Novartis (NVS) Q2 results:
Revenues: $11,347M (-3.5%); Innovative Medicines: $9,188M (-1.5%); Sandoz: $2,159M (-11.4%).
The sales declined due to COVID-19 impacts, mainly from the reversal of Q1 forward purchasing and lower retail demand.
Net Income: $1,867M (-11.5%); EPS: $0.82 (-9.9%); non-GAAP Net Income: $3,108M (+0.4%); non-GAAP EPS: $1.36 (+1.5%).
CF Ops: $3,961M (+27.3%).
Top sellers: Cosentyx: $944M (+10%); Gilenya: $738M (-11%); Entresto: $580M (+38%); Tasigna: $480M (+3%); Lucentis: $401M (-25%); Promacta/Revolade: $422M (+21%); Tafinlar + Mekinist: $371M (+9%); Sandostatin: $341M (-15%); Jakavi: $310M (+9%); Gleevec/Glivec: $288M (-11%); Xolair: $289M (unch); Afinitor/Votubia: $266M (-34%); Ilaris: $200M (+21%); Exjade/Jadenu: $163M (-36%); Zolgensma: $205M; Kisqali: $159M (+43%); Votrient: $162M (-16%).
2020 Guidance: Net sales growth: mid- to high-single digit (unch); Innovative Medicines: grow mid single digit from mid to high-single digit; Sandoz: grow low-single digit (unch); Core operating income: to grow low double digit from high single to low double digit.
Key Innovation Milestones: Cosentyx approved in EU and US for treatment of active nr-axSpA.
Zolgensma IV conditionally approved in EU for SMA children up to 21kg
Entresto, Tabrecta, Mayzent, Enerzair and Atectura simultaneously approved in Japan.
The company resolved legacy legal matters, including the settlements related to FCPA and US speaker programs.
Previously: Novartis EPS beats by $0.03, misses on revenue (July 21)
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