Novartis Earnings Rise 49%

The European drugmaker said first-quarter net income rose 49% to $2.9 billion on the back of strong sales of new products.
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GENEVA (

TheStreet

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Novartis

(NVS) - Get Report

, the European drugmaker, said first-quarter net income rose 49% to $2.9 billion on the back of strong sales of new products.

Novartis said sales rose 25% to $12.1 billion as its recently launched products contributed 16%, or $1.9 billion, of net sales. Sales from its pandemic flu vaccine were $1.1 billion.

Analysts expected a first-quarter profit of $2.49 billion. In the same quarter last year, Novartis earned $1.98 billion.

"All of our businesses are making good progress, particularly the sustained expansion in pharmaceuticals and the strong contributions from supply contracts for A(H1N1) pandemic flu vaccines," said CEO Joseph Jimenez.

-- Reported by Joseph Woelfel in New York.

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