Swiss drugmaker Novartis reported second-quarter core net income that fell short of expectations on Tuesday, on the back of a stronger dollar. But the company's chief executive told CNBC that it could ride out the currency's strength.
The strength of the dollar, in which Novartis posts results, might have hit profits, but the group can look forward to accelerating underlying growth as it rolls out a new heart failure drug, Entresto, which is forecast to be a multibillion-dollar seller.
Joe Jimenez, chief executive of Novartis, told CNBC Tuesday that the results looked much better after stripping out the effects of a stronger dollar.
"If you look at our results you have to look at them on a constant currency basis and they were very good in the second quarter," he said.