Swiss pharmaceutical giant announces impressive set of results bolstered by its Innovative Medicines unit.
Net sales for the group came in at USD 13 billion after a strong performance from the Innovative Medicines (IM) segment which grew 7 percent on a constant currency (cc) basis. Leading drivers of the performance were Entresto (+44% cc), Cosentyx (+22% cc), Kesimpta (USD 109 million), Jakavi (+26% cc), Zolgensma (+28% cc), Promacta/Revolade (+18% cc) and Kisqali (+27% cc). Sales from the Sandoz generics unit, excluding the United States, have started to normalise during the quarter as the impact of COVID-19 diminishes, growing at 3 percent. However, these came in 2 percent lower with the U.S included as a result of continued pricing pressures. The group’s core operating income rose by 9 percent.
On a year-to-date basis, Cosentyx’s sales rose by 18 percent to USD 3.5 billion, Entresto by 41 percent to USD 2.6 billion and Zolgensma by 49 percent to USD 1 billion. As a result of the strong growth, the company raised peak sales guidance for Cosentyx and Entresto to at least USD 7 billion and USD 5 billion, respectively. Year-to-date net sales for the group increased by 7 percent to USD 38.4 billion, while the operating income jumped to USD 1.2 billion. However, sales from Sandoz for the nine months to date were flat at USD 7.1 billion. Along with its latest results, the pharma giant also announced it will be commencing a strategic review for Sandoz, ranging from retaining it to a full separation.