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Home Industry News Novartis predicts sales dip until 2013

Novartis predicts sales dip until 2013

8th October 2012

Novartis has revealed the expiry of a US patent for its leading medication for the treatment of hypertension Diovan caused a drop in earnings that could last until 2013.

The pharmaceutical company's chief executive Joseph Jimenez told Swiss weekly SonntagsZeitung the fall in sales of the organisation's best-selling medication was "significant" in the US since the end of September.

Increasing sales of competing generic equivalents to the Novartis product already caused a two billion dollar (1.2 billion pounds) fall in demand for Diovan, which previously registered sales of six billion dollars in a single 12-month period.

Mr Jimenez said he plans to follow up on a series of small measures to drive the company's finances and rejected suggestions Novartis will need to cut jobs.

His comments were made after the pharmaceuticals firm announced the dismissal of 2,000 employees in 2011, which were mainly carried out in Switzerland and the US.ADNFCR-8000103-ID-801464802-ADNFCR

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