Novartis achieves ‘excellent’ 2010 financial results

Novartis has expressed satisfaction with the year-on-year growth trends revealed in its financial report for 2010.

The pharmaceutical company generated a net sales total of 50.6 billion (31.86 billion pounds) for the year, up by 14 percent on 2009, while fourth quarter sales also improved by ten percent on the corresponding period of last year.

Novartis highlighted the role of its newer products in driving growth, with recently-launched treatments generating $10.4 billion, or the equivalent of 21 percent of its sales total.

The firm made 16 major regulatory submissions last year for treatments such as Lucentis, Afinitor and Bexsero, while also gaining 13 key approvals for new drug specifications.

Joseph Jimenez, chief executive officer of Novartis, said: "Novartis achieved excellent results in 2010 as all divisions contributed to above-market growth."

Last month, Novartis agreed a merger deal with Alcon, a move that will give the company control of 70 percent of the global vision care market.