(MENAFN– ecpulse)
Swiss pharmaceutical company Novartis AG has reported Thursday a 24 percent increase in profit for the first quarter, helped by a gain from divestment, while the company’s 2014 outlook remains intact.
The Basel, Switzerland-based Company, said first-quarter net profit jumped 24 percent to $2.97 billion, beating the mean estimate of $2.7 billion estimated by analysts. Results came only two days after announcing a radical overhaul of its structure.
The drug-maker’s first-quarter, net sales rose 1 percent to $14.022 billion, compared to the average estimate of $14.246 billion. The company reiterated that sales in 2014 will increase by a low to mid-single-digit percentage.
Novartis to buy GlaxoSmithKline cancer unit
The Swiss pharmaceutical giant Novartis and its British rival GlaxoSmithKline announced a series of multibillion-dollar deals on Tuesday, saying they would swap more than $20 billion in assets as they seek to boost profitability. In a statement, Novartis said it agreed to buy GlaxoSmithKline’s cancer drug business for as much as $16 billion, and in return, GlaxoSmithKline said it would pay as much as $7.1 billion for Novartis’s vaccine business.
As of 03:15 EST, Novartis share fell 0.46% or 0.35 points to trade at 75.90 franc
Swiss pharmaceutical company Novartis AG has reported Thursday a 24 percent increase in profit for the first quarter, helped by a gain from divestment, while the company’s 2014 outlook remains intact.
The Basel, Switzerland-based Company, said first-quarter net profit jumped 24 percent to $2.97 billion, beating the mean estimate of $2.7 billion estimated by analysts. Results came only two days after announcing a radical overhaul of its structure.
The drug-maker’s first-quarter, net sales rose 1 percent to $14.022 billion, compared to the average estimate of $14.246 billion. The company reiterated that sales in 2014 will increase by a low to mid-single-digit percentage.
Novartis to buy GlaxoSmithKline cancer unit
The Swiss pharmaceutical giant Novartis and its British rival GlaxoSmithKline announced a series of multibillion-dollar deals on Tuesday, saying they would swap more than $20 billion in assets as they seek to boost profitability.
In a statement, Novartis said it agreed to buy GlaxoSmithKline’s cancer drug business for as much as $16 billion, and in return, GlaxoSmithKline said it would pay as much as $7.1 billion for Novartis’s vaccine business.
As of 03:15 EST, Novartis share fell 0.46% or 0.35 points to trade at 75.90 franc
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