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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Novartis Ag Basel Namen Akt (PK) | USOTC:NVSEF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 105.17 | 104.29 | 118.12 | 20 | 21:20:00 |
Form 20-F: x
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Form 40-F: o
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Yes: o
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No: x
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Yes: o
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No: x
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Yes: o
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No: x
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Novartis AG
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Date:
April 23, 2015
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By:
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/s/ PAUL PENEPENT
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Name:
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Paul Penepent
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Title:
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Head Group Financial Reporting and Accounting
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![]() |
Novartis International AG
Novartis Global Communications
CH-4002 Basel
Switzerland
http://www.novartis.com
|
·
|
Continuing operations1 saw sales, core2 operating income and core EPS grow (cc2) in Q1
|
o
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Net sales were USD 11.9 billion (-7%, +3% cc)2
|
o
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Operating income was USD 2.8 billion (-1%, +15% cc)
|
o
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Core operating income (-4%, +9% cc) grew faster than sales (cc), resulting in core margin of 30.6%
|
o
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Core EPS was USD 1.33 (-1%, +11% cc)
|
o
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Further strengthening of USD impacted sales by -10% and core operating income by -13%
|
o
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Free cash flow2 increased 27% to USD 1.5 billion
|
·
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For total Group, Q1 divestments resulted in exceptional operating income gains totaling USD 12.8 billion and net income gains of USD 10.8 billion
|
·
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Strong progress on innovation continued in Q1
|
o
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Three approvals in Oncology: Jakavi in polycythemia vera (EU), Farydak in multiple myeloma (US) and Jadenu for chronic iron overload (US)
|
o
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LCZ696 granted FDA priority review and CHMP accelerated assessment in heart failure
|
o
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Positive trials on Cosentyx in psoriasis showing superiority to Stelara®, sustained two-year efficacy
|
o
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Sandoz received FDA approval for first biosimilar Zarxio and in April for first substitutable generic version of Copaxone® 20mg one-time-daily injection, Glatopa
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·
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Portfolio rejuvenation continued in Q1, reinforcing growth prospects for continuing operations
|
o
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Growth Products3 grew 15% (USD) to USD 3.7 billion, or 31% of net sales
|
o
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Strong performance in Emerging Growth Markets3 (+12% cc)
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·
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Continued progress in transforming portfolio and increasing productivity
|
o
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Transactions with GSK and Lilly closed on March 2 and January 1, respectively; divestment of influenza Vaccines business to CSL expected to be completed in H2 2015
|
o
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For continuing operations, core margin improved (+1.7 percentage points cc) mainly due to ongoing productivity initiatives
|
·
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Outlook 2015 for continuing operations confirmed
|
o
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Net sales expected to grow mid-single digit (cc); core operating income expected to grow ahead of sales at a high-single digit rate (cc)
|
Key figures
|
Continuing operations1
|
Total Group1
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|||||||||||||||||||||||
Q1 2015 | Q1 2014 |
% change
|
Q1 2015 | Q1 2014 | |||||||||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
USD m
|
USD m
|
||||||||||||||||||||
Net sales
|
11 935 | 12 767 | -7 | 3 | 12 483 | 14 022 | |||||||||||||||||||
Operating income
|
2 785 | 2 815 | -1 | 15 | 15 407 | 3 489 | |||||||||||||||||||
Net income
|
2 306 | 2 454 | -6 | 9 | 13 005 | 2 968 | |||||||||||||||||||
EPS (USD)
|
0.96 | 0.99 | -3 | 12 | 5.40 | 1.21 | |||||||||||||||||||
Free cash flow
|
1 465 | 1 152 | 27 | 1 226 | 765 | ||||||||||||||||||||
Core
|
|||||||||||||||||||||||||
Operating income
|
3 651 | 3 800 | -4 | 9 | 3 549 | 3 657 | |||||||||||||||||||
Net income
|
3 199 | 3 333 | -4 | 8 | 3 116 | 3 212 | |||||||||||||||||||
EPS (USD)
|
1.33 | 1.35 | -1 | 11 | 1.29 | 1.31 |
·
|
Jakavi approved in EU for polycythemia vera
|
·
|
Farydak approved by FDA for relapsed multiple myeloma patients
|
·
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Jadenu tablets approved by FDA for chronic iron overload
|
·
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CHMP recommended approval for Zykadia in ALK+ NSCLC
|
·
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FDA approved Zarxio as first biosimilar under BPCIA pathway
|
·
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FDA approved Glatopa, first substitutable generic version of Copaxone® 20mg
|
·
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Pazeo solution received FDA approval for ocular allergy itch relief
|
·
|
LCZ696 granted FDA priority review and CHMP accelerated assessment
|
·
|
Data on newly approved Cosentyx reinforced sustained efficacy, superiority to Stelara®
|
·
|
Combination of Tafinlar and Mekinist shown to reduce risk of death in COMBI-d study
|
·
|
Jakavi data in polycythemia vera published in NEJM
|
·
|
Alcon presented Phase II data on RTH258 in wet AMD
|
·
|
Aduro Biotech alliance accelerates cancer immunotherapy efforts
|
·
|
ACIP recommendation for Bexsero® triggered milestone payment from GSK
|
·
|
Growth Products, an indicator of the rejuvenation of the portfolio, contributed 31% of continuing operations net sales in the first quarter, and were up 15% (USD). In Pharmaceuticals, Growth Products contributed 41% of division net sales in the quarter, and sales for these products were up 25% (cc).
|
·
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Gilenya (USD 638 million, +26% cc), our oral MS therapy, continued to show strong double-digit growth in the quarter across geographies in keeping with strong trends toward oral treatments with higher efficacy and away from more traditional injectable therapies.
|
·
|
Afinitor (USD 388 million, +18% cc) performance was driven by strong growth in the US, Japan and other markets around the world.
|
·
|
Tasigna (USD 372 million, +20% cc) continued to grow strongly in the US and other markets, driving growth in our CML franchise (which includes Gleevec/Glivec in addition to Tasigna).
|
·
|
Xolair (USD 180 million, +22% cc) continued to grow strongly globally, benefiting from indications in certain forms of allergic asthma, as well as for the treatment of chronic spontaneous urticaria (CSU)/chronic idiopathic urticaria (CIU) for patients whose hives are not controlled by antihistamines.
|
·
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Jakavi (USD 90 million, +86% cc), an oral JAK inhibitor approved for patients with primary myelofibrosis, post- polycythemia vera myelofibrosis or post-essential thrombocythemia myelofibrosis, grew very strongly over the previous-year quarter.
|
·
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Biosimilars (USD 122 million, +19% cc) continued to grow at a strong double-digit rate in the quarter, reinforcing Sandoz’ global leadership position.
|
·
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Continuing operations net sales in our Emerging Growth Markets – which comprise all markets except the US, Canada, Western Europe, Japan, Australia and New Zealand – grew 12% (cc) in the first quarter. Growth was led by China (+24% cc) and Brazil (+12% cc).
|
·
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Novartis Business Services (NBS), our shared services organization, was fully operational in the first quarter, with organizational structure and financial systems in place as of January 2015 and over 8,700 full-time-equivalent associates by the end of the first quarter. NBS is designed to enhance profitability by harmonizing high-quality services at better price across Novartis. Synergies generated by the organization are expected to improve margin over time.
|
·
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The cost within the scope of NBS was stable from the prior year. Five strategic locations were selected for Global Service Centers. Moving from division-specific services to a cross divisional model, NBS is securing delivery of the majority of transactional services through the five Global Service Centers.
|
·
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In the first quarter, we generated approximately USD 350 million in Procurement savings by leveraging our scale.
|
·
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In addition, we continued to optimize our manufacturing footprint. In the first quarter of 2015, we announced two site closures: the OTC manufacturing site in Humacao, Puerto Rico, and our chemical production site in Resende (Brazil). Further, we finalized the divestment of the pharmaceutical manufacturing site in Taboão da Serra (Brazil) to União Química.
|
·
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For the total Group, this brings the total number of production sites that have been, or are in the process of being, restructured, closed or divested to 26. Related to this initiative, the total Group has recorded exceptional charges of USD 48 million in the first quarter of 2015, bringing total exceptional charges to USD 746 million cumulatively since the program began in the fourth quarter of 2010. For continuing operations, the total number of production sites that have been, or are in the process of being, restructured, closed or divested is 20, the exceptional charges recorded in the first quarter amount to USD 45 million, and the exceptional charges recorded cumulatively since the program began amount to USD 620 million.
|
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Net sales
|
11 935 | 12 767 | -7 | 3 | |||||||||||||
Operating income
|
2 785 | 2 815 | -1 | 15 | |||||||||||||
As % of net sales
|
23.3 | 22.0 | |||||||||||||||
Core operating income
|
3 651 | 3 800 | -4 | 9 | |||||||||||||
As % of net sales
|
30.6 | 29.8 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Net sales
|
7 140 | 7 807 | -9 | 1 | |||||||||||||
Operating income
|
2 299 | 2 221 | 4 | 17 | |||||||||||||
As % of net sales
|
32.2 | 28.4 | |||||||||||||||
Core operating income
|
2 420 | 2 539 | -5 | 8 | |||||||||||||
As % of net sales
|
33.9 | 32.5 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Net sales
|
2 558 | 2 642 | -3 | 5 | |||||||||||||
Operating income
|
353 | 380 | -7 | 25 | |||||||||||||
As % of net sales
|
13.8 | 14.4 | |||||||||||||||
Core operating income
|
894 | 925 | -3 | 10 | |||||||||||||
As % of net sales
|
34.9 | 35.0 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Net sales
|
2 237 | 2 318 | -3 | 9 | |||||||||||||
Operating income
|
279 | 282 | -1 | 9 | |||||||||||||
As % of net sales
|
12.5 | 12.2 | |||||||||||||||
Core operating income
|
406 | 387 | 5 | 17 | |||||||||||||
As % of net sales
|
18.1 | 16.7 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Operating income/loss
|
-146 | -68 | -115 | -126 | |||||||||||||
Core operating loss
|
-69 | -51 | -35 | -33 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Net sales
|
548 | 1 255 | -56 | -50 | |||||||||||||
Operating income
|
12 622 | 674 |
nm
|
nm
|
|||||||||||||
As % of net sales
|
nm
|
nm
|
|||||||||||||||
Core operating loss
|
-102 | -143 | 29 | 41 | |||||||||||||
As % of net sales
|
-18.6 | -11.4 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Net sales
|
12 483 | 14 022 | -11 | -1 | |||||||||||||
Operating income
|
15 407 | 3 489 |
nm
|
nm
|
|||||||||||||
As % of net sales
|
nm
|
24.9 | |||||||||||||||
Core operating income
|
3 549 | 3 657 | -3 | 11 | |||||||||||||
As % of net sales
|
28.4 | 26.1 |
INDEX
|
Page
|
GROUP AND DIVISIONAL OPERATING PERFORMANCE Q1 2015
|
|
Group
|
2
|
Pharmaceuticals
|
5
|
Alcon
|
12
|
Sandoz
|
14
|
Discontinued operations
|
15
|
CASH FLOW AND GROUP BALANCE SHEET
|
17
|
INNOVATION REVIEW
|
19
|
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
Condensed consolidated income statements
|
27
|
Condensed consolidated statements of comprehensive income
|
28
|
Condensed consolidated balance sheets
|
29
|
Condensed consolidated changes in equity
|
30
|
Condensed consolidated cash flow statements
|
31
|
Notes to condensed interim consolidated financial statements, including update on legal proceedings
|
32
|
SUPPLEMENTARY INFORMATION
|
42
|
CORE RESULTS
|
|
Reconciliation from IFRS to core results
|
44
|
Group
|
45
|
Continuing operations
|
46
|
Pharmaceuticals
|
47
|
Alcon
|
48
|
Sandoz
|
49
|
Corporate continuing
|
50
|
Discontinued operations
|
51
|
ADDITIONAL INFORMATION
|
|
Condensed consolidated changes in net debt / Share information
|
52
|
Free cash flow
|
53
|
Net sales of the top 20 Pharmaceuticals products
|
54
|
Pharmaceuticals sales by business franchise
|
55
|
Net sales by region
|
56
|
Currency translation rates / Income from associated companies
|
57
|
DISCLAIMER
|
58
|
![]() |
Novartis International AG
Novartis Global Communications
CH-4002 Basel
Switzerland
http://www.novartis.com
|
INDEX
|
Page
|
GROUP AND DIVISIONAL OPERATING PERFORMANCE Q1 2015
|
|
Group
|
2
|
Pharmaceuticals
|
5
|
Alcon
|
12
|
Sandoz
|
14
|
Discontinued operations
|
15
|
CASH FLOW AND GROUP BALANCE SHEET
|
17
|
INNOVATION REVIEW
|
19
|
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
Condensed consolidated income statements
|
27
|
Condensed consolidated statements of comprehensive income
|
28
|
Condensed consolidated balance sheets
|
29
|
Condensed consolidated changes in equity
|
30
|
Condensed consolidated cash flow statements
|
31
|
Notes to condensed interim consolidated financial statements, including update on legal proceedings
|
32
|
SUPPLEMENTARY INFORMATION
|
42
|
CORE RESULTS
|
|
Reconciliation from IFRS to core results
|
44
|
Group
|
45
|
Continuing operations
|
46
|
Pharmaceuticals
|
47
|
Alcon
|
48
|
Sandoz
|
49
|
Corporate continuing
|
50
|
Discontinued operations
|
51
|
ADDITIONAL INFORMATION
|
|
Condensed consolidated changes in net debt / Share information
|
52
|
Free cash flow
|
53
|
Net sales of the top 20 Pharmaceuticals products
|
54
|
Pharmaceuticals sales by business franchise
|
55
|
Net sales by region
|
56
|
Currency translation rates / Income from associated companies
|
57
|
DISCLAIMER
|
58
|
Key figures
|
Continuing operations
|
Total Group1
|
|||||||||||||||||||||||
Q1 2015 | Q1 2014 |
% change
|
Q1 2015 | Q1 2014 | |||||||||||||||||||||
USD m
|
USD m
|
USD
|
cc2
|
USD m
|
USD m
|
||||||||||||||||||||
Net sales
|
11 935 | 12 767 | -7 | 3 | 12 483 | 14 022 | |||||||||||||||||||
Divisional operating income
|
2 931 | 2 883 | 2 | 17 | 2 931 | 2 883 | |||||||||||||||||||
Corporate income & expense, net
|
-146 | -68 | -115 | -126 | -146 | -68 | |||||||||||||||||||
Discontinued operations
|
12 622 | 674 | |||||||||||||||||||||||
Group operating income
|
2 785 | 2 815 | -1 | 15 | 15 407 | 3 489 | |||||||||||||||||||
As % of net sales
|
23.3 | 22.0 |
nm
|
24.9 | |||||||||||||||||||||
Income from associated companies
|
15 | 215 | -93 | -93 | 15 | 216 | |||||||||||||||||||
Interest expense
|
-179 | -168 | -7 | -15 | -179 | -168 | |||||||||||||||||||
Other financial income and expense
|
57 | -25 |
nm
|
nm
|
57 | -25 | |||||||||||||||||||
Taxes
|
-372 | -383 | 3 | -12 | -2 295 | -544 | |||||||||||||||||||
Net income
|
2 306 | 2 454 | -6 | 9 | 13 005 | 2 968 | |||||||||||||||||||
EPS (USD)
|
0.96 | 0.99 | -3 | 12 | 5.40 | 1.21 | |||||||||||||||||||
Free cash flow2
|
1 465 | 1 152 | 27 | 1 226 | 765 | ||||||||||||||||||||
Core2
|
|||||||||||||||||||||||||
Operating income
|
3 651 | 3 800 | -4 | 9 | 3 549 | 3 657 | |||||||||||||||||||
As % of net sales
|
30.6 | 29.8 | 28.4 | 26.1 | |||||||||||||||||||||
Net income
|
3 199 | 3 333 | -4 | 8 | 3 116 | 3 212 | |||||||||||||||||||
EPS (USD)
|
1.33 | 1.35 | -1 | 11 | 1.29 | 1.31 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Net sales
|
7 140 | 7 807 | -9 | 1 | |||||||||||||
Operating income
|
2 299 | 2 221 | 4 | 17 | |||||||||||||
As % of net sales
|
32.2 | 28.4 | |||||||||||||||
Core operating income
|
2 420 | 2 539 | -5 | 8 | |||||||||||||
As % of net sales
|
33.9 | 32.5 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Gleevec/Glivec
|
1 070 | 1 097 | -2 | 5 | |||||||||||||
Tasigna
|
372 | 337 | 10 | 20 | |||||||||||||
Subtotal Bcr-Abl franchise
|
1 442 | 1 434 | 1 | 9 | |||||||||||||
Afinitor/Votubia
|
388 | 357 | 9 | 18 | |||||||||||||
Sandostatin
|
385 | 384 | 0 | 8 | |||||||||||||
Exjade
|
194 | 208 | -7 | 3 | |||||||||||||
Jakavi
|
90 | 57 | 58 | 86 | |||||||||||||
Femara
|
82 | 94 | -13 | -3 | |||||||||||||
Votrient1
|
57 | 0 |
nm
|
nm
|
|||||||||||||
Tafinlar/Mekinist1;2
|
40 | 0 |
nm
|
nm
|
|||||||||||||
Revolade/Promacta1
|
36 | 0 |
nm
|
nm
|
|||||||||||||
Zykadia
|
16 | 0 |
nm
|
nm
|
|||||||||||||
Other1
|
149 | 143 | 4 | 13 | |||||||||||||
Total Oncology
|
2 879 | 2 677 | 8 | 17 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Gilenya
|
638 | 552 | 16 | 26 | |||||||||||||
Exelon/Exelon Patch
|
233 | 262 | -11 | -5 | |||||||||||||
Comtan/Stalevo
|
76 | 97 | -22 | -10 | |||||||||||||
Other
|
35 | 62 | -44 | -37 | |||||||||||||
Total Neuroscience
|
982 | 973 | 1 | 10 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Lucentis
|
539 | 620 | -13 | 0 | |||||||||||||
Other
|
13 | 17 | -24 | -13 | |||||||||||||
Total Retina
|
552 | 637 | -13 | 0 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Neoral/Sandimmun(e)
|
146 | 168 | -13 | -1 | |||||||||||||
Myfortic
|
99 | 133 | -26 | -19 | |||||||||||||
Zortress/Certican
|
81 | 75 | 8 | 24 | |||||||||||||
Ilaris
|
55 | 42 | 31 | 47 | |||||||||||||
Other1
|
62 | 43 | 44 | 52 | |||||||||||||
Total I&D excl. everolimus stent drug
|
443 | 461 | -4 | 7 | |||||||||||||
Everolimus stent drug
|
24 | 65 | -63 | -64 | |||||||||||||
Total I&D
|
467 | 526 | -11 | -2 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Ultibro Breezhaler
|
52 | 14 |
nm
|
nm
|
|||||||||||||
Onbrez Breezhaler/Arcapta Neohaler
|
43 | 53 | -19 | -4 | |||||||||||||
Seebri Breezhaler
|
37 | 30 | 23 | 45 | |||||||||||||
COPD portfolio
|
132 | 97 | 36 | 63 | |||||||||||||
Xolair1
|
180 | 173 | 4 | 22 | |||||||||||||
Other
|
64 | 96 | -33 | -27 | |||||||||||||
Total Respiratory
|
376 | 366 | 3 | 20 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Galvus
|
292 | 308 | -5 | 9 | |||||||||||||
Total Cardio-Metabolic
|
292 | 308 | -5 | 9 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Diovan
|
372 | 803 | -54 | -50 | |||||||||||||
Exforge
|
281 | 363 | -23 | -13 | |||||||||||||
Voltaren/Cataflam1
|
134 | 148 | -9 | 1 | |||||||||||||
Ritalin/Focalin
|
102 | 110 | -7 | -3 | |||||||||||||
Other2
|
703 | 896 | -22 | -13 | |||||||||||||
Total Established Medicines
|
1 592 | 2 320 | -31 | -25 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Net sales
|
2 558 | 2 642 | -3 | 5 | |||||||||||||
Operating income
|
353 | 380 | -7 | 25 | |||||||||||||
As % of net sales
|
13.8 | 14.4 | |||||||||||||||
Core operating income
|
894 | 925 | -3 | 10 | |||||||||||||
As % of net sales
|
34.9 | 35.0 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Cataract products
|
738 | 743 | -1 | 8 | |||||||||||||
IOLs - Cataract
|
284 | 311 | -9 | 0 | |||||||||||||
Vitreoretinal products
|
145 | 152 | -5 | 4 | |||||||||||||
Refractive/Other
|
54 | 68 | -21 | -14 | |||||||||||||
Total Surgical
|
937 | 963 | -3 | 6 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Glaucoma
|
300 | 321 | -7 | 6 | |||||||||||||
Allergy/Otic/Nasal
|
270 | 275 | -2 | 2 | |||||||||||||
Infection/Inflammation
|
235 | 242 | -3 | 4 | |||||||||||||
Dry Eye/Tears
|
152 | 142 | 7 | 16 | |||||||||||||
Other
|
70 | 73 | -4 | 11 | |||||||||||||
Total Ophthalmic Pharmaceuticals
|
1 027 | 1 053 | -2 | 6 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Contact lenses
|
456 | 469 | -3 | 6 | |||||||||||||
Contact lens care
|
138 | 157 | -12 | -6 | |||||||||||||
Total Vision Care
|
594 | 626 | -5 | 3 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Net sales
|
2 237 | 2 318 | -3 | 9 | |||||||||||||
Operating income
|
279 | 282 | -1 | 9 | |||||||||||||
As % of net sales
|
12.5 | 12.2 | |||||||||||||||
Core operating income
|
406 | 387 | 5 | 17 | |||||||||||||
As % of net sales
|
18.1 | 16.7 |
Q1 2015 | Q1 2014 |
% change
|
|||||||||||||||
USD m
|
USD m
|
USD
|
cc
|
||||||||||||||
Net sales
|
548 | 1 255 | -56 | -50 | |||||||||||||
Operating income
|
12 622 | 674 |
nm
|
nm
|
|||||||||||||
As % of net sales
|
nm
|
nm
|
|||||||||||||||
Core operating loss
|
-102 | -143 | 29 | 41 | |||||||||||||
As % of net sales
|
-18.6 | -11.4 |
·
|
The EC and FDA approved Cosentyx (secukinumab, formerly known as AIN457) as a first-line systemic treatment of moderate-to-severe plaque psoriasis in adults who are candidates for systemic therapy. The EC approval followed a positive recommendation from the CHMP, marking the first time that the CHMP has recommended a biologic treatment as first-line systemic, reinforcing the favorable safety profile of Cosentyx. The US decision followed a unanimous recommendation from the FDA’s Dermatologic and Ophthalmic Drugs Advisory Committee.
|
·
|
The Swiss health authority Swissmedic approved Cosentyx (at a dose of 300 mg) for the treatment of adult patients with moderate-to-severe plaque psoriasis who have failed to respond to other systemic therapies including ciclosporin, methotrexate or PUVA, or in whom these therapies are contraindicated or not tolerated.
|
·
|
The EC approved Jakavi (ruxolitinib) for the treatment of adult patients with polycythemia vera who are resistant to or intolerant of hydroxyurea. Jakavi is the first targeted treatment approved by the EC for these patients.
|
·
|
Farydak (panobinostat, formerly LBH589) was approved by the FDA in combination with bortezomib and dexamethasone for the treatment of patients with multiple myeloma who have received at least two prior regimens, including bortezomib and an immunomodulatory (IMiD) agent. This indication was approved under accelerated approval in the US and is contingent upon further verification of clinical benefit in confirmatory trials.
|
·
|
The FDA approved Jadenu (deferasirox) once-daily oral film-coated tablets, a new oral formulation of Exjade that can be swallowed whole, simplifying daily treatment administration for patients with chronic iron overload. Jadenu is approved under accelerated approval based on a reduction of liver iron concentrations and serum ferritin levels. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials.
|
·
|
The CHMP adopted a positive opinion for Zykadia (ceritinib) to treat adult patients with anaplastic lymphoma kinase (ALK)-positive advanced non-small cell lung cancer (NSCLC) previously treated with crizotinib. If approved in the EU, Zykadia will be the first treatment option in Europe for these patients.
|
·
|
The FDA approved Sandoz’ biosimilar Zarxio (filgrastim-sndz) for all indications currently on the reference product (Neupogen®) label. Sandoz is the first company to receive approval of a biosimilar in the US through the new FDA biosimilars pathway established by the Biologics Price Competition and Innovation Act (BPCIA) of 2009.
|
·
|
In April, Sandoz received FDA approval of Glatopa, the first fully substitutable generic version of Teva’s Copaxone® (glatiramer acetate) 20 mg/ml one-time-daily injection for relapsing forms of multiple sclerosis therapy. Glatopa was developed in collaboration with Momenta.
|
·
|
The FDA approved Alcon’s Pazeo (0.7% olopatadine hydrochloride ophthalmic solution) for the treatment of ocular itching associated with allergic conjunctivitis. Pazeo provides 24 hours of ocular itch relief from a single dose.
|
·
|
In the EU, Alcon received approval for Systane Hydration Lubricating Eye Drops (Multi-Dose) for the temporary relief of burning and irritation due to dry eye symptoms. The drops can also be used when wearing contact lenses.
|
·
|
The FDA approved Alcon’s AcrySof IQ ReSTOR +2.5D Multifocal IOL in the US.
|
·
|
Alcon received FDA approval for Clear Care Plus with HydraGlyde, a new product for improved wetting duration of daily-wear, silicone hydrogel contact lenses for patients who use peroxide solutions.
|
·
|
In Japan, Alcon received approval for AcrySof IQ ReSTOR Toric 2.5D intraocular lens (IOL).
|
·
|
In China, Alcon received approval for ReSTOR +2.5D Multifocal Toric IOL for the treatment of cataracts in patients with astigmatism.
|
·
|
In China, Alcon received approval for the Verion Image Guided System, which offers improved precision, consistency, and control in cataract refractive surgery.
|
·
|
In Brazil, Alcon received approval for Dailies AquaComfort Plus Toric contact lens, a unique single-use contact lens for correction of refractive errors in patients with astigmatism that provides blink-activated moisture for all-day comfort.
|
·
|
Alcon also received approval for Jetrea (ocriplasmin) in Brazil, providing the first pharmacological treatment option for vitreomacular traction including when associated with macular hole of diameter less than or equal to 400 microns.
|
·
|
The FDA granted priority review designation to LCZ696 for the treatment of heart failure with reduced ejection fraction, and confirmed validation of the dossier. This reduces the total review time by four months, meaning the FDA could make a decision on approval in August 2015.
|
·
|
The LCZ696 EU Marketing Authorization Application (MAA) was validated by EMA and accelerated assessment review process initiated. This allows the CHMP to reach an opinion on the application by Day 150 of the review.
|
·
|
LCZ696 has been granted Promising Innovative Medicine status by the Medicines and Healthcare Products Regulatory Agency (MHRA) in the UK.
|
·
|
Health Canada granted priority review for the New Drug Submission for LCZ696 for the treatment of heart failure with systolic dysfunction (reduced ejection fraction).
|
·
|
The LCZ696 MAA was submitted to Swissmedic. LCZ696 has been granted Fast Track review status in Switzerland.
|
·
|
The FDA has accepted the Investigational New Drug (IND) application for CTL019. IND activation enables us to begin our global trial for CTL019 in pediatric patients with relapsed/refractory acute lymphoblastic leukemia (r/r ALL) in the US most likely in the first half of 2015. We intend to expand into other countries and indications as soon as possible. Cell processing of CTL019 will be supported by our manufacturing facility in Morris Plains, NJ.
|
·
|
Regulatory applications for a new oral film-coated tablet formulation of Jadenu (deferasirox) were submitted in the EU and Switzerland.
|
·
|
Regulatory applications for Promacta/Revolade for pediatric chronic immune thrombocytopenic purpura (cITP) were filed in the US and EU in February, including the new formulation Powder for Oral Suspension (PfOS). In the US, there have been two filings related to the pediatric population: the first in December 2014 for patients ages 6-17, which was granted priority review by the FDA, and the second in February 2015 for patients ages 1-5, which included PfOS.
|
·
|
New two-year results presented at the 73rd Annual Meeting of the American Academy of Dermatology (AAD) in San Francisco demonstrated strong and sustained efficacy with Cosentyx (secukinumab) with a favorable safety profile for the treatment of psoriasis patients. The data comes from the extension study of the pivotal Phase III FIXTURE and ERASURE trials. In addition, results from the CLEAR study presented at the same meeting showed that Cosentyx was significantly superior to Stelara® (ustekinumab), a widely used biologic, in achieving clear or almost clear skin for psoriasis patients. Cosentyx (at a dose of 300 mg) is the first and only interleukin-17A (IL-17A) inhibitor approved to treat adult patients with moderate-to-severe plaque psoriasis.
|
·
|
In February, GSK announced overall survival results from the COMBI-d study, which demonstrate a statistically significant reduction in the risk of death (Hazard Ratio [HR] 0.71 [95% Confidence Interval (CI): 0.55, 0.92], p=0.011) for the combination of Tafinlar (dabrafenib) and Mekinist (trametinib) compared to dabrafenib monotherapy in patients with BRAF V600E/K mutation-positive metastatic melanoma. The safety profile was consistent with the profile observed to date for the combination; no new safety concerns were observed. These data will be presented at an upcoming medical congress and will be submitted to the FDA as part of the accelerated approval requirement for further verification of clinical benefit.
|
·
|
The New England Journal of Medicine published results from the pivotal Phase III clinical trial demonstrating Jakavi (ruxolitinib) treatment resulted in durable hematocrit control, spleen size reduction and symptom relief for patients with uncontrolled polycythemia vera.
|
·
|
Phase III data published in The Lancet showed that treatment with Arzerra (ofatumumab) plus chlorambucil resulted in a statistically significant improvement in progression-free survival (PFS) versus chlorambucil alone in treatment-naïve patients with chronic lymphocytic leukemia (CLL) for whom fludarabine-based therapy was considered inappropriate, mainly due to advanced age or the presence of comorbidities. Median PFS was improved by 71% in the group receiving ofatumumab plus chlorambucil compared to the chlorambucil alone group (22.4 months vs 13.1 months, respectively; HR 0.57 [95% CI 0.45, 0.72]; p<0.0001).
|
·
|
Alcon presented results from its second Phase II study of RTH258 in wet age-related macular degeneration (AMD) patients, and initiated a Phase III study of RTH258 in December 2014.
|
·
|
Novartis announced that it entered into a major multiyear alliance with Aduro Biotech to discover and develop next generation cancer immunotherapies targeting the STING (Stimulator of Interferon Genes) pathway and launched a new immuno-oncology research group led by renowned cancer vaccine expert Glenn Dranoff, MD. The addition of STING agonists complements Novartis' diverse portfolio of immunotherapies that includes chimeric antigen receptor T-cell (CART) technology and novel checkpoint inhibitors.
|
·
|
Bexsero® received a positive recommendation from the CDC's Advisory Committee on Immunization Practices (ACIP), triggering a USD 450 million milestone payment from GSK.
|
Product
|
Active ingredient
|
Indication
|
Approval date
|
Cosentyx (AIN457)
|
Secukinumab
|
Psoriasis
|
Japan - Dec. 2014
EU - Jan. 2015
US - Jan. 2015
|
Jakavi
|
Ruxolitinib
|
Polycythemia vera patients resistant to or intolerant of hydroxyurea
|
EU - Mar. 2015
|
Farydak (LBH589)
|
Panobinostat
|
Multiple myeloma
|
US - Feb. 2015
|
Jadenu
|
Deferasirox
|
Chronic iron overload
|
US - Mar. 2015
|
Zarxio
|
Filgrastim-sndz
|
Chemotherapy-induced neutropenia; mobilization of peripheral blood progenitor
cells and others intravenous
(same as originator)
|
US - Mar. 2015
|
Pazeo
|
Olopatadine 0.7%
|
Allergy
|
US - Jan. 2015
|
Completed submissions
|
|||||
Product
|
Indication
|
US
|
EU
|
Japan
|
News update
|
LCZ696
|
Chronic heart failure with reduced ejection fraction
|
Q4 2014
|
Q4 2014
|
- FDA confirmed acceptance of file and granted Priority Review
- MAA was validated by EMA and accelerated assessment initiated
|
|
Cosentyx (AIN457)
|
Psoriatic arthritis
|
Approved
|
- US and EU submissions planned in H1 2015
|
||
Ankylosing spondylitis
|
- US and EU submissions planned in H1 2015
|
||||
Seebri Breezhaler (NVA237)
|
Chronic obstructive pulmonary disease (COPD)
|
Q4 2014
|
Approved
|
Approved
|
- US application submitted Dec. 2014
|
Ultibro Breezhaler (QVA149)
|
COPD
|
Q4 2014
|
Approved
|
Approved
|
- US application submitted Dec. 2014
|
Farydak (LBH589)
|
Multiple myeloma
|
Approved
|
Q2 2014
|
Q3 2014
|
- Orphan drug designation in Japan
|
Jadenu
|
Iron overload
|
Approved
|
Q1 2015
|
- EU application submitted in Mar. 2015
|
|
Jakavi
|
Polycythemia
vera
|
Approved1
|
Approved
|
Q3 2014
|
- EU approval Mar. 2015
|
Tafinlar +
Mekinist |
Metastatic melanoma
|
Approved
|
- EU and Japan submissions expected in H1 2015
- COMBI-d results will be submitted to FDA to meet conditions of accelerated approval
|
||
Promacta/ Revolade
|
Pediatric immune thrombocytope-nic purpura (ITP)
|
Q4 2014 Q1 2015 (PfOS)
|
Q1 2015
|
||
Severe aplastic anemia (SAA)
|
Approved
|
Q4 2014
|
|||
Zykadia (LDK378)
|
ALK+ non-small cell lung cancer
|
Approved
|
Q1 2014
|
- CHMP positive opinion granted Feb. 2015
|
Project/
Compound
|
Potential indication/
Disease area
|
First planned
submissions
|
Current
Phase
|
News update
|
|
ABL001
|
Hematologic tumors
|
≥ 2019
|
I
|
||
Ilaris (ACZ885)
|
Hereditary periodic fevers (crFMF, HIDS, TRAPS)
|
2016
|
III
|
- Umbrella pivotal trial, FPFV Jun. 2014, has achieved 80% recruitment
|
|
ACZ885
(canakinumab)
|
Secondary prevention of cardiovascular events
|
2017
|
III
|
- Study fully enrolled
|
|
Afinitor/Votubia
|
Non-functioning GI/lung NET
|
2015
|
III
|
- RADIANT-4 pivotal trial results expected in Q2 2015
|
|
TSC seizure
|
2016
|
III
|
- Phase III study enrolling
|
||
Diffuse large B-cell lymphoma
|
2018
|
III
|
|||
Arzerra
|
Chronic lymphocytic lymphoma (maintenance)
|
2015
|
III
|
||
Chronic lymphocytic lymphoma (relapse)
|
2015
|
III
|
|||
Non-Hodgkins lymphoma (refractory)
|
2017
|
III
|
|||
Non-Hodgkins lymphoma (relapse)
|
2018
|
III
|
|||
BAF312
|
Secondary progressive MS
|
≥ 2019
|
III
|
||
BCT197
|
COPD
|
≥ 2019
|
II
|
||
BGJ398
|
Solid tumors
|
≥ 2019
|
II
|
||
BGS649
|
Obese hypogonadotropic hypogonadism
|
≥ 2019
|
II
|
||
BKM120
|
mBC ER+ AI resistant mTOR naive
|
2015
|
III
|
- BELLE-2 pivotal trial results expected in Q2 2015
|
|
mBC ER+ post AI and mTOR inhibitor
|
2016
|
III
|
|||
Solid tumors
|
≥ 2019
|
I
|
|||
BYL719
|
Solid tumors
|
≥ 2019
|
I
|
||
BYM338
|
Sporadic inclusion body myositis
|
2016
|
III
|
||
Hip fracture
|
≥ 2019
|
II
|
|||
Sarcopenia
|
≥ 2019
|
II
|
|||
CAD106
|
Alzheimer’s disease
|
≥ 2019
|
II
|
||
CJM112
|
Immune disorders
|
≥ 2019
|
I
|
||
CTL019
|
Adult & pediatric acute lymphoblastic leukemia
|
2016
|
II
|
||
Diffuse large B-cell lymphoma
|
2017
|
II
|
|||
EGF816
|
Solid tumors
|
2018
|
I/II
|
||
FCR001
|
Renal transplant
|
≥ 2019
|
II
|
||
Gilenya
|
Chronic inflammatory demyelinating polyradiculoneuropathy
|
2017
|
III
|
||
HSC835
|
Stem cell transplantation
|
≥ 2019
|
II
|
||
INC280
|
Non-small cell lung cancer
|
2018
|
II
|
||
KAE609
|
Malaria
|
2017
|
II
|
||
KAF156
|
Malaria
|
≥ 2019
|
II
|
||
LCI699
|
Cushing’s disease
|
2017
|
III
|
||
LCZ696
|
Chronic heart failure with preserved ejection fraction
|
≥ 2019
|
III
|
- Phase III registration study enrolling
|
LEE011
|
HR+, HER2 negative advanced breast cancer (in postmenopausal women)
|
2016
|
III
|
- Phase III registration study fully enrolled
|
HR+, HER2 negative advanced breast cancer (in premenopausal women)
|
2018
|
III
|
- Phase III registration study enrolling
|
|
Solid tumors
|
2018
|
I
|
||
LIK066
|
Type II diabetes
|
≥ 2019
|
II
|
|
LJM716
|
Solid tumors
|
≥ 2019
|
I
|
|
Lucentis
|
Choroidal neovascularization and macular edema secondary to conditions other than age-related macular degeneration, diabetic macular edema, retinal vein occlusion and pathologic myopia
|
2016
|
III
|
- Phase III registration studies completed recruitment (Sep.)
|
Retinopathy of prematurity (ROP)
|
2018
|
III
|
- Phase III registration study initiates in Q4 2015 (Oct.)
|
|
Tafinlar + Mekinist
|
Non-small cell lung cancer
|
2016
|
II
|
|
Melanoma (adjuvant)
|
2017
|
III
|
||
Colorectal cancer
|
≥ 2019
|
I/II
|
||
OAP030 (formerly called Fovista)
|
Wet AMD
|
2016
|
III
|
|
PIM447
|
Hematologic tumors
|
≥2019
|
I
|
|
PKC412
|
Aggressive systemic mastocytosis
|
2015
|
II
|
- Final results from pivotal Phase II trial presented at American Society of Hematology Annual Meeting
|
Acute myeloid leukemia
|
2015
|
III
|
||
Promacta/ Revolade
|
Myelodysplastic syndrome/Acute myeloid leukemia associated thrombocytopenia
|
2016
|
II
|
|
Myelodysplastic syndrome
|
2017
|
III
|
||
QAW039
|
Asthma
|
≥ 2019
|
II
|
|
Atopic dermatitis
|
≥ 2019
|
II
|
||
QAX576
|
Allergic diseases
|
≥ 2019
|
II
|
|
QGE031
|
Asthma
|
≥ 2019
|
II
|
|
RLX030
(serelaxin)
|
Acute heart failure
|
2016
|
III
|
- RELAX2 registration study ongoing
- RELAX-ASIA registration study ongoing
|
Signifor LAR
|
Cushing’s disease
|
2016
|
III
|
|
Tasigna
|
CML treatment-free remission
|
2016
|
II
|
- Study fully enrolled
|
Tekturna
|
Chronic heart failure
|
2016
|
III
|
- Phase III outcome study (ATMOSPHERE) ongoing in heart failure
|
Votrient
|
Renal cell carcinoma (adjuvant)
|
2017
|
III
|
|
Zykadia
(LDK378)
|
ALK+ advanced non-small cell lung cancer (first-line, treatment naïve)
|
2017
|
III
|
- Phase III study enrolling
|
Project/
Compound
|
Potential indication/
Disease area
|
Planned
submissions
|
Current
Phase
|
News update
|
SURGICAL
|
||||
AcrySof IQ ReSTOR MF IOL 2.5D
|
Cataract
|
US 2013
JP 2013
|
Approved
Approved
|
- Approved Apr. 2015
- Approved Apr. 2014
|
AcrySof IQ ReSTOR Toric IOL 2.5D
|
Cataract
|
US 2015
JP 2014
|
Advanced
Approved
|
- Approved Jan. 2015
|
AcrySof IQ ReSTOR 3.0D Toric IOL
|
Cataract
|
US 2013
JP 2013
|
Filed
Advanced
|
- Positive FDA panel opinion Nov. 2014
- Approved Jan. 2014
|
PanOptixTrifocal IOL
|
Cataract
|
EU 2015
|
Advanced
|
|
ULTRASert
|
Cataract, pre-loaded IOL delivery device
|
US 2015
EU 2015
|
Advanced
Advanced
|
|
Cataract, integrated image-guided system and intra-operative
|
||||
Verion + VerifEye
|
Aberrometry
|
EU 2015
|
Advanced
|
|
OPHTHALMIC PHARMACEUTICALS
|
||||
RTH258 (ESBA1008)
|
Retina (age-related macular degeneration)
|
Phase III
|
- Phase III clinical trial initiated Dec. 2014
|
|
Jetrea
|
Retina (vitreomacular traction)
|
EU 2011
JP 2015
|
Approved
Phase III
|
- Approved Mar. 2013
|
Nepafenac (0.3%)
|
Retina (macular edema)
|
US 2015
EU 2015
|
Advanced
Advanced
|
|
Systane Hydration Lubricating Eye Drops (Multi-Dose)
|
OTC – dry eye
|
EU 2015
|
Approved
|
- Approved Jan. 2015
|
VISION CARE
|
||||
AOSept Plus with HydraGlyde
|
Contact lens care
|
US 2014
EU 2014
JP 2015
|
Approved
Approved
Advanced
|
- Approved Jan. 2015
- Approved Sept. 2014
|
Monthly Lens Comfort Project
|
Refractive
|
US 2016
EU 2015
JP 2016
|
Advanced
Advanced
Advanced
|
Project/
Compound
|
Potential indication/
Disease area
|
Planned
submissions
|
Current
Phase
|
News update
|
GP2013 (rituximab)
|
Non-Hodgkin lymphoma, chronic lymphocytic leukemia, rheumatoid arthritis, granulomatosis with polyangiitis (also known as Wegener’s granulomatosis), and microscopic polyangiitis and others (same as originator)
|
II and III
|
- Recruitment in Phase III follicular lymphoma trial completed in Jan. 2015
|
|
GP2015
(etanercept)
|
Arthritidies (rheumatoid arthritis, ankylosing spondylitis, psoriatic arthritis), plaque psoriasis and others (same as originator)
|
III
|
- Patient enrollment complete
|
|
GP2017 (adalimumab)
|
Arthritidies (rheumatoid arthritis, ankylosing spondylitis, psoriatic arthritis), plaque psoriasis and others (same as originator)
|
III
|
- Patient enrollment completed in Mar. 2015
|
|
LA-EP2006 (pegfilgrastim)
|
Chemotherapy-induced neutropenia and others (same as originator)
|
III
|
- Trial complete
|
|
HX575
(epoetin alfa)
|
Chronic kidney disease, chemotherapy-induced anemia and others (same as
originator)
|
US
|
III
|
- Trial complete
|
HX575 s.c.
(epoetin alfa)
|
Chronic kidney disease
|
EU (extension nephrology, approved as Binocrit since 2007)
|
III
|
- Trial complete
|
Project/
Compound
|
Potential indication/
Disease area
|
Planned
submissions
|
Current
Phase
|
News update
|
Flucelvax (US)
|
Prevention of influenza disease in persons 18 years of age and older
|
Complete
|
Approved
|
- Approved by FDA for adults (18+)
- Safety study completed and published
- US BLA for age 4 and older submitted Q4 2014
|
Fluad (US)
|
Prevention of seasonal influenza (trivalent subunit vaccine with MF59 adjuvant)
|
2014
|
Filing
|
- US BLA submitted in Q4 2014
|
Quadrivalent Influenza Vaccine (QIV)
|
Prevention of seasonal influenza
|
≥2015
|
III
|
- All safety and immunogenicity studies for cell-based QIVs completed
- CSRs published
|
Pandemic influenza vaccines
|
Universal vaccination in case of an influenza pandemic
|
NA
|
NA
|
- H7N9 clinical study completed
- US government purchased stockpile
|
Q1 2015 USD m |
Q1 2014 USD m |
Change USD m |
|||||
Net sales to third parties from continuing operations | 11 935 | 12 767 | -832 | ||||
Sales to discontinued segments | 26 | 65 | -39 | ||||
Net sales from continuing operations | 11 961 | 12 832 | -871 | ||||
Other revenues | 241 | 199 | 42 | ||||
Cost of goods sold | -3 980 | -4 130 | 150 | ||||
Gross profit from continuing operations | 8 222 | 8 901 | -679 | ||||
Marketing & Sales | -2 691 | -2 988 | 297 | ||||
Research & Development | -2 067 | -2 210 | 143 | ||||
General & Administration | -591 | -649 | 58 | ||||
Other income | 414 | 236 | 178 | ||||
Other expense | -502 | -475 | -27 | ||||
Operating income from continuing operations | 2 785 | 2 815 | -30 | ||||
Income from associated companies | 15 | 215 | -200 | ||||
Interest expense | -179 | -168 | -11 | ||||
Other financial income and expense | 57 | -25 | 82 | ||||
Income before taxes from continuing operations | 2 678 | 2 837 | -159 | ||||
Taxes | -372 | -383 | 11 | ||||
Net income from continuing operations | 2 306 | 2 454 | -148 | ||||
Net income from discontinued operations | 10 699 | 514 | 10 185 | ||||
Net income | 13 005 | 2 968 | 10 037 | ||||
Attributable to: | |||||||
Shareholders of Novartis AG
|
13 005 | 2 941 | 10 064 | ||||
Non-controlling interests
|
0 | 27 | -27 | ||||
Average number of shares outstanding – Basic (million) | 2 409 | 2 440 | -31 | ||||
Basic earnings per share from continuing operations (USD)1 | 0.96 | 0.99 | -0.03 | ||||
Basic earnings per share from discontinued operations (USD)1 | 4.44 | 0.22 | 4.22 | ||||
Total basic earnings per share (USD)1 | 5.40 | 1.21 | 4.19 | ||||
Average number of shares outstanding – Diluted (million) | 2 446 | 2 479 | -33 | ||||
Diluted earnings per share from continuing operations (USD)1 | 0.94 | 0.97 | -0.03 | ||||
Diluted earnings per share from discontinued operations (USD)1 | 4.38 | 0.22 | 4.16 | ||||
Total diluted earnings per share (USD)1 | 5.32 | 1.19 | 4.13 | ||||
1 Earnings per share (EPS) is calculated on the amount of net income attributable to shareholders of Novartis AG.
|
|||||||
|
Q1 2015 USD m |
Q1 2014 USD m |
Change USD m |
|||||
Net income from continuing operations | 2 306 | 2 454 | -148 | ||||
Other comprehensive income to be eventually recycled into the consolidated income statement: | |||||||
Fair value adjustments on financial instruments, net of taxes
|
-54 | -31 | -23 | ||||
Novartis share of other items recorded in comprehensive income recognized by associated companies, net of taxes
|
-76 | 46 | -122 | ||||
Translation effects
|
-891 | -23 | -868 | ||||
Total of items to eventually recycle
|
-1 021 | -8 | -1 013 | ||||
Other comprehensive income never to be recycled into the consolidated income statement: | |||||||
Net actuarial losses from defined benefit plans, net of taxes
|
-269 | -545 | 276 | ||||
Amounts related to discontinued operations: | |||||||
Net income from discontinued operations
|
10 699 | 514 | 10 185 | ||||
Other comprehensive income/loss related to discontinued operations
|
3 | -17 | 20 | ||||
Comprehensive income | 11 718 | 2 398 | 9 320 | ||||
Attributable to: | |||||||
Shareholders of Novartis AG
|
11 718 | 2 370 | 9 348 | ||||
Non-controlling interests
|
0 | 28 | -28 | ||||
Mar 31, 2015 (unaudited) USD m |
Dec 31, 2014 (audited) USD m |
Change USD m |
|||||
Assets | |||||||
Non-current assets | |||||||
Property, plant & equipment | 15 421 | 15 983 | -562 | ||||
Goodwill | 31 069 | 29 311 | 1 758 | ||||
Intangible assets other than goodwill | 36 262 | 23 832 | 12 430 | ||||
Financial and other non-current assets | 26 473 | 18 700 | 7 773 | ||||
Total non-current assets | 109 225 | 87 826 | 21 399 | ||||
Current assets | |||||||
Inventories | 6 271 | 6 093 | 178 | ||||
Trade receivables | 8 794 | 8 275 | 519 | ||||
Other current assets | 3 065 | 2 530 | 535 | ||||
Cash and cash equivalents, marketable securities, commodities and derivatives | 7 363 | 13 862 | -6 499 | ||||
Assets related to discontinued operations and held for sale | 217 | 6 801 | -6 584 | ||||
Total current assets | 25 710 | 37 561 | -11 851 | ||||
Total assets | 134 935 | 125 387 | 9 548 | ||||
Equity and liabilities | |||||||
Equity attributable to Novartis AG shareholders | 76 376 | 70 766 | 5 610 | ||||
Non-controlling interests | 68 | 78 | -10 | ||||
Total equity | 76 444 | 70 844 | 5 600 | ||||
Non-current liabilities | |||||||
Financial debts | 14 834 | 13 799 | 1 035 | ||||
Other non-current liabilities | 14 604 | 13 771 | 833 | ||||
Total non-current liabilities | 29 438 | 27 570 | 1 868 | ||||
Current liabilities | |||||||
Trade payables | 5 062 | 5 419 | -357 | ||||
Financial debts and derivatives | 10 279 | 6 612 | 3 667 | ||||
Other current liabilities | 13 487 | 12 524 | 963 | ||||
Liabilities related to discontinued operations and held for sale | 225 | 2 418 | -2 193 | ||||
Total current liabilities | 29 053 | 26 973 | 2 080 | ||||
Total liabilities | 58 491 | 54 543 | 3 948 | ||||
Total equity and liabilities | 134 935 | 125 387 | 9 548 | ||||
|
Q1 2015 USD m |
Q1 2014 USD m |
Change USD m |
|||||
Consolidated equity at January 1 | 70 844 | 74 472 | -3 628 | ||||
Comprehensive income | 11 718 | 2 398 | 9 320 | ||||
Purchase of treasury shares | -1 433 | -2 403 | 970 | ||||
Treasury share repurchase commitment under a share buy-back trading plan | 35 | 35 | |||||
Increase in equity from exercise of options and employee transactions | 1 508 | 2 393 | -885 | ||||
Dividends related to shareholders of Novartis AG | -6 643 | -6 810 | 167 | ||||
Equity-based compensation | 425 | 317 | 108 | ||||
Change in non-controlling interests | -10 | -31 | 21 | ||||
Consolidated equity at March 31 | 76 444 | 70 336 | 6 108 | ||||
|
Q1 2015 USD m |
Q1 2014 USD m |
Change USD m |
|||||
Net income from continuing operations | 2 306 | 2 454 | -148 | ||||
Reversal of non-cash items | |||||||
Taxes
|
372 | 383 | -11 | ||||
Depreciation, amortization and impairments
|
1 282 | 1 118 | 164 | ||||
Change in provisions and other non-current liabilities
|
232 | 347 | -115 | ||||
Income from associated companies
|
-15 | -215 | 200 | ||||
Net financial income
|
122 | 193 | -71 | ||||
Other
|
48 | 170 | -122 | ||||
Net income adjusted for non-cash items | 4 347 | 4 450 | -103 | ||||
Interest and other financial receipts | 906 | 579 | 327 | ||||
Interest and other financial payments | -128 | -168 | 40 | ||||
Taxes paid1 | -578 | -682 | 104 | ||||
Cash flows before working capital changes from continuing operations | 4 547 | 4 179 | 368 | ||||
Payments out of provisions and other net cash movements in non-current liabilities | -422 | -171 | -251 | ||||
Change in net current assets and other operating cash flow items | -2 229 | -2 330 | 101 | ||||
Cash flows from operating activities from continuing operations | 1 896 | 1 678 | 218 | ||||
Cash flows used in operating activities from discontinued operations 1 | -192 | -337 | 145 | ||||
Total cash flows from operating activities | 1 704 | 1 341 | 363 | ||||
Purchase of property, plant & equipment | -469 | -482 | 13 | ||||
Purchase of intangible, financial and other non-current assets | -246 | -126 | -120 | ||||
Proceeds from sales of property, plant & equipment, intangible, financial and other non-current assets | 284 | 82 | 202 | ||||
Acquisitions of businesses | -16 020 | -93 | -15 927 | ||||
Change in marketable securities, commodities and net divestment proceeds of associated companies | 5 | 1 885 | -1 880 | ||||
Cash flows used in/from investing activities from continuing operations | -16 446 | 1 266 | -17 712 | ||||
Cash flows from investing activities from discontinued operations | 9 889 | 1 557 | 8 332 | ||||
Total cash flows used in/from investing activities | -6 557 | 2 823 | -9 380 | ||||
Dividends related to shareholders of Novartis AG | -6 643 | -6 810 | 167 | ||||
Change in current and non-current financial debts | 4 998 | 3 191 | 1 807 | ||||
Treasury share transactions, net | 82 | 10 | 72 | ||||
Other financing cash flows | -192 | -78 | -114 | ||||
Cash flows used in financing activities | -1 755 | -3 687 | 1 932 | ||||
Net translation effect on cash and cash equivalents | 58 | 6 | 52 | ||||
Change in cash and cash equivalents | -6 550 | 483 | -7 033 | ||||
Cash and cash equivalents at January 1 | 13 023 | 6 687 | 6 336 | ||||
Cash and cash equivalents at March 31 | 6 473 | 7 170 | -697 | ||||
1 In Q1 2015, the total Group tax payments amounted to USD 646 million (Q1 2014: USD 700 million) when also taking into account payments of USD 68 million (Q1 2014: USD 18 million), which is included in the cash flows from operating activities of discontinued operations.
|
Number of outstanding shares (in millions) | Issued share capital and reserves attributable to Novartis AG shareholders | ||||||||||||
2015 |
2014 |
Change |
Q1 2015 USD m |
Q1 2014 USD m |
Change USD m |
||||||||
Balance at beginning of year | 2 398.6 | 2 426.1 | -27.5 | 70 766 | 74 343 | -3 577 | |||||||
Shares acquired to be held in Group Treasury | -5.0 | -21.2 | 16.2 | -501 | -1 744 | 1 243 | |||||||
Shares acquired to be cancelled | -6.6 | -5.2 | -1.4 | -654 | -425 | -229 | |||||||
Other share purchases | -2.8 | -2.9 | 0.1 | -278 | -234 | -44 | |||||||
Increase in equity from exercise of options and employee transactions | 25.6 | 41.0 | -15.4 | 1 508 | 2 393 | -885 | |||||||
Equity-based compensation | 10.5 | 9.1 | 1.4 | 425 | 317 | 108 | |||||||
Treasury share repurchase commitment under a share buy-back trading plan | 35 | 35 | |||||||||||
Dividends | -6 643 | -6 810 | 167 | ||||||||||
Net income of the period attributable to shareholders of Novartis AG | 13 005 | 2 941 | 10 064 | ||||||||||
Other comprehensive income attributable to shareholders of Novartis AG | -1 287 | -571 | -716 | ||||||||||
Balance at March 31 | 2 420.3 | 2 446.9 | -26.6 | 76 376 | 70 210 | 6 166 | |||||||
|
|||||||||||||
|
Pharmaceuticals | Alcon | Sandoz | Corporate | Total continuing operations | Total discontinued operations | Group eliminations | Total Group | ||||||||||||||||||||||||||
Q1 2015 USD m |
Q1 2014 USD m |
Q1 2015 USD m |
Q1 2014 USD m |
Q1 2015 USD m |
Q1 2014 USD m |
Q1 2015 USD m |
Q1 2014 USD m |
Q1 2015 USD m |
Q1 2014 USD m |
Q1 2015 USD m |
Q1 2014 USD m |
Q1 2015 USD m |
Q1 2014 USD m |
Q1 2015 USD m |
Q1 2014 USD m |
||||||||||||||||||
Net sales to third parties | 7 140 | 7 807 | 2 558 | 2 642 | 2 237 | 2 318 | 11 935 | 12 767 | 548 | 1 255 | 12 483 | 14 022 | |||||||||||||||||||||
Sales to other segments | 45 | 67 | 10 | 13 | 38 | 68 | -67 | -83 | 26 | 65 | 17 | 15 | -43 | -80 | |||||||||||||||||||
Net sales | 7 185 | 7 874 | 2 568 | 2 655 | 2 275 | 2 386 | -67 | -83 | 11 961 | 12 832 | 565 | 1 270 | -43 | -80 | 12 483 | 14 022 | |||||||||||||||||
Other revenues | 207 | 145 | 7 | 8 | 6 | 3 | 21 | 43 | 241 | 199 | 18 | 18 | 259 | 217 | |||||||||||||||||||
Cost of goods sold | -1 537 | -1 576 | -1 278 | -1 293 | -1 287 | -1 372 | 122 | 111 | -3 980 | -4 130 | -281 | -673 | 43 | 80 | -4 218 | -4 723 | |||||||||||||||||
Gross profit | 5 855 | 6 443 | 1 297 | 1 370 | 994 | 1 017 | 76 | 71 | 8 222 | 8 901 | 302 | 615 | 0 | 0 | 8 524 | 9 516 | |||||||||||||||||
Marketing & Sales | -1 734 | -1 961 | -572 | -597 | -385 | -430 | -2 691 | -2 988 | -232 | -469 | -2 923 | -3 457 | |||||||||||||||||||||
Research & Development | -1 654 | -1 771 | -218 | -232 | -195 | -207 | -2 067 | -2 210 | -123 | -222 | -2 190 | -2 432 | |||||||||||||||||||||
General & Administration | -236 | -253 | -145 | -161 | -84 | -94 | -126 | -141 | -591 | -649 | -51 | -116 | -642 | -765 | |||||||||||||||||||
Other income | 253 | 97 | 22 | 13 | 14 | 25 | 125 | 101 | 414 | 236 | 13 318 | 900 | -2 | -3 | 13 730 | 1 133 | |||||||||||||||||
Other expense | -185 | -334 | -31 | -13 | -65 | -29 | -221 | -99 | -502 | -475 | -592 | -34 | 2 | 3 | -1 092 | -506 | |||||||||||||||||
Operating income | 2 299 | 2 221 | 353 | 380 | 279 | 282 | -146 | -68 | 2 785 | 2 815 | 12 622 | 674 | 0 | 0 | 15 407 | 3 489 | |||||||||||||||||
as % of net sales | 32.2% | 28.4% | 13.8% | 14.4% | 12.5% | 12.2% | 23.3% | 22.0% | nm | 53.7% | nm | 24.9% | |||||||||||||||||||||
Income from associated companies | -1 | 15 | 216 | 15 | 215 | 1 | 15 | 216 | |||||||||||||||||||||||||
Interest expense | -179 | -168 | -179 | -168 | |||||||||||||||||||||||||||||
Other financial income and expense | 57 | -25 | 57 | -25 | |||||||||||||||||||||||||||||
Income before taxes | 2 678 | 2 837 | 12 622 | 675 | 15 300 | 3 512 | |||||||||||||||||||||||||||
Taxes | -372 | -383 | -1 923 | -161 | -2 295 | -544 | |||||||||||||||||||||||||||
Net income | 2 306 | 2 454 | 10 699 | 514 | 13 005 | 2 968 | |||||||||||||||||||||||||||
nm = not meaningful
|
|||||||||||||||||||||||||||||||||
|
Mar 31, 2015 (unaudited) USD m |
Dec 31, 2014 (audited) USD m |
||||
Assets | |||||
Property, plant & equipment | 8 | 1 411 | |||
Goodwill and other intangible assets | 2 462 | ||||
Financial and other non-current assets | 3 | 352 | |||
Inventories | 123 | 1 155 | |||
Trade receivables and other current assets | 83 | 1 421 | |||
Total assets related to discontinued operations and held for sale | 217 | 6 801 | |||
Liabilities | |||||
Other non-current liabilities | 18 | 706 | |||
Trade payables and other current liabilities | 207 | 1 712 | |||
Total liabilities related to discontinued operations and held for sale | 225 | 2 418 | |||
Level 1 | Level 2 | Level 3 | Valued at amortized cost or cost | Total | |||||||||||||||||
Mar 31, 2015 (unaudited) USD m |
Dec 31, 2014 (audited) USD m |
Mar 31, 2015 (unaudited) USD m |
Dec 31, 2014 (audited) USD m |
Mar 31, 2015 (unaudited) USD m |
Dec 31, 2014 (audited) USD m |
Mar 31, 2015 (unaudited) USD m |
Dec 31, 2014 (audited) USD m |
Mar 31, 2015 (unaudited) USD m |
Dec 31, 2014 (audited) USD m |
||||||||||||
Debt securities | 301 | 301 | 23 | 26 | 324 | 327 | |||||||||||||||
Equity securities | 15 | 15 | 15 | 15 | |||||||||||||||||
Fund investments | 29 | 29 | 7 | 6 | 36 | 35 | |||||||||||||||
Total available-for-sale marketable securities | 345 | 345 | 23 | 26 | 7 | 6 | 375 | 377 | |||||||||||||
Time deposits with original maturity more than 90 days | 5 | 6 | 5 | 6 | |||||||||||||||||
Derivative financial instruments | 413 | 356 | 413 | 356 | |||||||||||||||||
Accrued interest on debt securities | 1 | 3 | 1 | 3 | |||||||||||||||||
Total marketable securities, time deposits and derivative financial instruments | 345 | 345 | 436 | 382 | 7 | 6 | 6 | 9 | 794 | 742 | |||||||||||
Other current financial assets | 75 | 75 | |||||||||||||||||||
Available-for-sale financial investments | 527 | 605 | 365 | 332 | 892 | 937 | |||||||||||||||
Fund investments | 77 | 71 | 77 | 71 | |||||||||||||||||
Contingent consideration receivables | 519 | 519 | |||||||||||||||||||
Long-term loans and receivables, advances, security deposits | 703 | 712 | 703 | 712 | |||||||||||||||||
Financial investments and long-term loans | 527 | 605 | 961 | 403 | 703 | 712 | 2 191 | 1 720 | |||||||||||||
Associated companies | 52 | 66 | 187 | 168 | 239 | 234 | |||||||||||||||
Total associated companies at fair value through profit or loss | 52 | 66 | 187 | 168 | 239 | 234 | |||||||||||||||
Contingent consideration payables | -623 | -756 | -623 | -756 | |||||||||||||||||
Financial liabilities | -343 | -343 | |||||||||||||||||||
Derivative financial instruments | -157 | -52 | -157 | -52 | |||||||||||||||||
Total financial liabilities at fair value | -157 | -52 | -966 | -756 | -1 123 | -808 | |||||||||||||||
Pharmaceuticals | Alcon | Sandoz | Corporate continuing operations | Total continuing operations | Total discontinued operations | Total | |||||||||||||||||||||||
Q1 2015 USD m |
Q1 2014 USD m |
Q1 2015 USD m |
Q1 2014 USD m |
Q1 2015 USD m |
Q1 2014 USD m |
Q1 2015 USD m |
Q1 2014 USD m |
Q1 2015 USD m |
Q1 2014 USD m |
Q1 2015 USD m |
Q1 2014 USD m |
Q1 2015 USD m |
Q1 2014 USD m |
||||||||||||||||
IFRS Operating income | 2 299 | 2 221 | 353 | 380 | 279 | 282 | -146 | -68 | 2 785 | 2 815 | 12 622 | 674 | 15 407 | 3 489 | |||||||||||||||
Amortization of intangible assets | 168 | 69 | 518 | 511 | 90 | 102 | 1 | 776 | 683 | 56 | 776 | 739 | |||||||||||||||||
Impairments | |||||||||||||||||||||||||||||
Intangible assets
|
2 | 3 | 2 | 3 | 2 | 3 | |||||||||||||||||||||||
Property, plant & equipment related to the Group-wide rationalization of manufacturing sites
|
1 | 11 | 1 | 11 | -2 | 1 | 9 | ||||||||||||||||||||||
Other property, plant & equipment
|
1 | 1 | 26 | 2 | 56 | 84 | 2 | 11 | 95 | 2 | |||||||||||||||||||
Financial assets
|
12 | 1 | 19 | 3 | 31 | 4 | 31 | 4 | |||||||||||||||||||||
Total impairment charges | 16 | 15 | 1 | 26 | 2 | 75 | 3 | 118 | 20 | 11 | -2 | 129 | 18 | ||||||||||||||||
Acquisition or divestment related items | |||||||||||||||||||||||||||||
- Income
|
-1 | -3 | -26 | -27 | -3 | -13 310 | -879 | -13 337 | -882 | ||||||||||||||||||||
- Expense
|
42 | 17 | 59 | 569 | 628 | ||||||||||||||||||||||||
Total acquisition or divestment related items, net | 41 | -3 | -9 | 32 | -3 | -12 741 | -879 | -12 709 | -882 | ||||||||||||||||||||
Other exceptional items | |||||||||||||||||||||||||||||
Exceptional divestment gains
|
-135 | -13 | -135 | -13 | -135 | -13 | |||||||||||||||||||||||
Restructuring items
|
|||||||||||||||||||||||||||||
- Income
|
-1 | -3 | -1 | -3 | -1 | -3 | |||||||||||||||||||||||
- Expense
|
51 | 255 | 17 | 14 | 11 | 1 | 1 | 80 | 270 | 5 | 10 | 85 | 280 | ||||||||||||||||
Legal-related items
|
|||||||||||||||||||||||||||||
- Expense
|
-2 | -2 | |||||||||||||||||||||||||||
Additional exceptional income
|
-32 | -5 | -2 | -34 | -5 | -34 | -5 | ||||||||||||||||||||||
Additional exceptional expense
|
13 | 7 | 23 | 10 | 13 | 30 | 36 | 1 | 31 | 36 | |||||||||||||||||||
Total other exceptional items | -104 | 234 | 22 | 37 | 11 | 1 | 11 | 13 | -60 | 285 | 6 | 8 | -54 | 293 | |||||||||||||||
Total adjustments | 121 | 318 | 541 | 545 | 127 | 105 | 77 | 17 | 866 | 985 | -12 724 | -817 | -11 858 | 168 | |||||||||||||||
Core operating income | 2 420 | 2 539 | 894 | 925 | 406 | 387 | -69 | -51 | 3 651 | 3 800 | -102 | -143 | 3 549 | 3 657 | |||||||||||||||
as % of net sales | 33.9% | 32.5% | 34.9% | 35.0% | 18.1% | 16.7% | 30.6% | 29.8% | -18.6% | -11.4% | 28.4% | 26.1% | |||||||||||||||||
Income from associated companies | -1 | 15 | 216 | 15 | 215 | 1 | 15 | 216 | |||||||||||||||||||||
Core adjustments to income from associated companies, net of tax | 206 | 77 | 206 | 77 | 206 | 77 | |||||||||||||||||||||||
Interest expense | -179 | -168 | -179 | -168 | |||||||||||||||||||||||||
Other financial income and expense | 57 | -25 | 57 | -25 | |||||||||||||||||||||||||
Taxes (adjusted for above items) | -551 | -566 | 19 | 21 | -532 | -545 | |||||||||||||||||||||||
Core net income | 3 199 | 3 333 | -83 | -121 | 3 116 | 3 212 | |||||||||||||||||||||||
Core net income attributable to shareholders | 3 199 | 3 306 | -83 | -121 | 3 116 | 3 185 | |||||||||||||||||||||||
Core EPS (USD) | 1.33 | 1.35 | -0.04 | -0.04 | 1.29 | 1.31 | |||||||||||||||||||||||
|
Q1 2015 IFRS results |
Amortization of intangible assets 1 |
Impairments 2 |
Acquisition or divestment related items, including restructuring and integration charges 3 |
Other exceptional items 4 |
Q1 2015 Core results |
Q1 2014 Core results |
|||||||||
USD millions | USD millions | USD millions | USD millions | USD millions | USD millions | USD millions | |||||||||
Gross profit | 8 524 | 766 | 6 | 9 296 | 10 285 | ||||||||||
Operating income | 15 407 | 776 | 129 | -12 709 | -54 | 3 549 | 3 657 | ||||||||
Income before taxes | 15 300 | 960 | 129 | -12 709 | -32 | 3 648 | 3 757 | ||||||||
Taxes5 | -2 295 | -532 | -545 | ||||||||||||
Net income | 13 005 | 3 116 | 3 212 | ||||||||||||
EPS (USD)6 | 5.40 | 1.29 | 1.31 | ||||||||||||
The following are adjustments to arrive at Core Gross Profit | |||||||||||||||
Other revenues | 259 | -28 | 231 | 217 | |||||||||||
Cost of goods sold | -4 218 | 766 | 34 | -3 418 | -3 954 | ||||||||||
The following are adjustments to arrive at Core Operating Income | |||||||||||||||
Research & Development | -2 190 | 10 | 2 | 11 | -2 167 | -2 396 | |||||||||
General & Administration | -642 | 14 | -628 | -748 | |||||||||||
Other income | 13 730 | 1 | -13 337 | -142 | 252 | 227 | |||||||||
Other expense | -1 092 | 126 | 628 | 57 | -281 | -260 | |||||||||
The following are adjustments to arrive at Core Income before taxes | |||||||||||||||
Income from associated companies | 15 | 184 | 22 | 221 | 293 | ||||||||||
1 Amortization of intangible assets: Cost of goods sold includes recurring amortization of acquired rights to in-market products and other production-related intangible assets; Research & Development includes the recurring amortization of acquired rights for technology platforms; Income from associated companies includes USD 184 million for the Novartis share of the estimated Roche core items.
|
|||||||||||||||
2 Impairments: Research & Development, Other income and Other expense consist principally of net impairment charges or reversals related to intangible assets, property, plant and equipment, and financial assets.
|
|||||||||||||||
3 Acquisition or divestment related items, including restructuring and integration charges: Other income includes gains from the divestment of Animal Health (USD 4.6 billion) and from the transactions with GSK (USD 2.8 billion for the non-influenza Vaccines business and USD 5.9 billion resulting from the contribution of the former Novartis OTC division into the GSK consumer healthcare joint venture in exchange for 36.5% interest in this newly created entity); Other expense includes expenses related to the portfolio transformation activities.
|
|||||||||||||||
4 Other exceptional items: Other revenues and Other income includes additional gains from product divestments; Cost of goods sold and Other expense include charges for the Group-wide rationalization of manufacturing sites; Research & Development and General & Administration include charges for transforming IT and finance processes; Other expense includes restructuring provision charges, charges for transforming IT and finance processes; Income from associated companies includes USD 22 million for the Novartis share of the estimated OTC joint venture core items.
|
|||||||||||||||
5 Taxes on the adjustments between IFRS and core results take into account, for each individual item included in the adjustment, the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact. Generally, this results in amortization and impairment of intangible assets and acquisition-related restructuring and integration items having a full tax impact. There is usually a tax impact on exceptional items although this is not the case for items arising from criminal settlements in certain jurisdictions. Adjustments related to income from associated companies are recorded net of any related tax effect. Due to these factors and the differing effective tax rates in the various jurisdictions, the tax on the total adjustments of USD 11.7 billion to arrive at the core results before tax amounts to USD 1.8 billion. The average tax rate on the adjustments is 15.1% since the estimated full year tax charge has been applied to the pre-tax income of the period.
|
|||||||||||||||
6 Earnings per share (EPS) is calculated on the amount of net income attributable to shareholders of Novartis AG.
|
|||||||||||||||
|
Q1 2015 IFRS results |
Amortization of intangible assets 1 |
Impairments 2 |
Acquisition or divestment related items, including restructuring and integration charges 3 |
Other exceptional items 4 |
Q1 2015 Core results |
Q1 2014 Core results |
|||||||||
USD millions | USD millions | USD millions | USD millions | USD millions | USD millions | USD millions | |||||||||
Gross profit | 8 222 | 766 | 2 | 8 990 | 9 617 | ||||||||||
Operating income | 2 785 | 776 | 118 | 32 | -60 | 3 651 | 3 800 | ||||||||
Income before taxes | 2 678 | 960 | 118 | 32 | -38 | 3 750 | 3 899 | ||||||||
Taxes5 | -372 | -551 | -566 | ||||||||||||
Net income | 2 306 | 3 199 | 3 333 | ||||||||||||
EPS (USD)6 | 0.96 | 1.33 | 1.35 | ||||||||||||
The following are adjustments to arrive at Core Gross Profit | |||||||||||||||
Other revenues | 241 | -28 | 213 | 199 | |||||||||||
Cost of goods sold | -3 980 | 766 | 30 | -3 184 | -3 414 | ||||||||||
The following are adjustments to arrive at Core Operating Income | |||||||||||||||
Research & Development | -2 067 | 10 | 2 | 11 | -2 044 | -2 180 | |||||||||
General & Administration | -591 | 14 | -577 | -632 | |||||||||||
Other income | 414 | 1 | -27 | -142 | 246 | 213 | |||||||||
Other expense | -502 | 115 | 59 | 55 | -273 | -236 | |||||||||
The following are adjustments to arrive at Core Income before taxes | |||||||||||||||
Income from associated companies | 15 | 184 | 22 | 221 | 292 | ||||||||||
1 Amortization of intangible assets: Cost of goods sold includes recurring amortization of acquired rights to in-market products and other production-related intangible assets; Research & Development includes the recurring amortization of acquired rights for technology platforms; Income from associated companies includes USD 184 million for the Novartis share of the estimated Roche core items.
|
|||||||||||||||
2 Impairments: Research & Development, Other income and Other expense consist principally of net impairment charges or reversals related to intangible assets, property, plant and equipment, and financial assets.
|
|||||||||||||||
3 Acquisition or divestment related items, including restructuring and integration charges: Other income and Other expense includes items related to the portfolio transformation.
|
|||||||||||||||
4 Other exceptional items: Other revenues and Other income includes additional gains from product divestments; Cost of goods sold and Other expense include charges for the Group-wide rationalization of manufacturing sites; Research & Development and General & Administration include charges for transforming IT and finance processes; Other expense includes restructuring provision charges, charges for transforming IT and finance processes; Income from associated companies includes USD 22 million for the Novartis share of the estimated OTC joint venture core items.
|
|||||||||||||||
5 Taxes on the adjustments between IFRS and core results take into account, for each individual item included in the adjustment, the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact. Generally, this results in amortization and impairment of intangible assets and acquisition-related restructuring and integration items having a full tax impact. There is usually a tax impact on exceptional items although this is not the case for items arising from criminal settlements in certain jurisdictions. Adjustments related to income from associated companies are recorded net of any related tax effect. Due to these factors and the differing effective tax rates in the various jurisdictions, the tax on the total adjustments of USD 1.1 billion to arrive at the core results before tax amounts to USD 179 million. The average tax rate on the adjustments is 16.7% since the estimated full year tax charge has been applied to the pre-tax income of the period.
|
|||||||||||||||
6 Earnings per share (EPS) is calculated on the amount of net income attributable to shareholders of Novartis AG.
|
Q1 2015 IFRS results |
Amortization of intangible assets 1 |
Impairments 2 |
Acquisition or divestment related items, including restructuring and integration charges 3 |
Other exceptional items 4 |
Q1 2015 Core results |
Q1 2014 Core results |
|||||||||
USD millions | USD millions | USD millions | USD millions | USD millions | USD millions | USD millions | |||||||||
Gross profit | 5 855 | 162 | 6 017 | 6 535 | |||||||||||
Operating income | 2 299 | 168 | 16 | 41 | -104 | 2 420 | 2 539 | ||||||||
The following are adjustments to arrive at Core Gross Profit | |||||||||||||||
Other revenues | 207 | -28 | 179 | 145 | |||||||||||
Cost of goods sold | -1 537 | 162 | 28 | -1 347 | -1 484 | ||||||||||
The following are adjustments to arrive at Core Operating Income | |||||||||||||||
Research & Development | -1 654 | 6 | 2 | 11 | -1 635 | -1 742 | |||||||||
Other income | 253 | -1 | -140 | 112 | 78 | ||||||||||
Other expense | -185 | 14 | 42 | 25 | -104 | -118 | |||||||||
1 Amortization of intangible assets: Cost of goods sold includes recurring amortization of acquired rights to in-market products and other production-related intangible assets; Research & Development includes the recurring amortization of acquired rights for technology platforms.
|
|||||||||||||||
2 Impairments: Research & Development includes impairment charges for in process projects and termination of collaboration and license agreements; Other expense includes impairment charges related to property, plant and equipment, and financial assets.
|
|||||||||||||||
3 Acquisition or divestment related items, including restructuring and integration charges: Other expense includes costs related to the acquisition of GSK oncology assets.
|
|||||||||||||||
4 Other exceptional items: Other revenues and Other income includes additional gains from product divestments; Cost of goods sold and Other expense include net restructuring charges related to the Group-wide rationalization of manufacturing sites; Research & Development includes expenses related to product acquisitions; Other expense also includes other restructuring charges.
|
|||||||||||||||
|
Q1 2015 IFRS results |
Amortization of intangible assets 1 |
Impairments 2 |
Acquisition or divestment related items, including restructuring and integration charges |
Other exceptional items 3 |
Q1 2015 Core results |
Q1 2014 Core results |
|||||||||
USD millions | USD millions | USD millions | USD millions | USD millions | USD millions | USD millions | |||||||||
Gross profit | 1 297 | 514 | 1 811 | 1 891 | |||||||||||
Operating income | 353 | 518 | 1 | 22 | 894 | 925 | |||||||||
The following are adjustments to arrive at Core Gross Profit | |||||||||||||||
Cost of goods sold | -1 278 | 514 | -764 | -772 | |||||||||||
The following are adjustments to arrive at Core Operating Income | |||||||||||||||
Research & Development | -218 | 4 | -214 | -231 | |||||||||||
General & Administration | -145 | 7 | -138 | -144 | |||||||||||
Other income | 22 | 1 | -2 | 21 | 10 | ||||||||||
Other expense | -31 | 17 | -14 | -10 | |||||||||||
1 Amortization of intangible assets: Cost of goods sold includes recurring amortization of acquired rights to in-market products and other production-related intangible assets; Research & Development includes the recurring amortization of acquired rights for technology platforms.
|
|||||||||||||||
2 Impairments: Other income includes a reversal of impairment charges related to property, plant and equipment.
|
|||||||||||||||
3 Other exceptional items: General & Administration include charges for transforming IT and finance processes; Other income includes reversal of contingent liability; Other expense includes restructuring charges.
|
|||||||||||||||
|
Q1 2015 IFRS results |
Amortization of intangible assets 1 |
Impairments 2 |
Acquisition or divestment related items, including restructuring and integration charges |
Other exceptional items 3 |
Q1 2015 Core results |
Q1 2014 Core results |
|||||||||
USD millions | USD millions | USD millions | USD millions | USD millions | USD millions | USD millions | |||||||||
Gross profit | 994 | 90 | 2 | 1 086 | 1 120 | ||||||||||
Operating income | 279 | 90 | 26 | 11 | 406 | 387 | |||||||||
The following are adjustments to arrive at Core Gross Profit | |||||||||||||||
Cost of goods sold | -1 287 | 90 | 2 | -1 195 | -1 269 | ||||||||||
The following are adjustments to arrive at Core Operating Income | |||||||||||||||
Other expense | -65 | 26 | 9 | -30 | -26 | ||||||||||
1 Amortization of intangible assets: Cost of goods sold includes recurring amortization of acquired rights to in-market products and other production-related intangible assets.
|
|||||||||||||||
2 Impairments: Other expense includes impairment charges related to property, plant and equipment.
|
|||||||||||||||
3 Other exceptional items: Cost of goods sold and Other expense include net restructuring charges related to the Group-wide rationalization of manufacturing sites.
|
|||||||||||||||
|
Q1 2015 IFRS results |
Amortization of intangible assets |
Impairments 1 |
Acquisition or divestment related items, including restructuring and integration charges 2 |
Other exceptional items 3 |
Q1 2015 Core results |
Q1 2014 Core results |
|||||||||
USD millions | USD millions | USD millions | USD millions | USD millions | USD millions | USD millions | |||||||||
Gross profit | 76 | 76 | 71 | ||||||||||||
Operating loss | -146 | 75 | -9 | 11 | -69 | -51 | |||||||||
The following are adjustments to arrive at Core Operating Loss | |||||||||||||||
General & Administration | -126 | 7 | -119 | -141 | |||||||||||
Other income | 125 | -26 | 99 | 101 | |||||||||||
Other expense | -221 | 75 | 17 | 4 | -125 | -82 | |||||||||
1 Impairments: Other expense includes impairment charges related to property, plant and equipment, and financial assets.
|
|||||||||||||||
2 Acquisition or divestment related items, including restructuring and integration charges: Other income and Other expense includes items related to the portfolio transformation.
|
|||||||||||||||
3 Other exceptional items: General & Administration includes expenses related to setup costs for Novartis Business Services; Other expense includes charges for transforming IT and finance processes.
|
|||||||||||||||
|
|||||||||||||||
|
|||||||||||||||
|
Q1 2015 IFRS results |
Amortization of intangible assets |
Impairments 1 |
Acquisition or divestment related items, including restructuring and integration charges 2 |
Other exceptional items 3 |
Q1 2015 Core results |
Q1 2014 Core results |
|||||||||
USD millions | USD millions | USD millions | USD millions | USD millions | USD millions | USD millions | |||||||||
Gross profit | 302 | 4 | 306 | 668 | |||||||||||
Operating income / loss | 12 622 | 11 | -12 741 | 6 | -102 | -143 | |||||||||
Income before taxes | 12 622 | 11 | -12 741 | 6 | -102 | -142 | |||||||||
Taxes4 | -1 923 | 19 | 21 | ||||||||||||
Net income | 10 699 | -83 | -121 | ||||||||||||
EPS (USD)5 | 4.44 | -0.04 | -0.04 | ||||||||||||
The following are adjustments to arrive at Core Gross Profit | |||||||||||||||
Cost of goods sold | -281 | 4 | -277 | -620 | |||||||||||
The following are adjustments to arrive at Core Operating Loss | |||||||||||||||
Other income | 13 318 | -13 310 | 8 | 17 | |||||||||||
Other expense | -592 | 11 | 569 | 2 | -10 | -27 | |||||||||
1 Impairments: Other expense includes impairment charge as a result of the proposed sale of the influenza vaccines business.
|
|||||||||||||||
2 Acquisition or divestment related items, including restructuring and integration charges: Other income includes gains from the divestment of Animal Health (USD 4.6 billion) and from the transactions with GSK (USD 2.8 billion for the non-influenza Vaccines business and USD 5.9 billion resulting from the contribution of the former Novartis OTC division into the GSK consumer healthcare joint venture in exchange for 36.5% interest in this newly created entity); Other expense includes expenses related to the portfolio transformation activities.
|
|||||||||||||||
3 Other exceptional items: Cost of goods sold and Other expense include restructuring charges related to the Group-wide rationalization of manufacturing sites.
|
|||||||||||||||
4 Taxes on the adjustments between IFRS and core results take into account, for each individual item included in the adjustment, the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact. There is usually a tax impact on exceptional items although this is not the case for items arising from criminal settlements in certain jurisdictions. Due to these factors and the differing effective tax rates in the various jurisdictions, the tax on the total adjustments of USD 12.7 billion to arrive at the core results before tax amounts to USD 1.9 billion. The average tax rate on the adjustments is 15.3%.
|
|||||||||||||||
5 Earnings per share (EPS) is calculated on the amount of net income attributable to shareholders of Novartis AG.
|
|||||||||||||||
|
Q1 2015 USD m |
Q1 2014 USD m |
||||
Change in cash and cash equivalents | -6 550 | 483 | |||
Change in marketable securities, commodities, financial debt and financial derivatives | -4 651 | -5 177 | |||
Increase in net debt | -11 201 | -4 694 | |||
Net debt at January 1 | -6 549 | -8 796 | |||
Net debt at March 31 | -17 750 | -13 490 | |||
Mar 31, 2015 USD m |
Mar 31, 2014 USD m |
||||
Current financial debts and derivative financial instruments | -10 279 | -6 009 | |||
Non-current financial debts | -14 834 | -15 202 | |||
Less liquidity: | |||||
Cash and cash equivalents | 6 473 | 7 170 | |||
Marketable securities, commodities and derivative financial instruments | 890 | 551 | |||
Net debt at March 31 | -17 750 | -13 490 | |||
Mar 31, 2015 |
Mar 31, 2014 |
||||
Number of shares outstanding | 2 420 346 411 | 2 446 852 786 | |||
Registered share price (CHF) | 96.15 | 75.00 | |||
ADR price (USD) | 98.61 | 85.02 | |||
Market capitalization (USD billion) | 239.7 | 206.8 | |||
Market capitalization (CHF billion) | 232.7 | 183.5 | |||
Q1 2015 USD m |
Q1 2014 USD m |
Change USD m |
|||||
Operating income from continuing operations | 2 785 | 2 815 | -30 | ||||
Reversal of non-cash items | |||||||
Depreciation, amortization and impairments
|
1 282 | 1 118 | 164 | ||||
Change in provisions and other non-current liabilities
|
232 | 347 | -115 | ||||
Other
|
48 | 170 | -122 | ||||
Operating income adjusted for non-cash items | 4 347 | 4 450 | -103 | ||||
Interest and other financial receipts | 906 | 579 | 327 | ||||
Interest and other financial payments | -128 | -168 | 40 | ||||
Taxes paid | -578 | -682 | 104 | ||||
Payments out of provisions and other net cash movements in non-current liabilities | -422 | -171 | -251 | ||||
Change in inventory and trade receivables less trade payables | -1 490 | -1 677 | 187 | ||||
Change in other net current assets and other operating cash flow items | -739 | -653 | -86 | ||||
Cash flows from operating activities from continuing operations | 1 896 | 1 678 | 218 | ||||
Purchase of property, plant & equipment | -469 | -482 | 13 | ||||
Purchase of intangible, financial and other non-current assets | -246 | -126 | -120 | ||||
Proceeds from sales of property, plant & equipment, intangible, financial and other non-current assets | 284 | 82 | 202 | ||||
Free cash flow from continuing operations | 1 465 | 1 152 | 313 | ||||
Free cash flow from discontinued operations | -239 | -387 | 148 | ||||
Total free cash flow | 1 226 | 765 | 461 | ||||
US | Rest of world | Total | |||||||||||||||||
Brands |
Business Franchise |
Indication |
USD m |
% change in constant currencies |
USD m |
% change in constant currencies |
USD m |
% change in USD |
% change in constant currencies |
||||||||||
Gleevec/Glivec | Oncology | Chronic myeloid leukemia and GIST | 534 | 27 | 536 | -9 | 1 070 | -2 | 5 | ||||||||||
Gilenya | Neuroscience | Relapsing multiple sclerosis | 329 | 27 | 309 | 25 | 638 | 16 | 26 | ||||||||||
Lucentis | Retina | Age-related macular degeneration | 539 | 0 | 539 | -13 | 0 | ||||||||||||
Afinitor/Votubia | Oncology | Breast cancer / TSC | 208 | 19 | 180 | 18 | 388 | 9 | 18 | ||||||||||
Sandostatin | Oncology | Carcinoid tumors and Acromegaly | 193 | 19 | 192 | 1 | 385 | 0 | 8 | ||||||||||
Diovan/Co–Diovan | Established Medicines | Hypertension | 84 | -80 | 288 | -19 | 372 | -54 | -50 | ||||||||||
Tasigna | Oncology | Chronic myeloid leukemia | 143 | 23 | 229 | 18 | 372 | 10 | 20 | ||||||||||
Galvus | Cardio-Metabolic | Diabetes | 292 | 9 | 292 | -5 | 9 | ||||||||||||
Exforge | Established Medicines | Hypertension | 19 | -80 | 262 | 11 | 281 | -23 | -13 | ||||||||||
Exelon/Exelon Patch | Neuroscience | Alzheimer's disease | 128 | 2 | 105 | -11 | 233 | -11 | -5 | ||||||||||
Exjade | Oncology | Chronic iron overload | 71 | 4 | 123 | 3 | 194 | -7 | 3 | ||||||||||
Xolair1 | Respiratory | Asthma | 180 | 22 | 180 | 4 | 22 | ||||||||||||
Neoral/Sandimmun | Immunology & Dermatology | Transplantation | 12 | -14 | 134 | 0 | 146 | -13 | -1 | ||||||||||
Voltaren (excl. other divisions) | Established Medicines | Inflammation/pain | 134 | 1 | 134 | -9 | 1 | ||||||||||||
Ritalin/Focalin | Established Medicines | Attention deficit/ hyperactivity disorder | 67 | -9 | 35 | 10 | 102 | -7 | -3 | ||||||||||
Myfortic | Immunology & Dermatology | Transplantation | 28 | -35 | 71 | -10 | 99 | -26 | -19 | ||||||||||
Jakavi | Oncology | Myelofibrosis | 90 | 86 | 90 | 58 | 86 | ||||||||||||
Femara | Oncology | Breast cancer | 7 | 40 | 75 | -6 | 82 | -13 | -3 | ||||||||||
Zortress/Certican | Immunology & Dermatology | Transplantation | 18 | 64 | 63 | 18 | 81 | 8 | 24 | ||||||||||
Comtan/Stalevo | Neuroscience | Parkinson’s disease | 3 | -63 | 73 | -5 | 76 | -22 | -10 | ||||||||||
Top 20 products total | 1 844 | -7 | 3 910 | 3 | 5 754 | -9 | 0 | ||||||||||||
Rest of portfolio | 385 | -8 | 1 001 | 10 | 1 386 | -5 | 5 | ||||||||||||
Total Division sales | 2 229 | -7 | 4 911 | 5 | 7 140 | -9 | 1 | ||||||||||||
|
|||||||||||||||||||
1 Net sales reflect Xolair sales for all indications (i.e. Xolair SAA and Xolair CSU, which are managed by the Immunology & Dermatology).
|
Q1 2015 USD m |
Q1 2014 USD m |
% change USD |
% change cc |
||||||
Oncology | |||||||||
Gleevec/Glivec | 1 070 | 1 097 | -2 | 5 | |||||
Tasigna | 372 | 337 | 10 | 20 | |||||
Subtotal Bcr-Abl franchise | 1 442 | 1 434 | 1 | 9 | |||||
Afinitor/Votubia | 388 | 357 | 9 | 18 | |||||
Sandostatin | 385 | 384 | 0 | 8 | |||||
Exjade | 194 | 208 | -7 | 3 | |||||
Jakavi | 90 | 57 | 58 | 86 | |||||
Femara | 82 | 94 | -13 | -3 | |||||
Votrient | 57 | 0 | nm | nm | |||||
Mekinist/Tafinlar | 40 | 0 | nm | nm | |||||
Revolade/Promacta | 36 | 0 | nm | nm | |||||
Zykadia | 16 | 0 | nm | nm | |||||
Other | 149 | 143 | 4 | 13 | |||||
Total Oncology products | 2 879 | 2 677 | 8 | 17 | |||||
Neuroscience | |||||||||
Gilenya | 638 | 552 | 16 | 26 | |||||
Exelon/Exelon Patch | 233 | 262 | -11 | -5 | |||||
Comtan/Stalevo | 76 | 97 | -22 | -10 | |||||
Other | 35 | 62 | -44 | -37 | |||||
Total Neuroscience | 982 | 973 | 1 | 10 | |||||
Retina | |||||||||
Lucentis | 539 | 620 | -13 | 0 | |||||
Other | 13 | 17 | -24 | -13 | |||||
Total Retina | 552 | 637 | -13 | 0 | |||||
Immunology & Dermatology | |||||||||
Neoral/Sandimmun(e) | 146 | 168 | -13 | -1 | |||||
Myfortic | 99 | 133 | -26 | -19 | |||||
Zortress/Certican | 81 | 75 | 8 | 24 | |||||
Ilaris | 55 | 42 | 31 | 47 | |||||
Other | 62 | 43 | 44 | 52 | |||||
Subtotal Immunology & Dermatology excluding Everolimus stent drug | 443 | 461 | -4 | 7 | |||||
Everolimus stent drug | 24 | 65 | -63 | -64 | |||||
Total Immunology & Dermatology | 467 | 526 | -11 | -2 | |||||
Respiratory | |||||||||
Ultibro Breezhaler | 52 | 14 | nm | nm | |||||
Onbrez Breezhaler/Arcapta Neohaler | 43 | 53 | -19 | -4 | |||||
Seebri Breezhaler | 37 | 30 | 23 | 45 | |||||
Subtotal COPD1 portfolio | 132 | 97 | 36 | 63 | |||||
Xolair2 | 180 | 173 | 4 | 22 | |||||
Other | 64 | 96 | -33 | -27 | |||||
Total Respiratory | 376 | 366 | 3 | 20 | |||||
Cardio-Metabolic | |||||||||
Galvus | 292 | 308 | -5 | 9 | |||||
Total Cardio-Metabolic | 292 | 308 | -5 | 9 | |||||
Established Medicines | |||||||||
Diovan | 372 | 803 | -54 | -50 | |||||
Exforge | 281 | 363 | -23 | -13 | |||||
Voltaren (excluding other divisions) | 134 | 148 | -9 | 1 | |||||
Ritalin/Focalin | 102 | 110 | -7 | -3 | |||||
Other | 703 | 896 | -22 | -13 | |||||
Total Established Medicines | 1 592 | 2 320 | -31 | -25 | |||||
Total Division net sales | 7 140 | 7 807 | -9 | 1 | |||||
Of which Growth products3
|
2 924 | 2 609 | 12 | 25 | |||||
Of which rest of portfolio
|
4 216 | 5 198 | -19 | -11 | |||||
1 Chronic Obstructive Pulmonary Disease
|
|||||||||
2 Net sales reflect Xolair sales for all indications (i.e. Xolair SAA and Xolair CSU, which are managed by the Immunology & Dermatology).
|
|||||||||
3 Growth products comprise products launched within the preceding five years, or products with exclusivity in key markets (EU, US, Japan) for at least the next four years.
|
|||||||||
nm = not meaningful |
Q1 2015 | Q1 2014 | % change | Q1 2015 | Q1 2014 | |||||||||
USD m | USD m | USD | cc | % of total | % of total | ||||||||
Pharmaceuticals | |||||||||||||
Europe
|
2 447 | 2 845 | -14 | 4 | 34 | 36 | |||||||
US
|
2 229 | 2 408 | -7 | -7 | 31 | 31 | |||||||
Asia/Africa/Australasia
|
1 764 | 1 889 | -7 | 1 | 25 | 24 | |||||||
Canada and Latin America
|
700 | 665 | 5 | 18 | 10 | 9 | |||||||
Total | 7 140 | 7 807 | -9 | 1 | 100 | 100 | |||||||
Of which in Established Markets
|
5 234 | 5 952 | -12 | -3 | 73 | 76 | |||||||
Of which in Emerging Growth Markets
|
1 906 | 1 855 | 3 | 13 | 27 | 24 | |||||||
Alcon | |||||||||||||
Europe
|
614 | 743 | -17 | 2 | 24 | 28 | |||||||
US
|
1 080 | 1 021 | 6 | 6 | 42 | 39 | |||||||
Asia/Africa/Australasia
|
612 | 617 | -1 | 8 | 24 | 23 | |||||||
Canada and Latin America
|
252 | 261 | -3 | 8 | 10 | 10 | |||||||
Total | 2 558 | 2 642 | -3 | 5 | 100 | 100 | |||||||
Of which in Established Markets
|
1 918 | 2 018 | -5 | 2 | 75 | 76 | |||||||
Of which in Emerging Growth Markets
|
640 | 624 | 3 | 15 | 25 | 24 | |||||||
Sandoz | |||||||||||||
Europe
|
998 | 1 172 | -15 | 6 | 45 | 51 | |||||||
US
|
825 | 717 | 15 | 16 | 37 | 31 | |||||||
Asia/Africa/Australasia
|
278 | 283 | -2 | 5 | 12 | 12 | |||||||
Canada and Latin America
|
136 | 146 | -7 | 6 | 6 | 6 | |||||||
Total | 2 237 | 2 318 | -3 | 9 | 100 | 100 | |||||||
Of which in Established Markets
|
1 675 | 1 666 | 1 | 10 | 75 | 72 | |||||||
Of which in Emerging Growth Markets
|
562 | 652 | -14 | 6 | 25 | 28 | |||||||
Continuing operations | |||||||||||||
Europe
|
4 059 | 4 760 | -15 | 4 | 34 | 37 | |||||||
US
|
4 134 | 4 146 | 0 | 0 | 35 | 32 | |||||||
Asia/Africa/Australasia
|
2 654 | 2 789 | -5 | 3 | 22 | 22 | |||||||
Canada and Latin America
|
1 088 | 1 072 | 1 | 14 | 9 | 9 | |||||||
Total | 11 935 | 12 767 | -7 | 3 | 100 | 100 | |||||||
Of which in Established Markets
|
8 827 | 9 636 | -8 | 1 | 74 | 75 | |||||||
Of which in Emerging Growth Markets
|
3 108 | 3 131 | -1 | 12 | 26 | 25 | |||||||
Discontinued operations | |||||||||||||
Europe
|
291 | 611 | -52 | -41 | 53 | 49 | |||||||
US
|
121 | 251 | -52 | -52 | 22 | 20 | |||||||
Asia/Africa/Australasia
|
84 | 239 | -65 | -63 | 15 | 19 | |||||||
Canada and Latin America
|
52 | 154 | -66 | -64 | 10 | 12 | |||||||
Total | 548 | 1 255 | -56 | -50 | 100 | 100 | |||||||
Of which in Established Markets
|
390 | 811 | -52 | -47 | 71 | 65 | |||||||
Of which in Emerging Growth Markets
|
158 | 444 | -64 | -56 | 29 | 35 | |||||||
Total | |||||||||||||
Europe
|
4 350 | 5 371 | -19 | -1 | 35 | 38 | |||||||
US
|
4 255 | 4 397 | -3 | -3 | 34 | 31 | |||||||
Asia/Africa/Australasia
|
2 738 | 3 028 | -10 | -2 | 22 | 22 | |||||||
Canada and Latin America
|
1 140 | 1 226 | -7 | 4 | 9 | 9 | |||||||
Total Group | 12 483 | 14 022 | -11 | -1 | 100 | 100 | |||||||
Of which in Established Markets
|
9 217 | 10 447 | -12 | -3 | 74 | 75 | |||||||
Of which in Emerging Growth Markets
|
3 266 | 3 575 | -9 | 3 | 26 | 25 | |||||||
1 Net sales from operations by location of third party customer. Emerging Growth Markets comprise all markets other than the Established Markets of the US, Canada, Western Europe, Japan, Australia and New Zealand.
|
|||||||||||||
|
Average rates Q1 2015 USD |
Average rates Q1 2014 USD |
Period-end rates Mar 31, 2015 USD |
Period-end rates Mar 31, 2014 USD |
||||||
1 CHF | 1.050 | 1.120 | 1.030 | 1.127 | |||||
1 EUR | 1.127 | 1.370 | 1.078 | 1.375 | |||||
1 GBP | 1.515 | 1.655 | 1.478 | 1.664 | |||||
100 JPY | 0.840 | 0.973 | 0.832 | 0.972 | |||||
100 RUB | 1.588 | 2.852 | 1.728 | 2.807 | |||||
Q1 2015 USD m |
Q1 2014 USD m |
||||
Share of estimated Roche reported net income | 182 | 241 | |||
Prior-year adjustment | -157 | -56 | |||
Amortization of additional intangible assets recognized by Novartis on initial accounting for the equity interest | -38 | -40 | |||
Net income effect from Roche Holding AG | -13 | 145 | |||
Income from GlaxoSmithKline Consumer Healthcare Holdings | 28 | ||||
Income from other associated companies related to continuing operations | 70 | ||||
Income from associated companies related to continuing operations | 15 | 215 | |||
Income from other associated companies related to discontinued operations | 1 | ||||
Total income from associated companies | 15 | 216 | |||
|
1 Year Novartis Ag Basel Namen ... (PK) Chart |
1 Month Novartis Ag Basel Namen ... (PK) Chart |
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