Swiss Novartis AG Raises Annual Sales Forecast

Submitted by Shiela Rao on Fri, 10/23/2009 - 06:06

Basel, Switzerland based drug maker Novartis AG raised a profitable full-year sales report/forecast on Thursday.  

The firm's third quarter report demonstrated higher revenues and a 0.4% rise in net profit. The figures given out were - $ 2.1 Billion profit in three months up-to September 30, which were up from profit figures of $2.09 Billion around the same time last year. Analysts polled by the Dow Jones Newswires had estimates the figures to stand around $2.16 Billion.

Chief Executive Daniel Vasella said, "I am pleased with our strong underlying performance, led by the momentum of our Pharmaceuticals business. Our investments in R&D show excellent results, with many key approvals in 2009, most notably the anticancer therapy Afinitor and the biotechnology medicine Ilari".

On the Zurich exchange, Novartis shares were reported up by 0.1%, which is being seen as an effect of the profitable sales report. The drug maker is positive that the sales and share rates will continue to grow through 2009.


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