Novartis 1Q profit jumps 12 percent as heart drug sales soar
GENEVA (AP) — Swiss pharmaceuticals company Novartis says net income jumped 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 Thursday that first-quarter net profit under new CEO Vas Narasimhan rose to $2.03 billion when accounting for currency changes, up from $1.67 billion a year earlier.
Net sales rose 4 percent to $12.69 billion.
Sales of Cosentyx jumped 35 percent to $580 million, and Entresto sales soared 126 percent to $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.