Novartis AG (NVS) Banks on New Drugs to Offset Generics Pressure
7/19/2012 6:50:25 AM
Novartis AG (NVS) Thursday reported lower second-quarter sales and stagnating profits said it expects growth from newly launched drugs, better productivity and expansion in emerging markets to help offset dwindling sales of its blockbuster hypertension pill Diovan, which lost patent protection and is now competing with cheaper generics. The Swiss drug maker is also weathering lingering manufacturing problems in the U.S. and, like many of its peers, faces looming patent expirations on some of its other key drugs. The Basel-based company, whose second-quarter figures beat analysts' expectations, is now banking on innovation and a more diversified pipeline, as recently launched products contributed 29% to net sales in the three months ended in June.