According to recent reports, Novartis AG (NYSE:NVS) has put on hold unloading its Roche Holding stake, which could total $14 billion.
Those familiar with the matter suggest that everything is all set— Novartis just needs to give the green light. Accordingly, the company intends to use the funds for its merger and acquisition (M&A) prospects.
However, Novartis has denied commenting on the matter.
Q3 Financial Results
Novartis has released its third quarter earnings report on Tuesday.
In net sales, Alcon has generated $1.40 billion; Sandoz Biopharmaceuticals $2.50 billion; Growth Products $4.30 billion; and Innovative Medicines $8.20 billion.
Novartis had an earnings per share (EPS) of $0.81 during the third quarter.
The primary drivers of revenue growth include Cosentyx, which has contributed $301 million; Entresto, which has contributed $53 million; Gilenya, which has contributed $790 million; Jakavi, which has contributed $149 million ; Promacta/Revolade, which has contributed $168 million; Tafinlar + Mekinist, which has contributed $172 million; Tasigna, which has contributed $441 million; among others. Similarly, Sandoz Biopharmaceuticals has contributed $262 million during the recently concluded three-month period.
Year-to-Date (YTD) Performance, Fiscal Year (FY) 2016 Outlook
For the first three quarters, Innovative Medicines has $24.30 billion in net sales; Growth Products had $12.50 billion; Sandoz Biopharmaceuticals had $7.50 billion; and Alcon had $4.40 billion.
YTD, Novartis has an EPS of $2.42.
For the FY 2016, net sales and operating income are expected to remain consistent with those of the previous FY.
CyPass Micro-Stent Launch
Earlier this month, Alcon officially introduced CyPass Micro-Stent in the US at the American Academy of Ophthalmology (AAO) Conference 2016.
The US Food and Drug Administration (FDA) has approved the CyPass Micro-Stent in conjunction with cataract surgery in July. The device primarily aims to help mild-to-moderate primary open-angle glaucoma patients.
“We are excited to launch the CyPass Micro-Stent device in a new segment of glaucoma treatment called minimally-invasive glaucoma surgery, or MIGS,” boasted Sergio Duplan, Alcon North America Region President.
On Monday, Novartis closed at $75.45 while Roche Holding closed at $28.94.