Swiss pharmaceutical giant Novartis reported stronger-than-expected earnings for the first quarter of 2025, buoyed by robust sales of key medicines and rising global demand. The company also raised its full-year guidance, signaling continued confidence in its product pipeline and market performance.

In the three months ending March 31, Novartis reported net sales of $13.2 billion, a 15% increase on a constant currency basis. The figure surpassed analyst expectations, which were estimated at $13.12 billion. Core operating income rose 23% to $5.6 billion, while core net income jumped 22% to $4.5 billion.

Following the strong quarterly performance, Novartis updated its full-year forecast. The company now expects sales to grow by high-single digits and core operating income to increase by low double-digits, narrowing and improving on its previous guidance issued in January.

Sales growth was largely driven by a strong performance across several flagship therapies. Breast cancer drug Kisqali recorded a 56% surge in revenue, reaching $956 million. Entresto, a treatment for heart failure, rose 22% to approximately $2.3 billion, while arthritis medication Cosentyx saw an 18% increase, bringing in around $1.5 billion.

Chief Executive Vas Narasimhan also highlighted progress on the innovation front, citing regulatory approvals for several new drugs. These include Pluvicto for prostate cancer in a pre-taxane setting, Vanrafia for IgA nephropathy, and Fabhalta for C3 glomerulopathy (C3G). “We remain focused on advancing our leading pipeline and confident in achieving our growth outlook,” Narasimhan stated in the earnings release.

The company is also navigating shifting regulatory and trade dynamics in the United States. A recent White House-initiated national security review of the pharmaceutical sector has raised questions about potential tariffs. While pharmaceuticals are currently exempt from proposed “reciprocal” tariffs, former President Donald Trump has floated a 25% import levy on medicines.

In response, Novartis recently announced a $23 billion investment plan in the U.S. over the next five years. The initiative includes the construction and expansion of 10 manufacturing facilities, with the goal of ensuring all medications for U.S. patients are produced domestically.

Novartis’s performance and expansion plans underscore the company’s strategic focus on growth through innovation and localized production amid global uncertainty.

Gold prices plunged last week from record highs as easing tensions between the United States and China triggered a broad rally in global stock markets, dampening demand for traditional safe-haven assets.

Spot gold and gold futures both fell about 6.5% from their peaks reached last Tuesday. The retreat followed U.S. President Donald Trump’s softened stance on tariffs against China, which reassured investors and reduced the urgency to seek shelter in gold. Analysts, however, believe that while gold may face short-term pressure, the broader outlook remains positive given persistent global uncertainties.

According to Barclays Plc strategists, gold’s surge had moved ahead of its fundamental drivers and showed signs of being technically overstretched. Hedge funds have also pared back their long positions in gold futures and options to the lowest levels in over a year, Bloomberg reported, further weighing on prices.

“This could suggest more downside being on the cards for the yellow metal, which may well be exacerbated by some weaker longs bailing out of what has become an incredibly crowded trade,” said Michael Brown, senior research strategist at Pepperstone. Brown noted that buying interest, particularly from Asia, has noticeably dried up.

Despite the recent pullback, gold has had an impressive run in 2025, rising more than 25% so far this year. Much of the rally has been fueled by economic uncertainty and the strength of the euro, which has pressured the U.S. dollar. The EUR/USD pair has surged 11% since February, making gold cheaper for European investors and boosting demand. European gold ETF purchases totaled $1 billion (€0.88 billion) in March, the World Gold Council reported, making the region the second-largest gold buyer globally.

In the near term, several factors could continue to weigh on gold prices. Fading risk-off sentiment, technical overbought signals, reduced liquidity, and slower central bank buying could all contribute to further declines. Moreover, inflationary concerns linked to tariffs may prompt central banks to reconsider aggressive interest rate cuts, tightening monetary conditions that have previously supported gold.

Nonetheless, many analysts maintain a bullish long-term view. “Still, given all the uncertainty and tumult elsewhere, gold still looks like a better bet as a haven than pretty much anything else,” Brown added.

While short-term volatility remains, gold’s traditional role as a safe-haven asset in times of geopolitical and economic instability suggests that it could resume its upward trajectory later this year.

Saudi Arabia and Qatar announced on Sunday they have jointly paid Syria’s outstanding debt to the World Bank, a move poised to revive international financial support to the war-torn nation after more than 14 years of isolation.

In a joint statement, the finance ministries of both countries revealed they agreed during this month’s World Bank and International Monetary Fund (IMF) meetings in Washington to settle Syria’s nearly $15 million (€13.2 million) debt. The payment, they said, would facilitate the resumption of World Bank activities and open the door to future financing for “vital sectors” in Syria.

Syria’s Foreign Ministry welcomed the move, thanking Saudi Arabia and Qatar for their assistance. Officials said the debt payment marked a crucial step toward rebuilding the country following a devastating conflict that began in 2011, leaving over 500,000 people dead and causing widespread destruction.

Following the fall of Bashar al-Assad’s government in December — after insurgent groups led by Hayat Tahrir al-Sham (HTS) seized Damascus — Saudi Arabia and Qatar have emerged as key supporters of Syria’s new leadership under President Ahmad al-Sharaa. Despite HTS’s designation as a terrorist organization by the United States, regional powers appear determined to stabilize Syria’s future.

The United Nations previously estimated Syria’s reconstruction could cost at least $250 billion (€220.4 billion), though experts now believe the figure could reach $400 billion (€352.6 billion).

The Saudi-Qatari statement did not specify which sectors would benefit from new World Bank funding or when disbursements might begin. However, efforts to address Syria’s battered infrastructure are already underway. Last month, Qatar began supplying natural gas through Jordan to ease electricity shortages affecting much of the country.

Despite these developments, significant hurdles remain. Western sanctions, primarily targeting Assad-era officials, continue to complicate large-scale development projects. While the Biden administration has not formally recognized the new Syrian government, it has eased some restrictions, issuing a temporary license in January allowing certain transactions with Damascus, including limited energy sales.

Similarly, the European Union has relaxed sanctions on Syria’s energy and transport sectors, and the UK announced last week it would lift measures against a dozen Syrian entities, signaling a cautious shift in international policy.

The settlement of Syria’s World Bank debt marks a notable step in its long path toward reconstruction and reengagement with global financial institutions, though political and diplomatic challenges persist.