Novartis beats Street, sales of Gilenya, Lucentis grow

Novartis AG (NYSE:NVS; SIX:NOVN) reported 2Q11 core EPS of $1.48, beating the Street's estimate by $0.08 and up 25% from $1.20 in 2Q10. Second quarter net sales were $14.9 billion, up 19% from $11.7 billion in 2Q10 and above the Street's estimate of $14.4 billion. Sales of ophthalmic drug Lucentis ranibizumab, which Novartis markets outside the U.S., jumped 27% to $541 million from $377 million in 2Q10. Gilenya fingolimod had $79 million in 2Q11 sales, up from $59 million in 1Q11. The European Commission approved the multiple sclerosis (MS) drug in March. FDA approved the product last September.

The pharma said net sales grew 19% to $1.5 billion in its top six emerging markets: Brazil, China, India, Russia, South Korea and Turkey. Novartis reaffirmed its expectation for double-digit growth in net sales for 2011. All percentages reflect constant currencies. ...