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Swiss drugmaker Novartis reduced its 2020 sales outlook on Tuesday after second quarter earnings and profit fell, as hospitals which stocked up on medicines during the first-quarter on account of this COVID-19 pandemic slowed buys.
Net income in the three months through June dropped 4% to $1.9 billion, compared to $2.1 billion in 2019. Earnings fell 1 percent in constant currencies to $11.35 billion, from $11.8 billion.
The Basel-based company cut its 2020 earnings outlook, saying it now expects sales to grow in the mid-single digit percent range, down from the previous expectation for a mid- to high-single-digit percentage increase.
Novartis was more specific on its own profit expectations, saying it now expected core operating income to increase with a reduced double-digit percent, in comparison to its earlier view for a high-single to low-double-digit percent increase.
