Biotech Values

[DewDiligence]

I estimate $70M of 2Q15 Glatopa sales by NVS.

NVS’ Sandoz Division’s YoY growth was high single digits excluding Glatopa, according to NVS’ 2Q15 CC (time 59:35). For the sake of discussion, let’s say “high single digits” is 8%.

We know that the Sandoz Division overall grew 11% YoY in constant currency; hence, Glatopa sales represented about 3% of the 2Q14 Sandoz sales of $2.33B, or about $70M.

A sizable portion of 2Q15 Glatopa sales were for inventory stocking, according to NVS.