2Q Revenues: $14.3 billion (-4%)
2Q Earnings: $2.7 billion (flat)
YTD Revenues: $28.0 billion (-3%)
YTD Earnings: $5.1 billion (-9%)
Comments: Pharmaceutical sales were $8.3 billion (-1%). Recently launched products helped offset the loss associated with the Diovan patent expiration. Lucentis, Gilenya, Afinitor, Tasigna and Galvus grew 8% to $4.1 billion. Currency had a negative impact of 5 percentage points. Alcon sales were up 1% to $2.6 billion in the quarter, driven by strong Surgical sales growth (+3%). Sandoz sales were down 13% to $2.1 billion, impacted by 7 percentage points of price erosion. Vaccines and Diagnostics sales were up 17% to $349 million, driven by Menveo. Consumer Health, which includes OTC and Animal Health, declined 24% to $904 million in the quarter, impacted by the suspension of production at the Lincoln, Nebraska manufacturing site.