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Swiss Pharma Novartis Ups Full-year Sales Outlook | Daily Digest

Posted On 22 Oct 2013
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GENEVA (AP) — Swiss pharmaceutical giant Novartis AG raised its full-year sales outlook because of delays in generic competition to its blockbuster blood pressure drug Diovan even though it said negative currency trends contributed to a 6 percent drop in its third-quarter net profit. The Basel, Switzerland-based company said Tuesday that it made 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. Novartis said a weaker yen and falls in emerging market currencies, along with expiring patents and royalty payments, affected its financial performance. Even so, third-quarter sales rose 4 percent to $14.3 billion and the company’s share price rose 1.25 percent to 68.75 Swiss francs in afternoon trading in Zurich. – See more at: http://dailydigest.com/swiss-pharma-novartis-ups-full-year-sales-outlook/#sthash.uNSrrxoG.dpuf

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