Novartis (NVS.US) raised its mid-year sales forecast on the back of positive outlook for cancer and inflammation drugs

Novartis NVS raised its midterm sales outlook on optimism for new cancer and immunology drugs and treatments for neurological and cardiovascular diseases, saying it expects revenue to grow 6% annually through 2029, up from a previous 5% forecast. The Swiss-based drugmaker said on Thursday that it raised its peak sales expectations for its drugs Cosentyx, Kisqali, Kesimpta, Pluvicto and Leqvio, most of which are expected to gain U.S. exclusivity in the 2030s or later.

"Over the next few years, there will be more than 15 data submissions to further fuel our growth," Chief Executive Vas Narasimhan said.

Novartis also said it has more than 30 other assets in development that will drive 4%-6% growth after 2029.

The group is pushing growth after paring down its once sprawling healthcare business to focus on innovative drugs. Narasimhan completed the last major step of his transformation a year ago with the spinoff of generic drug maker Sandoz.

The stock has risen 7.2% this year, while the Bloomberg Europe Pharmaceutical Index has climbed 3.1%.