Novartis rises on strong 2nd-qtr financials

Shares of Swiss pharma giant Novartis (NOVN: VX) were up 2.9% at 80.50 Swiss francs in early trading, after the company released second-quarter 2018 financial results that beat expectations.

Net sales of $13.2 billion in the three months ending June 30 were up 5% per cent on a year earlier in constant currencies, and compared with $12.9 billion expected on average by analysts. Core net income rose 3% to $3.0 billion, also beating expectations. Core operating profit rose 7% to $3.54 billion, compared with average forecast of $3.46 billion in a Reuters poll.

Net income jumped to $7.8 billion, including a $5.7 billion net gain from the sale of Novartis’ stake in a consumer healthcare joint venture to GlaxoSmithKline, compared to $2.0 billion in the prior year,