Novartis raises 2013 guidance on delayed generic Diovan competition

Novartis AG (NYSE:NVS; SIX:NOVN) again raised its 2013 sales guidance based on the continued delay of generic competition in the U.S. for hypertension drug Diovan valsartan. Novartis now expects low- to mid-single digit sales growth over 2012, with low-single digit growth in pharmaceutical sales. The pharma previously said it expected low-single digit growth in net sales, with pharmaceutical sales in-line or better than 2012. Novartis did caution that it now expects "higher generic erosion" in 2014. ...