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news.Shares in Novartis have seen a slight downturn after it reported lower than expected financial results for Q4 2004. Although the company delivered record results, the earnings growth was its slowest in over a year due to restructuring and litigation charges.
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Novartis’ net sales rose 14% to $28.2 billion, with strong results being recorded in both pharmaceuticals and consumer health, where the company’s OTC and medical nutrition operations offset lower net sales growth in its Sandoz generics business.
Pharmaceuticals accounted for 65% of total group net sales, rising 15% to $8.5 billion, bolstered by the five blockbusters: Diovan, Gleevec/Glivec, Lamisil, Zometa and Neoral.
Primary care (excluding mature products) reported a net sales increase of 21%, led by the strong cardiovascular franchise, with the ongoing growth of the antihypertensive medicines Diovan and Lotrel. The company’s oncology franchise reported a 28% advance, ranking as one of the fastest-growing businesses in its sector, thanks to dynamic growth in key oncology drugs Gleevec/Glivec, Zometa and Femara.
Commenting on the results, Dr. Daniel Vasella, chairman and CEO of Novartis, said, “Despite challenging industry conditions, our outlook for 2005 remains strong, and we expect to deliver again a competitive performance with record sales and strong earnings.”