Novartis Second-Quarter Core Net Income $2.87 Billion, Beating Expectations
July 18 2017 - 1:59AM
Dow Jones News
By Denise Rowland
Novartis AG (NOVN.EB) reported a fall in second-quarter core net
income, as it plowed investment into the launch of new drugs that
it hopes will offset the decline of its best-selling cancer drug
Gleevec.
The Basel, Switzerland-based firm said Tuesday that core net
income, a measure that excludes certain one-time gains and
impairments, declined to $2.87 billion from $2.93 billion, while
sales fell 2% to $12.24 billion. Analysts had expected Novartis to
post core net income of $1.83 billion and revenue of $12.26
billion.
Novartis's aging blockbuster drug Gleevec lost patent protection
last year, allowing cheaper imitations to enter the market and
erode sales. It is counting on two new drugs, Entresto for heart
failure and Cosentyx for psoriasis and other inflammatory
conditions, to fill the hole left by the decline of Gleevec, which
at its peak generated nearly $5 billion a year.
Core operating income fell 3% to $3.24 billion in the quarter,
versus analyst estimates of $3.12 billion. Net income, including
one-time gains, rose to $2.0 billion from $1.81 billion.
Write to Denise Rowland at denise.roland@wsj.com
(END) Dow Jones Newswires
July 18, 2017 01:44 ET (05:44 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Novartis (NYSE:NVS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Novartis (NYSE:NVS)
Historical Stock Chart
From Sep 2023 to Sep 2024