Novartis 3Q Profit Fell, Raises Outlook for Core Operating Income
October 27 2020 - 03:04AM
Dow Jones News
By Cecilia Butini
Novartis AG said Tuesday that third-quarter net profit fell
while sales grew, and raised its 2020 outlook for core operating
income.
The Swiss pharmaceutical major posted net profit of $1.93
billion from continuing operations, down from $2.04 billion for the
same quarter a year prior. The slump was mainly due to legal
provisions, Novartis said.
Operating income was $2.41 billion, up from $2.36 billion.
Core operating income came in at $4.07 billion compared with
$3.75 billion the previous year.
Net sales from continuing operations rose to $12.26 billion from
$12.17 billion in the third quarter of 2019, the company said.
Entresto, Zolgensma and Coventyx were among the key growth
drivers for sales, Novartis said.
The company said that even though overall market conditions had
been recovering throughout the third quarter, the coronavirus
pandemic continued to weigh on parts of its business, including
dermatology, opthalmology and Sandoz retail.
Novartis guided for net sales growth in the mid single digits
and upgraded its core operating income guidance of growth in the
low-double-digits to mid teens. It had previously guided for core
operating income to growth in the low-double-digits.
The company said that the guidance is conditional on a return to
normal global health-care systems, including prescription
dynamics.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
October 27, 2020 02:49 ET (06:49 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Novartis (NYSE:NVS)
Historical Stock Chart
From Feb 2024 to Mar 2024
Novartis (NYSE:NVS)
Historical Stock Chart
From Mar 2023 to Mar 2024