Novartis posts 32-pc rise in 3Q net profit
Drug maker Novartis AG on Monday reported a 32-per cent rise in net profit for the third quarter, thanks to strong sales and the weakness of the US dollar.
By Agencies |
BASEL-SWITZERLAND: Drug maker Novartis AG on Monday reported a 32-per cent rise in net profit for the third quarter, thanks to strong sales and the weakness of the US dollar.
Net profit rose to US$2.08 billion in the three months ending September 30, from US$1.57 billion in the same period last year when the company booked an exceptional one-off charge for environmental cleanup operations.
Sales grew 12 per cent to US$10.75 billion. The Basel-based company said it was regaining ground lost to generics manufacturers, particularly in the United States, and had overcome the loss of its bowel drug Zelnorm, which was withdrawn from the US market last year.
For the first time, figures included the 25-per cent stake Novartis has purchased in US eye-care company Alcon Inc.
Novartis said the absorption of Alcon had a negative impact on its third-quarter balance sheet because of the high purchase cost.
Net profit rose to US$2.08 billion in the three months ending September 30, from US$1.57 billion in the same period last year when the company booked an exceptional one-off charge for environmental cleanup operations.
Sales grew 12 per cent to US$10.75 billion. The Basel-based company said it was regaining ground lost to generics manufacturers, particularly in the United States, and had overcome the loss of its bowel drug Zelnorm, which was withdrawn from the US market last year.
For the first time, figures included the 25-per cent stake Novartis has purchased in US eye-care company Alcon Inc.
Novartis said the absorption of Alcon had a negative impact on its third-quarter balance sheet because of the high purchase cost.
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