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Novartis profits up by almost a third

Second quarter profit for Novartis increased by 29 per cent from 2010, with major launches and approvals overcoming sales lost to generic competition

Second quarter profit for Novartis increased by 29 per cent from 2010, with income for the 2011 period rising to $3.56bn. At constant currencies the increase was similarly strong at 31 per cent.

Income was buoyed by a formidable sales performance, with net sales rising by 27 per cent from $11.72bn in 2010 to $14.91bn for Q2 2011.

Recently launched products, including Gilenya (fingolimod) for multiple sclerosis (MS), accounted for 28 per cent of pharmaceutical sales, bringing in $2.3bn. Gilenya made $79m during the period.

Products that performed particularly well included wet age-related macular degeneration treatment, Lucentis (ranibizumab), with sales increasing by 44 per cent to $541m following approval in the EU.

Further market approvals for leukaemia treatment Tasigna (nilotinib) saw the drug achieve significant revenue growth of 91 per cent, making $170m.

Gleevic/Glivec (imatinib) and Diovan (valsartan) were the company's biggest sellers, making over $1bn each, although Diovan's sales are due to be affected by the launch of generic competition.

Sales were also helped by Novartis' acquisition of Alcon in August 2010, with the eye-care specialists contributing $2.6bn of net sales in the second quarter.

2Excellent execution behind a sound strategy resulted in another successful quarter for Novartis," commented Joseph Jimenez, CEO of the company. "We further demonstrated the success of our R&D strategy with four major approvals and two filings in the second quarter."

Company performance for the first half of the year was also positive, with net sales up 21 per cent to $28.95bn and net profit up 14 per cent to $6.94bn.

19th July 2011

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