Novartis Posts Rise in Profit - TheStreet

Novartis Posts Rise in Profit

The pharmaceutical company cites sales of its cardiovascular treatments.
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(NVS) - Get Report

reported a rise in third-quarter revenue and profit Monday, due in part to solid sales of its cardiovascular treatments.

The Swiss pharmaceutical company said net profit rose 7% to $1.28 billion, while sales increased 16% to $6.21 billion.

The company said it received regulatory approval for several products in the third quarter, including Xolair, a treatment for asthma, and Stalevo, a therapy for Parkinson's disease, that were launched in the U.S. in July and September, respectively.

"Pharmaceuticals is gaining share in all our key markets. The cardiovascular franchise, especially Diovan, achieved the top position in its fast-growing global segment, and oncology sustained its dynamic first-half growth rate," said Daniel Vasella, chairman and chief executive, regarding the company's nine-month results.

The company said it expects to deliver short- to mid-term sales growth in the high-single to low-double-digit percent range in local currencies.

As previously forecast, the company expects 2003 net financial income to be below the previous year's level, reflecting lower liquidity and a challenging economic environment.

Shares of Novartis were up 0.7%, or 28 cents, at $39.72 early Monday.