuesday after beating expectations in its first quarter.

The company attributed its performance to increased use of its psoriasis and arthritis drug Cosentyx.

Novartis said it now expected a high-single to low double-digit percentage growth in net sales for 2024, with adjusted operating income projected to rise by a low double-digit to mid-teens percentage.

According to Reuters, the swift uptake of a newly-approved use of Cosentyx, particularly for treating hidradenitis suppurativa, along with the introduction of a new intravenous infusion option, significantly contributed to a surge in demand.

Key growth drivers in the quarter included the firm's heart failure drug Entresto, and multiple sclerosis drug Kesimpta.

Despite Entresto facing patent expiry next year, it was still a significant contributor to the company's revenue for the time being.

Novartis also announced that it would propose Giovanni Caforio, former Bristol Myers Squibb chief executive officer, as the proposed chairman of its board at the 2025 annual shareholders meeting.

The move came after current chairman Joerg Reinhardt said he would not seek reelection after 12 years in office.

Reporting by Josh White for Sharecast.com.