Novartis announced on Tuesday that its net sales in the second quarter of 2022 stood at $12.8 billion, falling 1% from the same period a year ago. Earnings per share (EPS) plunged 40% year on year to $0.77 and net income was down 41% to $1.7 billion.

Operating income slid 36% to $2.2 billion. Meanwhile, core EPS declined 2% to $1.56, core net income amounted to $3.4 billion in the three month period and core operating income stood at $4.3 billion.

"Novartis delivered a solid second quarter. Our six key in-market growth drivers with multi-billion sales potential (Cosentyx, Entresto, Zolgensma, Kisqali, Kesimpta, Leqvio) each grew at least double digits," CEO Vas Narasimhan stated.