Novartis reports 1.0pc fall in 2013 profit

ZURICH, Jan 29 (AFP): Swiss pharmaceuticals giant Novartis on Wednesday announced that its net profit fell 1.0 per cent in 2013 to $9.2 billion (6.8 billion euros), blaming the impact of unfavourable exchange rates.
Without taking into account rate fluctuations -- notably the fall of the Japanese yen and emerging markets' currencies against the dollar -- the group said that profit rose by 7.0 per cent last year.
"Novartis delivered strong performance in 2013, growing both net sales and core operating income in constant currencies while absorbing patent expirations," chief executive Joseph Jimenez said in a statement.
"We maintained good momentum in innovation," he underlined, noting that 18 new Novartis drugs had won approval from regulators and that the US Federal Drug Administration had granted three products "breakthrough therapy" status.
"Our growth products continued to expand, rejuvenating our portfolio and reinforcing our growth prospects," Jimenez said.
Novartis is notably banking on the continued performance of its new anti-diabetes drug Galvus, which in 2013 achieved so-called "blockbuster" status thanks to full-year sales of $1.2 billion.
The blockbuster label is applied by the pharmaceuticals trade to drugs that notch up annual sales of more than $1.0 billion.