Novartis profit declines as competition hits cancer drug sales
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London: Novartis AG, Europe’s second-biggest drugmaker by sales, said profit fell for the seventh straight quarter as generic competition eroded sales of blockbuster cancer treatment Gleevec.
Third-quarter earnings excluding some items fell 3% to $1.23 a share from $1.27 a year earlier, the Basel, Switzerland-based company said Tuesday in a statement. Analysts estimated $1.20, according to data compiled by Bloomberg.
Novartis, also grappling with a slump at its eye-care division Alcon, is banking on newer treatments like heart medicine Entresto and Cosentyx for psoriasis. Chief executive officer Joe Jimenez in July called the two drugs catalysts over the next five years. Bloomberg