Novartis Climbs Higher After Earnings Rise

Shares of Swiss pharmaceuticals company Novartis saw its share price climb higher on Tuesday after it reported its third quarter earnings report.

The company saw its net income rise 7% in the quarter, citing the growth of Cosentyx, its psoriasis treatment, as well as its eye care business and some cancer drugs.

For the period, the company reported net earnings of $2.08 billion, which was an increase from the $1.95 billion it reported in the year ago period. Net income also increased 10% in constant currency terms.

Sales for the quarter came to $12.41 billion, a 2% rise.

The company’s Cosentyx drug saw its net sales hit $1.46 billion which was double. Its cancer oncology business saw an 11% growth in constant currency terms.

Looking ahead, Novartis has forecast that sales growth for the entire year will be in line with 2016 constant currency terms.

Disclaimer: We have no position in Novartis AG (ADR) (NYSE: NVS) and have not been compensated for this article.