Novartis Q2 Core Profit Rises In Constant Currencies Excl. Roche Investment Impacts

(RTTNews) - Novartis (NVS) reported second quarter core net income of $3.4 billion, down 8%, or down 1% constant currencies, as growth in core operating income was more than offset by the loss of Roche core income. Excluding the impact of Roche core income, core net income increased 8% in constant currencies. Core EPS was $1.56, down 6%, or up 1% in cc. Excluding the impact of Roche core income, core EPS increased 10% in cc.

Net income was $1.7 billion, a decline of 41%, or down 34% in constant currencies, mainly due to lower operating income. Excluding the impact of Roche income, net income declined 29% in cc. EPS was $0.77, down 40%, or a decline of 33% cc. Excluding the impact of Roche income, EPS declined 27% in cc.

Net sales were $12.8 billion, down 1%, or up 5% in constant currencies, driven by volume growth of 12 percentage points, price erosion of 4 percentage points and the negative impact from generic competition of 3 percentage points.

The company noted that the strategic review of Sandoz is on track; and it expects to provide an update, at the latest, by the end of 2022.

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