Novartis received FDA approval for use of Extavia as a treatment for mutilple sclerosis.
Novartis's 2009 Q2 net income fell 10% to $2.04B from $2.27B. The decline was driven largely by a stronger dollar. Net sales were down 2% to $10.55B but were up 8% on a constant-currency basis.
Novartis's Q1 '09 revealed a drop in net sales of 2% and a drop in profit of 15%. This was largely due to currency movements, however, as sales rose 8% on a constant currency basis.
Previously, there was no mechanism for generic biologic drugs to be approved - which meant companies like Novartis don't face generic competition. But Obama's budget proposes to change that.
Q4 '08 rose 62% compared to '07 on strong contiued sales growth (5% increase in pharmaceuticals) and the absence of high restructuring charges that have lowered previous years' totals.
The FDA approved Novartis’ new blood pressure (hypertension) drug, Tekturna. This final approval means that the drug will launch within the next several months and was a huge boost after the disappointment of Galvus.
Novartis announced the FDA's decision to delay the launch of Galvus while additional clinical trials were run to determine its effects regarding kidney impairment. Galvus was expected to be a blockbuster for Novartis, and its delay caused a large drop in stock prices while competitor Merck rose sharply.