Novartis To Seek Label Expansion of Prostate Cancer Treatment After Successful Study

Shares of Novartis (NVS) climbed Thursday as the pharmaceutical firm announced it would seek approval for expanded use of its cancer treatment, Pluvicto.

The Swiss-based firm reported that a late-stage trial found that Pluvicto helped improve overall survival rates for patients with advanced prostate cancer when it was given before they received chemotherapy drugs known as taxanes.

Pluvicto is a radiotherapy that, as originally approved in 2022, uses both a compound that targets cells and a therapeutic radioactive particle, and is given to those whose cancer has spread to other parts of the body. Pluvicto was the fastest-growing drug for Novartis in 2023, with sales soaring 262% to $980 million.

Novartis said it would file for label expansion of Pluvicto in the second half of the year. The company added that full results of the study would be presented at a future medical meeting.

Novartis shares were up 2.4% at $96.61 at around 3:35 p.m. ET Thursday.