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Novartis Q2 profit down, FY core outlook down

Staff Writer | July 19, 2016
Novartis reported that its net income from continuing operations for the second quarter of 2016 declined 3 percent to $1.81 billion from the prior year's $1.86 billion, with earnings per share declining to $0.76 from $0.77 last year.
Novartis   Core earnings per share were $1.23
Core earnings per share were $1.23, down from $1.27 last year. Net sales from continuing operations declined 2 percent to $12.47 billion from $12.69 billion in the prior year, while it was flat at constant currencies.

Looking ahead to fiscal 2016, Novartis affirmed its outlook for group net sales to be broadly in line with prior year at constant currencies, with Growth Products offsetting the impact of generic competition.

Based on the increased spending for Entresto, and depending on Gleevec erosion curve, full-year core operating income is now expected to be broadly in line or decline low single digit at constant currency.

Earlier, the company had forecast core operating income to be broadly in line with the prior year.