BRIEF—Novartis reports 2% rise in 3rd-qtr sales

Swiss pharma giant Novartis this morning reported that sales for the third quarter 2017 were $12.4 billion (+2%, +2% constant exchange) as volume growth of 7 percentage points was partly offset by the negative impacts of generic competition (-4 percentage points) and pricing (-1 percentage point).

Operating income was $2.4 billion (+4%, +6% cc) mainly driven by growth drivers, productivity and a gain from a Swiss pension plan amendment, which were partly offset by generic erosion. Core adjustments amounted to $1.0 billion (2016: $1.1 billion).

Net income was $2.1 billion (+7%, +10% cc), driven by the strong operating income and higher income from associated companies.

Earnings per share were $0.89 (+10%, +12% cc), driven by growth in net income and the benefit from the share buyback program.