Novartis Sales Rise As Clients Restock Post-lockdown
Muhammad Irfan 8 days ago Wed 21st July 2021 | 01:30 PM
Zurich, (UrduPoint / Pakistan Point News - 21st Jul, 2021 ) :Swiss pharmaceutical giant Novartis said Wednesday its second quarter sales grew by nine percent, boosted in large part by clients replenishing supplies after dipping heavily into their stocks during pandemic lockdowns last year.
Of that, Novartis estimates four percentage points came from clients stocking up after cutting back orders last year at the height of the pandemic.
While pharmaceutical companies might at first glance be expected to have benefited from the pandemic, companies like Novartis saw sales drop last year.
Novartis said this has resulted in a comparison effect this year and sales are almost back to pre-pandemic levels.
Novartis said it continues to feel the effect of the pandemic in certain geographical areas.
But the firm expects the effects of the pandemic will continue to lessen.
"We are assuming further easing of Covid-19 restrictions in the second half of the year with a positive impact on business dynamics," Novartis said in a statement.
In the first six months of the year, the company's increase in sales was less marked, at three percent.
Novartis left unchanged its forecast for an increase in sales of one to five percent for 2021 as a whole.