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New launches see strong Q3 for Novartis

Novartis has posted strong financial results for the third quarter of 2010, due in part to the success of recent launches

Novartis has posted strong financial results for the third quarter of 2010, due in part to the success of recent launches.

Total net income for the Switzerland-based pharmaceutical company improved by 14 per cent in constant currencies, increasing from $2.11bn for Q3 2009 to $2.32bn for the same period this year.

An increase in sales by 16 per cent helped this growth, with net revenue for the period totalling $12.58bn.

Recent launches (excluding those related to the purchase of a majority share in eye-care specialists Alcon) made up 20 per cent of net sales, amounting to $2.3bn in revenue.

These products included the blood pressure treatments Exforge (amlodipine/valsartan), which increased its sales by 33 per cent to $222m, and Tekturna/Rasilez (aliskiren), which made $113m – an increase of 42 per cent.

Other drugs to perform well were diabetes treatment Galvus (vildagliptin), which increased sales by 114 per cent to £101m, and Tasigna (nilotinib) for chronic myeloid leukaemia, which made $109m – growth of 97 per cent.

The company's biggest selling drugs were Gleevec/Glivec (imatinib mesylate), which took in $1.02bn and hypertension drug Diovan (valsartan) which increased sales by 2 per cent to $1.48bn.

Outside of drug sales, performance also improved in core operating income, increasing by 29 per cent to $3.7bn. Core operating income excludes exceptional items such as costs related to the Alcon deal and impairment charges for the discontinuation of two development projects.

Following the success of recent products, Novartis has said it expects 'significant innovation momentum' citing the US Food and Drug Administration (FDA) approval of oral multiple sclerosis treatment Gilenya (fingolimod) as key in continuing business growth.

Speaking on the company's performance, Joe Jimenez, Novartis CEO, said: "Our innovation momentum and strong execution once more drove strong sales and core operating income growth.”

He continued: “Data on new medicines such as MenB, our meningococcal vaccine candidate, give me confidence that our pipeline will continue to deliver."

21st October 2010

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