• May 20, 2018
    Last updated 4 minutes ago

manufacturing

Novartis says profit up 15% in 2017

Two of its main blockbuster drugs enabled it to turn in a “good operational performance” in 2017

AFP
15:05 January 24, 2018

GENEVA

Swiss pharmaceuticals giant Novartis said Wednesday that strong sales of two of its main blockbuster drugs enabled it to turn in a “good operational performance” in 2017.

Novartis said in a statement that net profit climbed by 15 per cent to $7.7 billion in 2017 on a one-percent increase in sales to $49.1 billion. “Novartis had a good year in 2017,” said chief executive Joe Jimenez.

The group’s psoriasis drug, Cosentyx, “reached multi-blockbuster status,” the heart treatment Entresto delivered more than $500 million in sales and the eye care unit Alcon “returned to growth,” the statement said.

Underlying or operating profit of $12.9 billion was “broadly in line with prior year as sales growth and productivity fully offset generic erosion and growth investments,” Novartis said.

Looking ahead, “barring unforeseen events, group net sales in 2018 are expected to grow low to mid single digit,” Novartis said.

And underlying profit was expected “to grow mid to high single digit,” it added.

“With several key launches on the horizon and our new operating model in place, Novartis is poised for sustainable growth,” said CEO Jimenez.