Novartis has rejected accusations it bribed pharmacists to favour sales of two of its drugs.
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Novartis reported third-quarter core net income fell, missing analyst forecasts as the cancer portfolio acquired from GlaxoSmithKline and the Swiss company’s newer products failed to offset continuing weakness at its eye-care business Alcon.
The company attributed the decline in earnings mainly to provision for conditional settlement in principle of specialty pharmacies case, slightly below $0.4 billion, and the absence of prior-year gain from sale of Idenix Pharmaceuticals, Inc. shares to Merck & Co.
“We’re not admitting liability, it’s something we just believe we want to put behind us”, he said.
Swiss pharmaceutical giant Novartis (LSE: 0QLR.L – news) said Tuesday that its third-quarter net profit fell by 42 percent to $1.8 billion (1.64 billion euros), partially due to provisions to settle a U.S. corruption case. The number was up six per cent at constant currencies.
Novartis’s Sandoz generics unit posted strong sales, led by a 28 per cent increase in sales of biopharmaceuticals, including its Glatopa version of Copaxone to treat multiple sclerosis, to $186 million.
Alcon dragged down the Swiss drugmaker’s results for a second quarter in a row as it struggled with generic competition, lagging sales of surgical equipment and a lack of innovation, Jimenez said.
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“You are going to see more of those, to strengthen the pipeline on all three divisions”, Jimenez said. “It’s very early to see”, Jimenez said.
