Novartis reports first Kymriah sales, Cosentyx miss

Novartis AG (NYSE:NVS; SIX:NOVN) reported $580 million in 1Q18 sales of autoimmune drug Cosentyx secukinumab, shy of analysts' $635 million consensus estimate. The pharma also reported for the first time sales of CAR T therapy Kymriah tisagenlecleucel, which came in at $12 million in 1Q.

On a conference call Thursday, Novartis CEO Vasant Narasimhan said the variability in Cosentyx sales was due to inventory de-stocking at U.S. specialty pharmas. The company also cited rebates for enhanced access to earlier lines of therapy as a factor...