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MENAFN - - 24/04/2012

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(MENAFN) Swiss Novartis' AG chief executive, Joe Jimenez, stated that the firm's first-quarter net profit dropped 18 percent to USD2.33 billion, compared with USD2.82 billion in 2011's same period, reported AP.

Jimenez added that revenues of the Basel-based pharmaceutical firm reached USD13.74 billion in the quarter, with a 2 percent decline from last year's same quarter.

The chief executive also said that first-quarter performance was affected by strong competition in the generic drugs market, in addition to manufacturing problems at the firm's US plant.

It is worth noting that Novartis' generics unit Sandoz posted a 10 percent fall in sales, reaching USD2.12 billion.

 






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