Novartis catches chill as mask wearing keeps flu at bay

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ICYMI: Swiss drugmaker Novartis said first-quarter core net income fell 4%, missing analyst expectations, as mask wearing kept seasonal illnesses at bay and price competition hit demand

In addition a historically weak cough-and-cold season, kept in check by broad mask wearing and social distancing, further dented Novartis's Sandoz generics unit that is also grappling with persistent price pressure from rivals.

"A really tough cough and cold season - you see that in record low influenza rates, which led to impacts on both Sandoz's anti-infectives business as well as OTC businesses across Europe," Novartis Chief Executive Vas Narasimhan told reporters on a call. First-quarter core net income slipped 4% from a year earlier to $3.4 billion, compared to the $3.5 billion average analyst estimate in a Refinitiv poll. Sales were 1% higher at $12.4 billion, compared to the $12.5 billion forecast.A sign marks Novartis' Institutes for Biomedical Research in Cambridge, Massachusetts, U.S., January 2, 2020. Picture taken January 2, 2020.

Sandoz sales slid 9% to $2.3 billion, with core operating income tumbling 34% to $445 million. Narasimhan expects Sandoz full-year revenue to shrink in the low- to mid-single-digit percentages, from a previous target of little changed growth.Novartis confirmed its overall 2021 outlook, which foresees sales growing at low- to mid-single-digit percentages, with core operating income seen growing at a mid-single-digit percentage rate.

While Novartis has no vaccine business, it is helping bottle mRNA vaccines against COVID-19 for Germany's BionTech

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