Novartis (NYSE:NVS) posted fourth-quarter results today that trailed the consensus forecast.
The Basel, Switzerland–based company reported a $2.1 billion net income, an 86% increase in Q4 2019. Earnings per share for the quarter ended Dec. 31 were $1.34 per share on revenue of $12.8 billion.
Analysts had anticipated earnings of $1.36 per share.
Still, there is room for optimism.
In an earnings call, Novartis CEO Vasant Narasimhan said the company had achieved “solid operational performance over the past three years,” after revamping its strategy in 2018. Net sales from 2017 to 2020 have grown 5% annually while its Innovative Medicines division achieved a 35% growth rate in 2020.
“We have a leading pipeline across 10 therapeutic areas [and], four advanced therapy platforms,” Narasimhan added.
Novartis has enacted a series of cost-savings measures that has enabled the company to save $2 billion in cost over the past three years. T…