FILE PHOTO: The logo of Swiss pharmaceutical company Novartis is seen at its factory in the city of Stein in northern Switzerland on October 23, 2017. Reuters / Arnd Wigman
26 October 2021
(Reuters) – Novartis forecast peak earnings for the two best-selling drugs on Tuesday, with the generic drug division likely to sell sand.
“Novartis has launched a strategic review of the Sands division, which will consider all options from retaining and liquidating the business to determine maximum value to shareholders.” The Swiss pharmaceutical giant said in its quarterly earnings statement.
He said he would have more to say about the review by the end of next year.
Third quarter operating profit, adjusted for specialty items, increased 10% to $4.47 billion due to increased sales of arthritis and psoriasis treatment Cosentyx and heart failure treatment Entresto.
We have increased Cosentex’s peak sales guidance by at least $7 billion and Entresto’s peak sales guidance by at least $5 billion.
Third-quarter sales rose 6% to $13.03 billion, while core net income rose 10% to $3.83 billion, in line with average estimates from analysts compiled by Refinitiv. The market consensus was $3.7 billion.
(Reporting by Ludwig Berger; Editing by Michael Shields)