Switzerland’s Novartis Q3 net profit falls 5%, sales decline 7%

25 October 2012 08:21  [Source: ICIS news]

SINGAPORE (ICIS)--Novartis reported a 5% year-on-year decline in its third quarter net income to $3.9bn (€3bn), , due partly on the appreciation of the US dollar, the Swiss pharmaceuticals company said on Thursday.

Sales for the third quarter fell by 7% year on year to $13.8bn, Novartis said in a statement.

Novartis’ operating income for the third quarter rose by 3% to $3.03bn, the statement  added.

“While Novartis net sales were impacted by the patent expiration of Diovan and a down quarter in Sandoz and Consumer Health, our launch brands performed well and now represent 29% of Group sales. Pharmaceuticals had another solid quarter,” said Jopseph Jimenez, CEO of Novartis.

($1 = €0.77)

By: Surinder Malhi
+65 6780 4327

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