Novartis reaffirms growth predictions for 2011

Novartis has confirmed its positive 2011 financial outlook for the company at its annual general meeting in Basel.

The firm has forecast that the coming year will be marked by "continued progress in delivering its strategic priorities", with a double-digit growth in sales predicted on a constant currency basis.

This will be driven by continued market penetration by its recently-launched pharmaceutical products, as well as a positive impact from last year's acquisition of Alcon.

Novartis' positive forecasts come after the company saw a 14 percent rise in net sales during 2010, with newer drugs accounting for 21 percent of its total.

Dr Daniel Vasella, chairman of Novartis, said: "Our long-term strategy focused on innovation and an attractive business portfolio once more has produced excellent results."

In addition to these achievements, the firm also expects to make progress with its programme of productivity improvements during 2011, which will help to bolster its operating income.