Heart drug sales boost Novartis quarterly profitBusiness | 19 Apr 2018 5:25 pm
Swiss pharmaceuticals company Novartis says net income jumped by 12 percent 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 today that first-quarter net profit under new chief executive Vas Narasimhan rose to US$2.03 billion when accounting for currency changes, up from US$1.67 billion a year earlier.
Net sales grew by 4 percent to US$12.69 billion.
Sales of Cosentyx jumped by 35 percent to US$580 million, and Entresto sales soared by 126 percent to US$200 million.
Generics and biosimilars unit Sandoz saw U.S. sales drop 18 percent amid competitive pressures.
Novartis experienced double-digit percentage growth in emerging markets, largely due to an 18-percent increase in sales in China. -AP