Novartis Ag-sponsored Adr (NVS) Financial News - Novartis net profit rises 12% on sales gain of 27%
Novartis Ag-sponsored Adr (NVS)
Novartis net profit rises 12% on sales gain of 27%
Keywords: , NVS, Novartis AG ADS, NOVN, Novartis AGQuote: MADRID (MarketWatch) -- Swiss pharmaceutical group Novartis AG/quotes/zigman/171707/quotes/nls/nvsNVS-1.17%/quotes/zigman/278066CH:NOVN+3.46%on Tuesday announced second-quarter net attributable profit of $2.7 billion, against profit of $2.42 billion in the same period a year ago. Net sales rose 27% to $14.92 billion against $11.72 billion. A survey of analysts polled by Dow Jones Newswires was forecasting second-quarter net profit of $3.04 billion on sales of $14.49 billion. Novartis said sales were boosted 8% by a weaker dollar, while recently launched products grew 46% over the prior year-year, boosting sales by $3.8 billion. Group constant currency sales growth is expected to be around the double-digit mark, based on consolidation of Alcon for four months in 2010. Pharmaceuticals sales are expected to grow in the low-to mid-single digits, with volume growth more than offsetting the impact of generic competition. Alcon sales are expected to increase at a mid-to high-single digit rate, pro forma. Novartis said if June average exchange rates prevail for the rest of the year, the impact will likely have a 5% positive effect on sales and 3% negative effect on operating income for the full year....
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