Novartis Pharma Q1 Net Sales Up 25%

Novartis Pharma posted a net income of $2.95bn for the first quarter 2010, or $1.29 per diluted share, an increase of 49%, compared to $1.97bn, or $0.87 per diluted share, for the prior year period. Group operating income was $3.5bn, an increase of 50%, compared to $2.35bn for the year ago period.

Novartis said that it is building momentum in 2010 and reaffirms expectations for group net sales to grow at a mid-single-digit percentage rate in constant currencies (excluding Alcon) and for improvement in the group’s operating income margin in 2010, driven by the business expansion and ongoing productivity gains.

Joseph Jimenez, CEO of Novartis, said: “We are focusing on extending our lead in innovation, driving growth and improving productivity, which we believe will generate greater sustainable value from our portfolio.

“We are intensifying productivity efforts to improve profitability as well as to enable continued investments in drug discovery and expansion into new markets. As we prepare for the integration of Alcon, which will create a new growth platform in eye care, we are building momentum in 2010 and achieving continued success.”