Novartis eyes marketing spend

Novartis has warned its profit may decline this year as it ramps up marketing spend on new heart failure drug Entresto following a disappointing start for the medicine.

Combined with falling sales of leukemia treatment Gleevec, core operating income will be “broadly in line with the prior year or decline low-single digit” at constant currencies, it said. It had previously said profit would be roughly the same.

The world’s biggest prescription drugmaker, which reported slightly better than expected second-quarter profit, is banking on new drugs such as Entresto and Cosentyx for psoriasis to offset generic competition to Gleevec.