Novartis Q3 profit rises 32%

Source: Healthcare Digital

Date :20/10/2008 08:43:01

Novartis AG said today, October 20, its net profit rose to US$2.08 billion, helped by strong sales of its top-selling blood pressure drug Diovan.

The Swiss drugmaker also raised its full-year forecast for drug sales. Novartis now expects drug sales to grow at a mid-single-digit rate in 2008 from a previous forecast of low single-digit growth.

Third quarter sales were US$10.75 billion. Novartis had been expected to post net profit of US$2.11 billion and sales of US$10.71 billion, according to analysts.

Drug sales rose 14 percent in US dollar terms to US$6.71 billion, just ahead of forecasts and underpinned by top-sellers Diovan and cancer drug Glivec.

However, Novartis cut full year forecasts for its Sandoz unit, its generic pharmaceuticals division, saying it now saw sales growth at a low-single-digit rate from a previous target in the mid-single-digits.

It also said it would cut 550 jobs in the US, about 0.6 percent of its global workforce.