Novartis 2Q net slips as generic drug competition hits salesComments Off on Novartis 2Q net slips as generic drug competition hits sales
(AP) Swiss pharmaceuticals company Novartis says net profit from continuing operations dropped 3 percent in the second quarter, largely because of new generic competition for its top cancer drug.
The Basel-based giant reported Tuesday that net income from continuing operations of $ 1.81 billion, down from $ 1.86 billion a year earlier in the quarter.
Core operating income dropped 7 percent, amid losses of the exclusivity on the Gleevec cancer-fighting drug in the United States, plus investments in innovation and a growth plan for its Alcon eye care unit.
Sales slipped to $ 12.5 billion from $ 12.7 billion.
Novartis said core operating profit for the full year was expected to be “broadly in line” or slightly down, depending largely on the slide in Gleevec sales and increased spending for its Entresto heart failure drug.