GO
Loading...

Novartis lifts guidance for second quarter in row

FABRICE COFFRINI | AFP | Getty Images

Swiss drugmaker Novartis raised its full-year outlook for a second quarter in a row on Wednesday, due to the ongoing absence of generic competition to its best-selling blood pressure pill Diovan.

The Basel-based firm now expects full-year sales to grow at a low to mid-single digit rate in constant currencies, and core earnings to be in line or better than the previous year.

It had previously guided for a low single digit decline in core earnings, and low single-digit sales growth.

Novartis lost its patent rights on Diovan in the United States last year but has so far been spared the full blow of the patent loss as U.S. regulators have not yet approved a generic version of its monotherapy from Ranbaxy Laboratories.

Novartis' net sales were up 4 percent in the third quarter to $14.338 billion, generating core earnings per shares of $1.26 billion. Analysts in a Reuters poll had forecast net sales of $14.316 billion and core EPS of $1.29.

Follow us on Twitter: @CNBCWorld

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Europe Video

  • Tina Fordham, senior political analyst at Citi, says that investors are right to disregard geopolitics for now but that the world is heading into a "very different environment" that will last "for a long time".

  • David Rees, emerging markets economist at Capital Economics, discusses the Venezuelan economy and says that President Maduro shows no signs of implementing the reforms that are needed.

  • Richard Champion, CIO at Sanlam Private Investments, says that all assets look "on the expensive side" at the moment and discusses how best to invest.