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Home > Swiss drug maker Novartis posts strong profit

Swiss drug maker Novartis posts strong profit

The Associated Press
FILE - This Oct. 25, 2011 file photo shows the logo of Swiss pharmaceutical company Novartis AG on one of their buildings in Basel, Switzerland. Novartis AG has posted a 45 percent rise in net profit in the third quarter, boosted by strong sales of new products such as Gilenya for multiple sclerosis and the leukemia drug Tasigna as they announced Tuesday, Oct. 28, 2014. The Basel, Switzerland-based company's reported quarterly net profit was US dollar 3.24 billion, up from last year's equivalent of US dollar 2.23 billion, which was downwardly adjusted to conform to reporting requirements. (AP Photo/Keystone, Georgios Kefalas, File)

Swiss pharmaceutical giant Novartis AG has posted a 45 percent rise in net profit in the third quarter, boosted by strong sales of new products such as Gilenya for multiple sclerosis and the leukemia drug Tasigna.

The Basel, Switzerland-based company's reported quarterly net profit was $3.24 billion, up from last year's equivalent of $2.23 billion, which was downwardly adjusted to conform to reporting requirements. The result also included a gain from divesting the blood transfusion diagnostics unit.

In Tuesday's earnings statement, Novartis confirmed its outlook for the year of low to mid-single digit growth in net sales.

CEO Joseph Jimenez called it "a very strong quarter" and said that some of the milestones achieved, such as with drugs for heart failure and psoriasis, show the "innovation power of the company."

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