Novartis reports solid financial results for 2016

Novartis has announced its financial results for 2016, during which it delivered a full-year net sales total of $48.52 billion (38.5 billion pounds).

This total was roughly even with its performance from last year, despite the impact of the loss of patent exclusivity on its cancer drug Gleevec/Glivec. Sales of newer therapies helped to offset declining revenues from this product.

In particular, it was noted that Gilenya delivered double-digit growth, Entresto continued to experience steady growth and Cosentyx reached billion-dollar blockbuster status, while other therapies such as Jakavi also performed well.

Meanwhile, positive momentum was achieved by Novartis subsidiaries Sandoz and Alcon, while acquisition deals for Ziarco and Encore were signed during 2016, further expanding the company's capabilities.

In 2017, the company expects its net sales to be broadly in line with the prior year, after absorbing the impact of generic competition.

Joseph Jimenez, chief executive officer of Novartis, said: "We made major strides in advancing our pipeline, executing our bolt-on merger and acquisition strategy and implementing our new focused organisation."

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