Novartis’s sales ‘weaker than expected’

Novartis announced today that its recorded sales during the first three months of this year were $5.052 billion (?2.82 billion), $80 million short of expectations as set out in a Reuters poll of industry analysts.

However, Novartis also stated that it increased its share of the pharmaceutical market, with net sales increasing by five per cent due to “double digit growth” in cardiovascular and oncology franchises and its chairman and chief executive officer, Daniel Vasella, said he was “pleased” with the results.

Novartis also announced group operating income had risen by 31 per cent and pharmaceutical operating income was up by 19 per cent.

Dr Vasella continued: “In cardiovascular, Diovan ranks number one in its class.

“In oncology, our breakthrough medicine Gleevec/Glivec was submitted in the US and Europe for approval for the treatment of four rare types of cancer, providing hope to additional patients suffering from cancer.”

Looking to the future, the chief executive added that several other “very innovative drugs” have been submitted for approval, two of which are type two diabetes drug Galvus and Rasilez, a hypertension drug.

In addition, the Swiss-based drugs manufacturer said that pain therapy drug Prexige had performed well in the UK.

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