Novartis misses Street's sales estimates
Novartis AG (NYSE:NVS; SIX:NOVN) on Thursday reported $14.6 billion in net sales in 2Q14, missing the Street's estimate of $14.8 billion, but up 2% from 2Q13. The pharma also reported $1.34 core EPS, up from $1.29 in 2Q13. Despite missing the Street's sales estimate, Novartis reiterated its 2014 guidance of low- to mid-single digit sales growth over 2013, assuming generic competition in the U.S. for hypertension drug Diovan valsartan starting in 2Q14. The pharma had $57.9 billion in net sales in 2013.
On a positive note, FDA granted Fast Track designation to Novartis' LCZ696, and the company plans to submit a rolling NDA to treat heart failure with reduced ejection fraction. Novartis expects to complete the submission in December, with a submission in the EU to follow in 1Q15. The compound is a dual inhibitor of angiotensin II type 2 (AT2) receptor (ATGR2) and neutral endopeptidase ( neprilysin; MME; NEP; CD10). ...