Novartis Q3 net sales up

Net income for the third quarter of 2008 was $2.08 billion, an increase of 32%, compared to $1.57 billion in the third quarter of 2007. Basic earnings per share for the third quarter of 2008 were $0.92, an increase of 35%, compared to $0.68 posted in the third quarter of 2007.

The company has reported net sales of $31.38 billion for the first nine months of 2008, an increase of 12%, compared to $28.14 billion in the same period of 2007.

Net income for the first nine months of 2008 was $6.66 billion, an increase of 19%, compared to $5.61 billion posted in the same period of 2007. Basic earnings per share for the first nine months of 2008 were $2.93, an increase of 22%, compared to $2.40 posted in the same period of 2007.

Daniel Vasella, chairman and CEO of Novartis, said: “Led by the enhanced performance of pharmaceuticals in all regions as well as solid sales growth in vaccines and diagnostics and productivity gains in consumer health, we have achieved strong results in the third quarter of 2008 despite significant volatility in the global economic environment.

“We are rejuvenating our portfolio as recently launched pharmaceutical products provided $2.1 billion in sales to date in 2008 and several novel medicines have been recognized for their benefits to patients with priority review status at the FDA. Also, with a strong new leadership team, Novartis is positioning itself for continued growth and success in a demanding environment.”