Psoriasis and cardio drugs drive Novartis’ Q1 sales
Novartis has begun 2019 at a sprint, upgrading its sales forecasts for the year after strong performances from psoriasis drug Cosentyx and cardiology medicine Entresto. The company’s revolutionary CAR-T cancer cell therapy Kymriah has also begun to gain traction after a slow launch, according to the Q1 figures. Novartis has forecast a $4.7 billion windfall next quarter from the company’s decision to spin off its Alcon eye care business as part of its new focus on innovative medicines and therapies under new CEO Vas Narasimhan. Novartis now expects core operating income growth at a high-single-digit percentage rate, with sales growing in the mid-single-digit percentage range. Before today’s results it had forecast net sales growing by a low- to mid-single-digit percentage, with core operating income up at a mid-single-digit rate. Figures show that first quarter net income rose 13% at constant exchange rates to $2.81 billion, ahead of expectations of around $2.76 billion consensus predicted by a poll cited by Reuters.