Novartis 1Q profit jumps 12 per cent as heart drug sales soar

GENEVA — Swiss pharmaceuticals company Novartis says net income jumped 12 per cent in the first quarter, pointing to explosive growth in its heart-failure drug Entresto as its rollout continues, and powerful double-digit percentage growth for psoriasis drug Cosentyx.

The Basel-based powerhouse, one of the world’s largest drug companies, said Thursday that first-quarter net profit under new CEO Vas Narasimhan rose to $2.03 billion when accounting for currency changes, up from $1.67 billion a year earlier.

Net sales rose 4 per cent to $12.69 billion.

Sales of Cosentyx jumped 35 per cent to $580 million, and Entresto sales soared 126 per cent to $200 million.

Generics and biosimilars unit Sandoz saw U.S. sales drop 18 per cent amid competitive pressures.

Novartis experienced double-digit percentage growth in emerging markets, largely due to an 18-per cent increase in sales in China.