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.