New Delhi: Novartis , the Swiss drug maker is finding it hard to have doctors prescribe its heart failure drug Entresto. Though the company gained regulatory clearance for its heart failure drug in July, its sales still stand at a $ 21 million six months after its launch. far below the forecasted 126 million by the industry analysts.
Entresto (sacubitril and valsartan) is a neprilysin inhibitor and angiotensin II receptor blocker combination indicated to reduce the risk of death and hospitalization in patients with chronic heart failure. With of strong support from the study Paradigm-HF, medicine was approved by FDA, making the manufacturer rely heavily on its sale.
According to Sonoran Weekly Review, sales of the drug also missed the company’s internal projections. It has been noted that the drugs poor sales graph is puzzling, considering that cardiologists agree it represents a significant breakthrough in heart-failure medicine. The NVS was off 0.8% before the opening bell, in the lower half of the 52-week range of $70.64 to $106.84.
The stock is down 0.20% or $0.15 after the news, hitting $73.16 per share. About 984,575 shares traded hands. Novartis AG (ADR) (NYSE:NVS) has declined 28.22% since August 11, 2015 and is down trending. It has underperformed by 25.49% the S&P 500.
Novartis AG researches, develops, manufactures, and markets a range of healthcare products worldwide. It operates through three segments: Pharmaceuticals, Alcon, and Sandoz.