Novartis profits ‘may rise on heart and cancer drug sales’

Analysts predict that Novartis, a pharmaceuticals firm due to present its fourth-quarter and full-year financial results for 2006 later this week, will announced a rise in profits as a result of increased sales in its heart and cancer drugs, analysts have predicted.

While the company is due to launch a number of new therapies in 2007, Bloomberg speculates that sales of older medications, including Diovan and Glivec, will be the cause of profit-rises.

“Net income probably climbed 33 per cent to $1.8 billion [916 million pounds], or 77 cents a share, from $1.35 billion, or 58 cents, a year earlier, according to the median estimates of 15 analysts,” the news agency reports.

It adds that the company recently suffered setbacks in its development of heart medication Tekturna and diabetes drug Galvus, which are predicted to generate millions of pounds in sales each year.

Last month, the company announced a definitive agreement with Nestle to sell to that company its medical nutrition business for $2.525 billion, with the transaction forecast to close during the second half of the year.

At the same time, Novarits announced that the regulatory review time for in the US for Tekturna had been extended by up to three months.