Novartis slides in Q3, hoping in blockbuster

Novartis saw net profit slip in the third quarter as the loss of a key drug to generic use in the United States outweighed strong sales of its psoriasis drug Cosentyx and MS treatment Gilenya.

Swiss drug company reported third-quarter net income from continuing operations of $1.9 billion, an increase of 7% year-over-year, up more than operating income mainly due to higher income from associated companies.

The loss of Gleevec, used to treat chronic myeloid leukemia, to generic use hurt sales revenue. Gilenya, a medicine for relapsing multiple sclerosis, brought in $790 million, an increase of 15%.

The company said that Cosentyx, with $301 million in sales, was "on track for blockbuster status" in its first full year after approval. For 2016, Group net sales are expected to be broadly in line with the prior year in constant currencies, with Growth Products offsetting the impact of generic competition.