It has taken longer than some analysts predicted, but it looks like Novartis' (NYSE:NVS) strategy is finally paying off. It was not that long ago that Novartis looked like a just another floundering drug company with a weak pipeline. When the Sandoz acquisition failed to immediately produce results, more people wrote off the company and sold the stock. Now, though, Novartis looks like one of the more dynamic names in big-cap pharma.
The Quarter That Was
Novartis produced a very good June quarter. Sales were up 12% to nearly $12 billion, as pharmaceutical sales rose 8% and Sandoz (the company's generics business) saw revenue rise 13%. Oncology and cardiology drugs make more than half of the company's pharmaceutical revenue base, and these were up 11% and 8%, respectively, as major contributors like Diovan and Gleevec continue to grow.
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