Novartis’ strong third-qtr boosted by sale of Idenix stake

Swiss pharma major Novartis (NOVN: VX) this morning reported that sales for the third quarter of 2014 rose 4% to $14.7 billion, beating analysts’ forecast of $14.55 billion, boosted by strong sales of new products such as Gilenya (fingolimod) for multiple sclerosis and the leukemia drug Tasigna (nilotinib).

The company reported quarterly net profit was $3.24 billion, up 45% from last year's equivalent of $2.23 billion, which was downwardly adjusted to conform to reporting requirements. Earnings excluding some items increased 9% to $3.35 billion, or $1.37 a share, from $3.06 billion, or $1.24. Analysts forecast profit of $1.32 a share, the average of 12 estimates compiled by Bloomberg. Novartis shares rose 2.2% to 87.60 Swiss francs in early trading.

Net profit was boosted by an $800 million pretax gain from the sale of Novartis’ shareholding in blood transfusion diagnostics business Idenix Pharmaceuticals, which was bought by US drugmaker Merck & Co (NYSE: MRK) in June.