Novartis 2nd-qtr sales and net profit up but miss analysts’ forecasts

Switzerland’s Novartis (NOVN: VX) – now the world’s largest pharmaceutical company by sales - this morning posted financial results for the second quarter of 2014, showing that net sales of $14.6 billion grew 2% (+2% at constant exchange rates, missing analysts’ forecasts of $14.76 billion, and strong operating income growth of 6% (+11% cc) growing faster than sales.

Net profit attributable to shareholders rose 1.6% to $2.56 billion, also missing forecasts of $2.6 billion. Earnings excluding some items increased 3 % to $3.28 billion, or $1.34 a share, falling slightly short of the average estimate of $1.37 a share among 11 analysts compiled by Bloomberg.

Maintains previous guidance