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Novartis reports 5% decrease in quarterly net income

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Novartis reported a net income of $2.55 billion for the second quarter, down 5% from $2.68 billion in the second quarter of 2012, according to a company news release.

Net sales increased 1% to $14.49 billion from $14.3 billion, while operating income fell 4% to $2.97 billion from $3.11 billion.

Alcon accounted for $2.7 billion of Novartis’ net sales, up 3% from the same quarter last year, the release said. Alcon’s surgical sales increased 5%, vision care sales increased 2% and ophthalmic pharmaceuticals sales increased 2%.

Alcon’s 5% decrease in quarterly operating income, to $397 million, was partially attributed to restructuring costs and impairment of intangible assets, the release said.

European Union approval of Lucentis (ranibizumab, Genentech/Novartis) for myopic choroidal neovascularization is expected to spur further growth, according to the release. Genentech has the commercial rights to Lucentis in the United States, while Novartis has exclusive rights in the rest of the world.