Novartis Ag-adr (NVS) Financial News - UPDATE 2-Novartis expects to be able to fend off generics
Novartis Ag-adr (NVS)
UPDATE 2-Novartis expects to be able to fend off generics
2011-07-19 06:19:37
Keywords: Mike Nesbit, SophieWalker
Quote: Tue Jul 19, 2011 3:35am EDT
* Q2 sales rise to $14.915 bln, vs poll for $14.735 bln * Core EPS $1.48, vs poll of $1.52 * Confirms full-year outlook * Shares rise 2.6 percent, outperform sector index(Adds detail, background, analyst, shares) By Katie Reid ZURICH, July 19 (Reuters) - Swiss drugmaker Novartisexpects demand for new medicines to offset competition
from cheaper copies of its drugs after it posted
forecast-beating second-quarter sales helped by its latest
products. Novartis, which has a better track record than most rivals
in bringing new drugs to market, hit an upbeat note about its
recently launched multiple sclerosis pill Gilenya, which raked
in $79 million from April to June. "Gilenya is turning out to be one of the most successful new
product launches," Chief Executive Joe Jimenez told reporters on
Tuesday. Sales at the Basel-based group rose 27 percent, or 19
percent in constant currencies, to $14.9 billion, ahead of a
poll average of $14.735 billion, while sales volume at the key
pharma unit rose 8 percent. Novartis, like many other drugmakers, is starting to face
generic competition as cancer drug Femara and its blood pressure
medicine Diovan lose patent protection. But Jimenez told Reuters Insider television that Novartis'
recent $51 billion buy of eyecare group Alcon as well its Sandoz
unit, which itself makes generic drugs, would allow Novartis to
navigate the loss of patents. Sales of Diovan slipped 3 percent to $1.5 billion, but
Novartis said the drug has held on to its position as the
top-selling branded anti-hypertensive medication in the world.
Femara sales tumbled 29 percent. "I do expect because we have a broad portfolio quote...Open whole article (external link)