Novartis hails ‘very strong’ third-quarter performance

Novartis has announced its financial results for the third quarter of 2014, during which it delivered a net sales total of $14.7 billion (9.12 billion pounds).

This represented a year-on-year increase of four percent, with operating income rising by 14 percent, earnings per share up by ten percent and core operating income growing by eight percent over the same timeframe.

Its commitment to innovation was demonstrated by positive regulatory decisions and data readouts for new therapies such as LCZ696, AIN457, Signifor LAR and Simbrinza, while the firm's growth products and emerging growth market expansion also made a strong contribution.

As a result, the groups' 2014 outlook was confirmed, with net sales expected to grow in the low to mid-single digit range.

Joseph Jimenez, chief executive officer of Novartis, said: "We delivered solid sales growth with margin expansion. At the same time, we reached key innovation milestones, particularly with LCZ696 in heart failure and AIN457 in psoriasis, underlining the innovation power of the company."

This comes after the firm agreed a deal to sell off its influenza vaccines business to CSL for $275 million earlier this month.