Novartis puts in “strong performance”

The Novartis pharmaceuticals group has reported that its net profit for the first half of the year was $4.6 billion (SFr4.68 billion), up 13 per cent compared with last year.

In a statement from its Basel headquarters, the group said sales were up 11 per cent to $20.6 billion, with all business contributing to “the strong performance”.

Net sales for the second quarter rose by 14 per cent to $10.7 billion.

“The growth acceleration in the second quarter of 2008 and our R&D successes, especially in pharmaceuticals and vaccines, demonstrate that our strategy is delivering results and that we are heading towards a promising future despite a weak economy,” commented Novartis chairman and chief executive Daniel Vasella.

“Speed and productivity of operations are improving and growth in most countries is dynamic.”

Novartis said it was on track for record sales and earnings in 2008 from continuing operations. In July the group bought a 25 per cent stake in Alcon, the world leader in eye care, from Swiss food giant Nestlé.