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news.Novartis AG has cut its 2007 sales growth forecast because of generic competition for its blood pressure drug Lotrel. The Swiss drug maker is also facing US approval delays on a new diabetes treatment.
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Novartis has been hit by competing generic versions of its heart drug Lotrel and anti-nail fungus treatment Lamisil, and the withdrawl of its bowel disorder drug Zelnorm after it was linked to strokes and heart attacks.
As a result, the company is expecting a slowdown in drug sales growth in the second half of 2007.
Additionally, US regulators have delayed their approval of the company’s Galvus drug, one of two treatments that Novartis was planning to launch this year. The FDA said that it needs more time to assess the drug’s safety. The delay is good news for rival drug maker Merck & Co., which recently launched its own diabetes drug, Januvia.