Novartis' 4Q11 results miss Street

Novartis AG (NYSE:NVS; SIX:NOVN) reported 4Q11 financial results below the Street's estimates on Wednesday. Core EPS for the quarter was $1.23, missing by a penny the Street's estimate of $1.24, but up 13% from $1.14 in 4Q10. Net sales rose 5% in constant currencies to $14.8 billion, below the Street's estimate of $14.9 billion. For the year, sales were $58.6 billion, below the Street's estimate of $58.9 billion. Novartis predicted 2012 sales will be in line with 2011 as it expects the growth of newer products to offset the negative impact of generic competition for Diovan valsartan and lower sales of Rasilez/ Tekturna aliskiren. Earlier this month, the pharma said it is restructuring its U.S. business in anticipation of lower sales from the two hypertension drugs. Rasilez sales fell 18% in the quarter to $108 million at constant currencies, while Diovan sales fell 17% to $1.3 billion. Sales of ophthalmic drug Lucentis ranibizumab rose 39% to $550 million in the quarter (see BioCentury Extra, Jan. 13). ...