Novartis' Jimenez gives biosimilar update

At the JPMorgan Healthcare Conference on Monday, Novartis AG (NYSE:NVS; SIX:NOVN) CEO Joe Jimenez outlined the pharma's commercial strategy for new and upcoming biosimilars, and discussed the company's expectations of price erosion for biosimilars.

Jimenez said Novartis expects to report more than $1 billion in 2016 sales of biosimilars when the company reports earnings on Jan. 25. He expects about half of the sales to come from the U.S., where the company's Sandoz unit markets Glatopa glatiramer acetate. Jimenez said Glatopa now has 40% of U.S. market share, but did not provide further details. Teva Pharmaceutical industries Ltd. (NYSE:TEVA) markets Glatopa's reference product, Copaxone, to treat multiple sclerosis...