Novartis 1st-qtr 2015 comes out strongly after asset swaps

Swiss pharma giant Novartis (NOVN: VX) this morning reported first-quarter 2015 financials, with core operating income from the businesses Novartis retains after a three part asset swap with GlaxoSmithKline and Eli Lilly, increasing 9% (-4% as reported) at constant exchange rates to $3.65 billion, exceeded the $3.17 billion average of eight estimates compiled by Bloomberg.

Net profit rose to $13.005 billion from $2.968 billion in the first quarter of 2014. Novartis said sales from continuing operations fell 7% to $11.94 billion, compared with analysts’ forecasts of $12.61 billion. Further strengthening of US dollar impacted sales by -10% and core operating income by -13%. Novartis shares gained 2.1% to 102.30 Swiss francs as markets opened.

Outlook 2015 for continuing operations confirmed