Novartis reports slight increase of 4 percent for 2012 net profit
AFPZURICH -- Swiss pharmaceutical group Novartis reported on Wednesday a full-year net profit of US$9.6 billion (7.2 billion euros), up 4 percent from the 2011 level, but posted slightly lower sales amid stronger competition from generic drugs.
January 24, 2013, 12:05 am TWN
The company, which also announced that its chairman of 17 years, Daniel Vasella, was leaving, said in a statement it had achieved net sales of US$56.7 billion.
That was a 3-percent drop from 2011, but still narrowly beat the expectations of analysts polled by the AWP financial agency, who had anticipated sales of US$56.5 billion.
Novartis's important Pharma division meanwhile saw sales slip 1 percent to US$32.1 billion amid swelling competition from generic drugs.
The price of shares in Novartis surged by 2.5 percent to 61.60 Swiss francs a share in morning trading on a Swiss stock exchange up 0.66 percent.