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Financial Report: Novartis 2Q

Sales in the quarter and YTD were up 8% in local currencies (lc), but were impaired by fluctuations in exchange rates.

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Novartis 2Q

2Q Revenues: $10.5 billion (-2%)

2Q Earnings: $2.0 billion (-10%)

YTD Revenues: $20.3 billion (-2%)

YTD Earnings: $4.0 billion (-12%)

Comments: Sales in the quarter and YTD were up 8% in local currencies (lc), but were impaired by fluctuations in exchange rates. YTD Pharmaceutical sales were up 3% to $13.5 billion (+11% lc). New products, Lucentis, Exforge, Exjade, Exelon Patch, Reclast/Aclasta and Tekturna/Rasilez, contributed $2.0 billion in sales YTD. This represented 15% of division sales compared to 9% in YTD08. Sandoz sales were down 9% to $3.5 billion (+4% lc). Consumer Health sales were $2.7 billion, down 9% (+2% lc). Vaccines and Diagnostics sales were $494 million, down 18% (-15% lc). YTD08 results included deliveries of H5N1 pandemic flu vaccines. Financing costs for the 25% Alcon stake also impacted earnings.

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