Novartis not feeling negative impact of current financial climate – CEO

Novartis’ chief executive officer has told a Swiss newspaper that the current financial climate has not had a negative impact on the company.

Daniel Vasella told Tages-Anzeiger on Thursday that the company has not seen a slowdown in demand.

He added in the article that the company has not speculated.

“We ? consciously did not, as others did, invest heavily in derivatives,” he continued.

Mr Vasella added in the interview: “That means we earned less, but now also lost nothing.”

The news follows the Novartis’ announcement that its inhibitor Rasilez provides greater reduction in high blood pressure in patients aged 65 and older.

Results from the Ageless study showed that the product provides an additional reduction in systolic blood pressure of 2.3 mmHg in the age group, in comparison to the ACE inhibitor ramipril.

Presented at the American Heart Association (AHA) 2008 scientific sessions, the results are based upon the primary endpoint of 12 weeks of treatment.

Founded in 1996 through the merger of Ciba-Geigy and Sandoz, Novartis currently employs approximately 100,000 people.

The company has pharmaceuticals, vaccines and diagnostics, Sandoz and consumer health divisions – and increased research and development investments by more than 20 per cent to $6.4 billion (4.32 billion pounds) in 2007.