Novartis AG (ADR) (NYSE:NVS) shares slightly moved down in the after-hours trading session after the pharmaceutical company said that its earnings fell for the seventh consecutive quarter amid increased competition that affected sale of famous cancer treatment Gleevec.
The Basel, Switzerland-based company posted an adjusted profit of $1.23 per share for the third quarter, down 3 percent from the same period last year, but above consensus forecast of $1.20 per share.
Novartis is counting on newer therapies such as Cosentyx for psoriasis and heart medicine Entresto. The company restated its annual guidance of $200 million in sales of Entresto. In the latest quarter, Entresto sales came in at $53 million that missed consensus forecast of $57 million.
Overall, Novartis posted revenue of $12.1 billion for the quarter, down 1 percent from the year-earlier quarter. Analysts on average were looking for a revenue of $12.2 billion.