Novartis Second-Quarter Income and Sales Fell as Stockpiling Reversed
21 Luglio 2020 - 08:15AM
Dow Jones News
By Cecilia Butini
Novartis AG said Tuesday that its net profit and sales declined
in the second quarter with medicine stockpiling triggered by the
coronavirus pandemic in the previous quarter largely reversing.
The Swiss pharmaceutical company's net profit from continuing
operations was $1.87 billion, down 4% at constant currencies
compared with the same quarter a year ago. Core operating income
rose 6% at constant currencies, reaching $3.7 billion due to lower
spending and improved gross margin, the company said.
Net sales from continuing operations fell to $11.3 billion from
$11.7 billion. Sales volume for its flagship drugs Entresto,
Zolgensma and cosentyx was partly offset by the impact of the
pandemic, it said.
An analysts' consensus forecast provided by FactSet estimated
second-quarter sales of $11.83 billion.
The drug maker said increased sales for the first quarter due to
stockpiling during the coronavirus pandemic were offset in the
second quarter.
"Despite this, our operations remain stable with record high
customer service levels," Novartis said.
"Our product portfolio remains resilient despite Covid-19
negatively impacting sales in April and May", the company said.
Novartis backed 2020 guidance within tightened ranges. Net sales
are expected to grow mid-single digit and core operating income
expected to grow low double-digit rates at constant currencies, it
said.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
July 21, 2020 02:00 ET (06:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Grafico Azioni Novartis (NYSE:NVS)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Novartis (NYSE:NVS)
Storico
Da Mar 2023 a Mar 2024