Novartis 1Q Profit Jumps 12% as Heart Drug Sales Soar

by swisscham in Engineering, Manufacturing

Swiss pharmaceuticals company Novartis says net income jumped 12% in the first quarter, pointing to explosive growth in its heart-failure drug Entresto as its rollout continues, and powerful double-digit percentage growth for psoriasis drug Cosentyx. The Basel-based powerhouse, one of the world’s largest drug companies, said that first-quarter net profit under new CEO Vas Narasimhan rose to USD 2.03 billion when accounting for currency changes, up from USD 1.67 billion a year earlier. Net sales rose 4% to USD 12.69 billion. Sales of Cosentyx jumped 35% to USD 580 million, and Entresto sales soared 126% to USD 200 million. Generics and biosimilars unit Sandoz saw U.S. sales drop 18% amid competitive pressures. Novartis experienced double-digit percentage growth in emerging markets, largely due to an 18% increase in sales in China.

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