Novartis reports continued growth in second quarter of 2014

Novartis has announced its financial results for the second quarter of 2014, during which it generated a net sales total of $14.6 billion (8.53 billion pounds).

This represented a year-on-year increase of two percent, with strong operating income growth of six percent being recorded, while earnings and cash flow also saw improvements.

During the quarter, the firm achieved significant developmental and regulatory milestones for drugs such as Zykadia, Fovista, Simbrinza, LCZ696 and CTL019, while recently agreeing a new smart lens technology collaboration with Google.

Its strong execution on growth products and emerging market activity has helped it to remain on track to meet its 2014 target of net sales growth in the low to mid-single digit range.

Joseph Jimenez, chief executive officer of Novartis, said: "Novartis delivered solid financial performance with core margin expansion in the second quarter and first half. Pharmaceuticals, in particular, showed improved productivity, driving core operating leverage for the group."

The company also published its most recent Corporate Responsibility Performance Report earlier this month, showing it has achieved these improvements while maintaining its commitment to ethical business standards.