Swiss drugmaker Novartis cut its 2020 sales outlook on Tuesday after second quarter sales and profit fell, as hospitals that stocked up on drugs during the first-quarter due to the COVID-19 pandemic slowed purchases. The Basel-based company cut its 2020 sales outlook, saying it now expects sales to grow in the mid-single digit percentage range, down from its previous expectation for a mid- to high-single-digit percentage increase. Novartis was also more specific on its profit expectations, saying it now expected core operating income to increase by a low double-digit percentage, compared with its earlier view for a high-single to low-double-digit percentage increase.
