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Novartis AG Raises FY 2013 Guidance

Wednesday, 17 Jul 2013 01:00am EDT 

Novartis AG announced that barring unforeseen events, it has increased its fiscal 2013 outlook.The Company has raised its outlook for fiscal 2013 performance to reflect a smaller impact from generic competition, now expected to be up to USD 2.7 billion compared to the assumption of USD 3.5 billion in January. The reduction is mainly due to the absence of generic competition for Diovanmonotherapy in the US, and due to its expectation that this absence is likely to continue in the third quarter. While this delay is expected to provide upside in reported sales and operating profits in 2013, the Company expect the benefit to reverse and result in higher generic erosion in 2014, pending the launch of a generic Diovanmonotherapy in the US. Group net sales in fiscal 2013 are now expected to grow at a low-single digit rate in constant currencies, including the absorption of the impact of generic competition. Group core operating income in fiscal 2013 is now expected to decline in constant currencies at a low-single digit rate as a result of lower generic competition and continued investment into the Company's pipeline and launches. The Company reported revenue of $56.673 billion and operating profit of $15.160 billion in fiscal 2012. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report of $57.389 billion and operating profit of $12.171 billion in for fiscal 2013. 

Company Quote

-1.95 -1.98%
29 May 2015