Swiss pharma Novartis posts 6 percent profit dropOctober 21, 2013 @ 11:54 pm
GENEVA (AP) - Swiss pharmaceutical giant Novartis AG has posted a 6 percent drop in net profit in the third quarter, citing negative currency trends and other factors.
The Basel, Switzerland-based company reported a net profit of $2.26 billion in the July-September quarter, down from last year's equivalent of $2.42 billion, which was downwardly adjusted to conform to new reporting requirements.
In its earnings statement Tuesday, Novartis said a weakened yen and emerging market currencies, along with expiring patents and royalty payments, affected its financial performance, but that third-quarter net sales rose 4 percent to $14.3 billion, up from in the comparable period of 2012.
Chief Executive Joseph Jimenez says in a statement the company had "strong sales performance in the third quarter, with all divisions contributing to growth."
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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