Share storyBy The Associated Press The Associated Press
GENEVA (AP) — Swiss pharmaceuticals company Novartis says net income jumped 12 percent in the first quarter, pointing to explosive growth in its heart-failure drug Entresto as its rollout continues, and powerful double-digit percentage growth for psoriasis drug Cosentyx.
The Basel-based powerhouse, one of the world’s largest drug companies, said Thursday that first-quarter net profit under new CEO Vas Narasimhan rose to $2.03 billion when accounting for currency changes, up from $1.67 billion a year earlier.
Net sales rose 4 percent to $12.69 billion.
Sales of Cosentyx jumped 35 percent to $580 million, and Entresto sales soared 126 percent to $200 million.
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Generics and biosimilars unit Sandoz saw U.S. sales drop 18 percent amid competitive pressures.
Novartis experienced double-digit percentage growth in emerging markets, largely due to an 18-percent increase in sales in China.The Associated Press The Seattle Times does not append comment threads to stories from wire services such as the Associated Press, The New York Times, The Washington Post or Bloomberg News. Rather, we focus on discussions related to local stories by our own staff. You can read more about our community policies here.