Novartis’ Reprieve On Generic Diovan Continues, Tasigna Makes Inroads
This article was originally published in The Pink Sheet Daily
The Swiss drug maker’s executives wouldn’t discuss overall progress of its strategic review under new chairman Joerg Reinhardt on its third quarter conference call, but highlighted the growth of several of its key pharmaceutical products and raised its outlook for 2013 in light of Diovan’s strength.
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Novartis executives trumpeted robust growth across most emerging markets, while cautioning a slowdown in China due to the industry-wide compliance probe. For Amgen, a play to expand internationally is said to be paying off though questions remain about its plans for Japan.
Novartis CEO Joe Jimenez made clear the firm is considering divesting its consumer product, animal health and vaccines and diagnostics business, Sanford and Bernstein analysts say. “It seems that Novartis will be making final decisions with these units fairly soon,” they say.
Ranbaxy’s newest manufacturing site at Mohali, India, is prohibited by FDA from shipping products to the U.S., further delaying approval of generic valsartan. Novartis has recently revised its sales guidance due to lower than expected generic sales erosion in the U.S. this year.