Novartis shares dip as sales miss estimate

21 July 2020

Swiss pharma giant Novartis (NOVN: VX) was trading 1.5% lower on Tuesday lunchtime after presenting its financial results for the second quarter of 2020.

Net sales for the quarter were $11.35 billion, a 4% drop on the same period of 2019. An analysts’ consensus forecast provided by FactSet estimated second-quarter sales of $11.83 billion.

Net profit from continuing operations was $1.87 billion, down 11%, though core operating income jumped by 1% in a rise attributed to lower spending and improved gross margin.

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