The Strategist

Novartis net profit grows by 2% in the first half of 2020

07/21/2020 - 08:39

Net profit of the pharmaceutical company Novartis in January-June 2020 increased by 1.6% in annual terms and amounted to $ 4.04 billion, the company said.

--Andrew- via flickr
--Andrew- via flickr
Earnings per share amounted to $ 1.77 at the end of the reporting period against $ 1.72 a year earlier. Novartis had sales of $ 23.63 billion in six months, up 3.3% from a year ago.

In the second quarter, the company's net profit was $ 1.867 billion, down 11.5% from the second quarter a year earlier. Earnings per share were $ 0.82 versus $ 0.91 a year ago. The company's sales fell 3.5% to $ 11.347 billion.

The forecast for sales for the current year was downgraded to 4-6% instead of 4-9%, which were expected in April.

"We continue to direct our efforts to support the response to the COVID-19 pandemic. Our growth drivers and launches remain strong, Cosentyx and Entresto are increasing market share in the US," Novartis CEO Vasant Narasimhan said in a statement.

Novartis International AG, founded in 1996 in Basel, Switzerland, ranks second in the pharmaceutical market in Europe. The company operates in 155 countries.