Thursday, December 8, 2022

Novartis profit falls by almost half

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The US dollar is to blame

Novartis with significant profit decline in the third quarter

The Swiss pharmaceutical giant Novartis bills in US dollars – this is now the company’s undoing. Because of the strong dollar, Novartis has to accept a significant drop in profits in the third quarter.

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Novartis CEO Vas Narasimhan (46) has to report a significant drop in profits in the third quarter.

The result of the pharmaceutical group Novartis was also affected by the strength of the dollar in the third quarter of 2022. Reported net sales declined 4 percent to $12.5 billion in the third quarter. Meanwhile, at constant exchange rates (cc), it was up 4 percent, Novartis said on Tuesday.

The pharmaceutical division Innovative Medicines turned over 10.3 billion US dollars (-3 percent). The generics division Sandoz posted sales of 2.2 billion (-7 percent).

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