Swiss pharmaceutical giant Novartis AG says fourth quarter net income dropped 26 percent but the company still posted a healthy 2014 annual profit.
The Basel, Switzerland-based company said Tuesday that fourth quarter net income came in at $1.49 billion, down from $2 billion in the same quarter the year before excluding its blood-transfusion diagnostics unit, which it sold in 2013. Novartis took a one-time charge of $1.1 billion in the quarter connected to the sale of its flu vaccine business.
Year-end profit rose to $10.3 billion in 2014, a 12 percent increase over 2013's $9.6 billion profit excluding the diagnostics unit.
CEO Joseph Jimenez said in 2014 Novartis "delivered solid sales growth with margin expansion, strengthened innovation and advanced our quality and productivity."
Explore further: Novartis Q4 net profit rises to $2.0 billion
© 2015 The Associated Press. All rights reserved.
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Swiss pharmaceutical giant Novartis AG says fourth quarter net income dropped 26 percent but the company still posted a healthy 2014 annual profit.
The Basel, Switzerland-based company said Tuesday that fourth quarter net income came in at $1.49 billion, down from $2 billion in the same quarter the year before excluding its blood-transfusion diagnostics unit, which it sold in 2013. Novartis took a one-time charge of $1.1 billion in the quarter connected to the sale of its flu vaccine business.
Year-end profit rose to $10.3 billion in 2014, a 12 percent increase over 2013's $9.6 billion profit excluding the diagnostics unit.
CEO Joseph Jimenez said in 2014 Novartis "delivered solid sales growth with margin expansion, strengthened innovation and advanced our quality and productivity."
Explore further: Novartis Q4 net profit rises to $2.0 billion
© 2015 The Associated Press. All rights reserved.
Medical Xpress on facebook
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Novartis Q4 net profit rises to $2.0 billion
Jan 29, 2014
Swiss drug maker Novartis AG reported a 2 percent rise in fourth-quarter net profit Wednesday, helped by delays in generic competition to its blockbuster drugs.
Novartis cites momentum in three percent profit rise
Jul 17, 2014
Swiss pharmaceutical company Novartis AG posted a 3 percent rise in second-quarter profits Thursday, reflecting what it described as solid growth and an increased focus on core products.
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Apr 24, 2014
Strong new drug sales and higher operating income helped Swiss pharmaceutical firm Novartis AG report a 24 percent rise in first-quarter profit.
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Oct 22, 2013
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19 hours ago
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Jan 25, 2015
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Jan 25, 2015
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