Novartis 2Q net slips as generic drug competition hits sales


Swiss pharmaceuticals company Novartis says net profit from continuing operations fell 3 percent in the second quarter, largely because of new generic competition for its top cancer drug even as it expressed high hopes for a psoriasis drug that has turned out to be one of its best product launches ever. The Basel-based giant reported Tuesday that net income from continuing operations was $1.81 billion, down from $1.86 billion a year earlier in the quarter.



from Biotech News