Novartis off to strong start with Zolgensma

• Novartis' (NYSE:NVS) gene therapy Zolgensma (anasemnogene abeparvovec-xioi) generated $160M in sales in Q3, well above analysts' projections of ~$98M, its first full quarter on the market.
• The FDA approved Zolgensma, priced at a hefty $2.1M per patient, in May for children younger than two years old with spinal muscular atrophy.
• On a call with reporters today, CEO Vas Narasimhan said that 99% of eligible patients were receiving the gene therapy, on average within 30 days of requesting it.
• To address payer concerns over the price, the company is offering outcomes-based deals where a portion of the cost is refunded if Zolgensma proves ineffective in addition to an option to pay for the treatment in five equal installments over five years.
• Shares are down 1% premarket after Q3 results were released earlier this morning.