Novartis reports solid third-quarter performance for 2016

Novartis has announced its financial results for the third quarter of 2016, during which it delivered a net sales total of $12.13 billion (9.93 billion pounds).

This was broadly in line with its performance for the corresponding period of last year, an achievement that was attributed to the strong demand for growth products. The company is focusing on newer therapies as a means of offsetting the loss of exclusivity on its older product Gleevec.

Key highlights of the quarter include the continued double-digit growth experienced by Gilenya and the success of Cosentyx, which remains on course for blockbuster status in its first full year after approval. Tafinlar + Mekinist, Promacta/Revolade and Jakavi also saw strong demand.

Additionally, the firm saw continued progress in the development of its pipeline, with compounds such as LEE011, BAF312 achieving key milestones.

Novartis is confirming its outlook for the 2016 full-year period, with net sales expected to be broadly in line with the prior year.

Joseph Jimenez, chief executive officer of Novartis, said: "We are continuing to invest for the future, as we manage the Gleevec loss of exclusivity in 2016 and 2017."

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