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Novartis’s Zolgensma beats expectations by generating $160Mn

Author : Pankaj Singh | Published Date : 2019-10-24 

Novartis is a leading global healthcare company that reimagines medicine to extend and improve patient's lives. It uses innovative technology and science to treat a few of society's most challenging healthcare diseases. 

The company has introduced a gene therapy dubbed Zolgensma for infants with SMA, which is termed as one of the world’s most expensive drugs. However, Novartis recently revealed that Zolgensma has treated over 100 patients and has plowed in a total of $160 million in the last quarter, outperforming analyst’s expectations.

Apparently, Zolgensma treats spinal muscular atrophy, a devastating and rare neurological disease. It holds a record price tag of $2.1 million, or a yearly cost of $425,000 for the series of five years.

As per Novartis, approximately 99% of SMA (spinal muscular atrophy) patients that were opted for Zolgensma received coverage of one-time therapy, however, few had to grind for an approval process to get the therapy. Moreover, the firm hinted that it had attained huge progress in prominent deals with health plans that cover the therapy.

It added that agreements are in place including nearly 30% of patients covered by Medicaid and roughly 90% of patients insured commercially. 

Since its launch, Zolgensma has been making headlines by setting a record-breaking price tag, followed by a data-manipulation scandal and then the astounding figures from its first quarter. However, the drug has now run into a new issue regarding a concern with its manufacturing. This has delayed Zolgensma’s approval in Japan and the EU.

Speaking on which, Dave Lennon, President of AveXis (Novartis’ gene therapy unit), said Novartis has worked quickly to reassure physicians and patients of Zolgensma’s quality, and the data manipulation scandal had no impact on the treatment’s performance.

As per Vas Narasimhan, CEO, Novartis, regulators from the Japanese and European markets have given a written question and have called for an additional inspection before approving the drug to treat infants with SMA.

Source Credit: https://www.statnews.com/2019/10/22/novartis-gene-therapy-brings-in-160-million-beating-expectations/

 

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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