By Maitane Sardon

 

Novartis AG said its sales and profit fell in the second quarter and the group backed its 2022 guidance.

The Swiss pharmaceutical company on Tuesday posted net profit of $1.69 billion, down from $2.89 billion a year earlier.

Core operating income was $4.27 billion in the quarter, down from $4.35 billion the year prior.

Sales came in at $12.78 billion, compared with $12.96 billion the previous year, Novartis said. At constant currencies, sales rose 5%.

The main contributors to growth were heart failure treatment Entresto and psoriasis-and-arthritis treatment Cosentyx, Novartis said.

Analysts polled by FactSet had forecast net profit at $3.23 billion and sales at $12.60 billion for the quarter.

The company's generics arm, Sandoz, posted a 5% sales growth at constant currencies, Novartis said.

The company backed its previously-issued outlook for 2022, reiterating that it sees group sales growth for the year in the mid-single digits and core operating income increasing in the mid-single digits.

 

Write to Maitane Sardon at maitane.sardon@wsj.com

 

(END) Dow Jones Newswires

July 19, 2022 02:07 ET (06:07 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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