Novartis profit slips as key drug goes generic

Swiss drug company Novartis saw net profit slip in the third quarter as the loss of a key drug to generic use in the United States outweighed strong sales of its psoriasis drug Cosentyx and MS treatment Gilenya.

Core net income fell 2 percent to $2.94 billion from $2.99 billion in the previous-year quarter. The loss of Gleevec, used to treat , to generic use hurt sales revenue.

Gilenya, a medicine for relapsing multiple sclerosis, brought in $790 million, an increase of 15 percent.

The company said that Cosentyx, with $301 million in sales, was "on track for blockbuster status" in its first full year after approval.


Explore further

Novartis profit slips as generic drug competition hits sales

© 2016 The Associated Press. All rights reserved.

Citation: Novartis profit slips as key drug goes generic (2016, October 25) retrieved 20 June 2019 from https://medicalxpress.com/news/2016-10-novartis-profit-key-drug.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
0 shares

Feedback to editors

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more