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Swiss drugs maker Novartis reports 7 percent rise in 3Q net

Swiss drugs maker Novartis reports 7 percent rise in third-quarter net income.

Posted: Oct 24, 2017 3:10 AM
Updated: Oct 24, 2017 5:11 PM

GENEVA (AP) - Swiss pharmaceuticals company Novartis is reporting net income rose 7 percent in the third quarter behind growth for its psoriasis treatment Cosentyx, its eye care business and several cancer drugs.

The Basel-based company says net earnings rose to $2.08 billion in the quarter, from $1.95 billion a year earlier. Net income increased 10 percent in constant currency terms.

Sales rose 2 percent to $12.41 billion, and Novartis predicts sales growth for the whole year will be broadly in line with that of 2016 in constant currency terms.

Novartis says net sales of Cosentyx nearly doubled to $1.46 billion. Aside from chronic myeloid leukemia treatment Gleevec, which has faced competition from generics, the oncology business grew 11 percent in constant currency terms.

Eye care business Alcon reported 7 percent growth.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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