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Two weeks ago, bluebird bio secured Food and Drug Administration approval for its gene therapy for sickle cell disease, a significant milestone for the roughly 100,000 people in the U.S. who suffer from the condition.
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By Adria Calatayud
Novartis raised its full-year earnings guidance for the third time this year after it reported higher net profit and sales for the third quarter, boosted by strong sales of key drugs.
The Swiss pharmaceutical giant said Tuesday that it now expects core operating profit to grow this year by a percentage in the mid to high teens range. It had previously anticipated a growth rate from low double percentage digits to mid teens excluding Sandoz, the generics unit that was spun off earlier this month.
Novartis reiterated its expectation for net sales growth of a high single digit in 2023.
For the third quarter, the company made a net profit of $1.76 billion compared with $1.57 billion for the same period last year.
Net sales for the quarter grew to $11.78 billion from $10.49 billion.
“Our growth drivers, including Kesimpta, Entresto, Kisqali and Pluvicto, continue to perform well in the market,” Chief Executive Vas Narasimhan said.
Excluding exceptional items, core operating income from continuing operations was up 21% at $4.41 billion.
Write to Adria Calatayud at adria.calatayud@dowjones.com
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By Adria Calatayud
Novartis said an interim analysis from a phase 3 trial to evaluate its investigational iptacopan drug in patients with kidney disease nephropathy achieved positive results, meeting its primary goal.
The Swiss pharmaceutical company said Monday that an analysis of study data at nine months showed a clinically meaningful and statistically significant reduction in protein in urine. The company said this demonstrated superiority of iptacopan relative to placebo in reducing protein in urine.
The safety profile of the drug was consistent with previously reported data, Novartis said.
Novartis said it plans to review the trial’s interim results with the U.S. Food and Drug Administration to enable a potential regulatory submission for accelerated approval.
The study will now continue to assess the iptacopan’s ability to slow disease progression over two years, the company said. Results from the primary goal at the end of the study are expected in 2025.
Write to Adria Calatayud at adria.calatayud@dowjones.com
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By Adria Calatayud
Novartis said the planned spinoff of its Sandoz generic pharmaceuticals and biosimilars business is expected to occur on or around Oct. 4.
The Swiss pharmaceutical giant said Friday that the separation will take place through a proposed distribution of Sandoz shares to its existing shareholders. Novartis shareholders will get one Sandoz shares for every five Novartis shares held and one Sandoz American depositary receipts–or ADRs–for every five Novartis ADRs, the company said.
Novartis had previously said it expected the spinoff to happen early in the fourth quarter.
The Sandoz spinoff remains subject to approval by Novartis’s shareholders. Novartis has scheduled an extraordinary general meeting for Sept. 15 to vote on the proposed distribution of Sandoz shares and a reduction in its own share capital in connection with the spinoff, it said.
Following the separation, Sandoz would be listed in SIX Swiss Exchange, with an ADR program in the U.S., Novartis said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
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https://www.barrons.com/articles/stock-market-movers-98396473