Novartis Takes 2.2B Hit From Failed Trials
Novartis recorded 2.2 billion dollars in charges following late-stage drug trial setbacks. Despite the losses, the Swiss drugmaker raised its full-year profit outlook after strong third-quarter demand for key medicines.
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NOVARTIS AG-REG recorded $2.2 billion in charges following two late-stage drug trial failures, even as it raised its full-year profit outlook on Tuesday morning. The operating income for the Switzerland-based drugmaker fell 61% in the third quarter due to rising research costs and a $1.9 billion partial impairment for del-desiran.
