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Novartis’ net income climbs 8% in Q3

Novartis’ net income climbs 8% in Q3

Mubasher: Swiss pharma major Novartis on Tuesday reported that its net income rose by 8% year-on-year in the third quarter of this year, as sales grew by 10% across the company’s drug portfolio.

Novartis’ net income came in at $2.04 billion in Q3-19, compared with $1.88 billion in Q3-18, which reflected an increase of earnings per share (EPS) to $0.90 from $0.81.

Core operating profit, which excludes extraordinary items, was $3.75 billion in the three-month period ended last September, versus $3.26 billion in the same period last year.

The drug giant generated $12.17 billion from net sales during the third quarter, compared with $11.02 billion a year ago.

Cardiovascular drug Entresto sales jumped by 59% year-on-year to $430 million, while psoriasis medicine Cosentyx sales climbed by 25% to $937 million, boosting the top-line growth.

Furthermore, sales of Zolgensma, the one-time treatemtn for patients born with spinal muscular atrophy (SMA), a rare muscle-wasting hereditary disease treatment, totalled $160 million during the quarter.

“Zolgensma and Piqray launched with strong momentum and Beovu just launched with a clearly differentiated label,” Novartis’ CEO Vas Narasimhan said.

Novartis expected its total sales in 2019 grow by an annual big single-digit percentage, while core operating income is set to grow “mid to high teens.”