Novartis reports slight increase of 4 percent for 2012 net profit

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.

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