Novartis 4th-qtr sales rise 2% despite patent expiries

Swiss drug major Novartis (NOVN: VX) posted fourth-quarter and full-year 2012 financial results this morning revealing that group sales for the quarter were up 2% at constant currencies (cc) to $14.8 billion but flat as reported. Core operating income rose 3% (+5%cc) to $3.7 billion, resulting in earnings per share of $1.27 *+3%, +4%cc).

For the full year, net sales were $56.7 billion (-3%, 0%cc) and core operating income was $15.2 billion (-5%, -2%cc). EPS at $5.25 was down 6% (-3%cc).

Novartis said that portfolio rejuvenation continued to drive overall growth for the Group, as recently launched products grew 17% over the previous-year quarter to $4.3 billion. These products, which include Lucentis (ranibizumab) for macular degeneration, Gilenya (fingolimod) for multiple sclerosis, Afinitor (everolimus) and Tasigna (nilotinib) for myeloid leukemia, contributed 29% of group net sales, up from 25% in the year-ago period, and more than offset the impact of generic competition in the quarter of $600 million.