Novartis (NYSE:NVS) shares are trading higher on Wednesday after the company announced it received FDA approval for its Cosentyx for a new indication to treat active non-radiographic axial spondyloarthritis.

Novartis develops and manufactures health care products through two segments: Innovative Medicines and Sandoz. It generates the vast majority of its revenue from Innovative Medicines segment consisting global business franchises in oncology, ophthalmology, neuroscience, immunology, respiratory, cardio-metabolic, and established medicines.

The company sells its products globally, with the United States representing close to one third of total sales.

Novartis shares were trading up 3.13% at $89.41 at time of publication on Wednesday. The stock has a 52-week high of $99.84 and a 52-week low of $69.18.