Novartis reported great Qtr3 results. Revenues were up 13% and profits 10% year on year. The Sandoz generics unit played a big part in the runup. Fierce Biotech reported on a Reuters story that enoxaparin, Novartis' recently approved biosimilar version of Lovenox, saw its revenues reach $292 M in the Qtr putting it on pace to pass the magical $1 B blockbuster mark.
The Sandoz unit also has three other biosimilars that are doing well - so far these consist of biologics like HGH and EPO. New drugs in Novartis' pipeline contributed to 20% of group revenues - up from 15% in the prior year. With Pfizers announcement of a push in the biosimilar area too - as evidenced by its licensing deal with Biocon for insulin and insulin analogs - look for the Big Guys to rush down this track.
Posted by Bruce Lehr October 21st 2010.