Novartis highlights growth potential following Alcon buyout

Novartis has detailed the business benefits it expects to experience following its recently completed acquisition of the ocular health specialist Alcon.

Since completing the takeover of the business earlier this year, the firm has been provided with a major growth platform, thanks to Alcon's market-leading position in the eye care sector.

During the last 18 months, double-digit sales increases through the growth of new products from Alcon have been achieved, while income and productivity have also been bolstered.

Novartis is now raising its cost synergy target for the deal to $350 million (221.85 million pounds) by 2013, while making the largest commitment to research and development in the ophthalmology sector.

Joseph Jimenez, chief executive officer of Novartis, said: "We believe that Alcon has significant growth potential by leveraging the Novartis expertise in research, market access and reimbursement, among others."

According to data from the company's latest financial report, Novartis generated a net sales total of $14.9 billion in the second quarter of 2011.