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Novartis 3Q Net Pft $2.76B

Corrections & Amplifications

This headline was corrected at 0512 GMT to reflect that analysts had seen Novartis’s 3Q sales at $13.06B, not net profit.

By Cecilia Butini

Novartis AG said Tuesday that earnings and sales grew on-year in the third quarter and announced a strategic review of its generics division Sandoz, which could include separation of the business.

The Swiss pharma major posted net profit of $2.76 billion for the quarter, up from $1.93 billion the year prior, on sales which grew to $13.03 billion from $12.26 billion in the third quarter of 2020.

Operating profit was $3.23 billion, compared with $2.41 the previous year, and earnings per share came in at $1.23, versus $0.85 the previous year. Core operating income grew to $4.47 billion in the quarter from $4.07 billion the previous year.

Regarding its generics division Sandoz, the company said that it has commenced a strategic review that will explore all options, ranging from retaining the business to separation.

Looking at the rest of the year, Novartis backed a previously given guidance, saying that it expects sales to grow by low- to mid-single digit and core operating income to grow by mid-single digit.

Write to Cecilia Butini at [email protected]

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