Swiss drugmaker Novartis reports Q2 core operating income of $5.94bn, beating analyst expectations amid portfolio shifts.
Novartis posted Q2 core operating income of $5.94bn, flat year-over-year but exceeding analyst forecasts of $5.31bn. Quarterly sales rose 1% at constant currency to $14.1bn, a 3% beat on expectations.
The company faced headwinds from patent expirations, including a 50% drop in Entresto sales to $7.8bn peak levels. Other key drugs, Promacta and Tasigna, also declined due to generics competition.
Growth in newer medicines, such as Kisqali (up 43% to $1.7bn) and Kesimpta, helped offset losses, stabilizing Q2 performance after a weak Q1.