Novartis Q4 net profit rises to $2.0 billion

Swiss drug maker Novartis AG reported a 2 percent rise in fourth-quarter net profit Wednesday, helped by delays in generic competition to its blockbuster drugs.

The Basel, Switzerland-based company said it had a of $2.029 billion attributable to shareholders in the final three months of 2013, up from a restated $1.985 billion in the same period the previous year.

Chief Executive Joseph Jimenez said Novartis delivered a strong performance in 2013, growing both and core operating income in constant currencies while absorbing patent expirations.

"We maintained good momentum in innovation," he said in a . "Our growth products continued to expand, rejuvenating our portfolio and reinforcing our growth prospects."

Full-year net profit fell 1 percent to $9.175 billion attributable to shareholders, down from $9.27 billion in 2012. Net sales were up 4 percent despite the and core operating income grew 3 percent, both measured in constant currencies, Novartis said.

The financial statement was delivered before trading opened on the Zurich exchange, where shares closed at 71.3 Swiss francs ($79.3) Tuesday. Shares are up 14 percent from a year ago.

The company confirmed its outlook for 2014 sales growth is in the low to mid-single digits, assuming that the launch of a generic contender to the Novartis blockbuster blood-pressure drug Diovan is delayed until the second quarter.


Explore further

Swiss pharma Novartis ups full-year sales outlook (Update)

© 2014 The Associated Press. All rights reserved.

Citation: Novartis Q4 net profit rises to $2.0 billion (2014, January 29) retrieved 19 June 2019 from https://medicalxpress.com/news/2014-01-novartis-q4-net-profit-billion.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
 shares

Feedback to editors

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more