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Home Industry News Novartis reports “strong performance” for 2007

Novartis reports “strong performance” for 2007

17th January 2008

Novartis chief executive officer Dr Daniel Vasella has declared that the company delivered a “strong performance” in 2007 following the release of the year’s financial results.

Group results for 2007 set a new record as net sales rose by eight per cent to $39.8 billion (20 billion pounds) with net income reaching $12 billion.

The company confirmed that the launches for approved products Exforge, Lucentis, Exjade and Xolair had supported its positive results.

With 14 approvals in the US and the European Union, this had allowed an increasing return to shareholders while still maintaining sound financial foundation, the firm indicated.

Commenting on the results, Dr Vasella highlighted that encouraging performances had come from most regions and in all divisions.

He acknowledged that the pharmaceuticals division in the US had been hit by generic competition and the withdrawal of its Zelnorm product.

However, Dr Vasella suggested that “dynamic growth” in its Vaccines & Diagnostics division as well as in Consumer Health confirmed the important to focus on Novartis’ diversification strategy in healthcare business.

He added: “I am confident Novartis will deliver record results in 2008 and is well-positioned to benefit from current and future trends in healthcare.”

Earlier this month, Novartis reported that new data showed its developmental vaccine Menveo to protect infants against four of the most common causes of meningococcal disease.

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