Novartis increases Q3 profit
Novartis earned $2.08 billion (SFr2.36 billion) on $10.75 billion in sales in the third quarter of 2008, the pharmaceutical giant said on Monday.
The result, a 12 per cent increase over the same period last year, brings the Basel-based firm’s net sales to $31.38 billion and net income to $6.66 billion for the first nine months of the year.
The Swiss drugmaker had benefited from positive currency translation and in particular, from a weak United States dollar.
The group’s operating income advanced 24 per cent to $7.28 billion up to September, which the firm credited to an efficiency initiative focusing on innovation and expanding high-growth markets.
Novartis also said it would be cutting 550 jobs in the US, following in the steps of rivals Pfizer, GlaxoSmithKline and France’s Sanofi-Aventis.
On Friday, the firm also said it had appointed Joerg Reinhardt as it’s chief operating officer and that the head of its consumer health unit, Thomas Ebeling, was leaving the company.
In compliance with the JTI standards
More: SWI swissinfo.ch certified by the Journalism Trust Initiative
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.