As expected, Novartis begins the year with a whimper. However, sales growth of 1% at CER to $11.6bn came in marginally ahead of our expectation which had factored in a deeper generic erosion of Gleevec. NB all revenue growth numbers at CER unless specified. Excluding Gleevec, the revenue growth was 4%. Volume growth of 7% was offset by generic competition (-4%), pricing pressure (-2%) and negative forex (-4%), culminating in a decline of 3% in reported $ sales. Growth products (contributing 3
01 Jun 2016
Recovery efforts continuing
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Novartis AG (0QLR:LON) | 0 0 0.7% | Mkt Cap: 208,186m
- Published:
01 Jun 2016 -
Author:
Kamla Singh -
Pages:
4
As expected, Novartis begins the year with a whimper. However, sales growth of 1% at CER to $11.6bn came in marginally ahead of our expectation which had factored in a deeper generic erosion of Gleevec. NB all revenue growth numbers at CER unless specified. Excluding Gleevec, the revenue growth was 4%. Volume growth of 7% was offset by generic competition (-4%), pricing pressure (-2%) and negative forex (-4%), culminating in a decline of 3% in reported $ sales. Growth products (contributing 3