Novartis states satisfaction with ‘strong operational performance’ in Q1 2015

Novartis has announced its financial results for the first quarter of 2015, during which it achieved a net sales total of $11.9 billion (7.86 billion pounds).

This represented a three percent year-on-year increase on a constant currency basis, while operating income rose by 15 percent by the same metric to $2.8 billion. Meanwhile, core operating income grew faster than sales, resulting in a core margin of 30.6 percent.

A number of key milestones were achieved during the quarter, including three approvals in oncology for Jakavi, Farydak and Jadenu, while the ongoing growth of its new products portfolio and emerging market activities continued apace.

The firm completed a major deal with GlaxoSmithKline that saw it sell off its vaccines business, in exchange for GlaxoSmithKline's oncology unit and the opportunity to form a new consumer health joint venture. The sale of Novartis' animal health business to Lilly was also completed.

Net sales are still expected to grow at a mid-single digit rate for 2015 as a whole.

Joseph Jimenez, chief executive officer of Novartis, said: "Our focus on execution has resulted in a strong operational performance. We have completed the GlaxoSmithKline and Lilly transactions and innovation continues to be strong."