Novartis net profit falls 3.1%; raises FY outlook

|About: Novartis AG (NVS)|By:, SA News Editor

Novartis (NVS) Q3 core net income -3.1% to $3.1B, almost in line with consensus of $3.12B.

Core EPS $1.26, below forecasts of $1.29.

Sales +4% to $14.3B, in line.

Raises annual forecasts for second time this year and now expects sales to increase at a low- to mid-single-digit percentage rate in constant currencies, and core operating income to match or grow from last year. The reason for the increase is because India's Ranbaxy Laboratories hasn't yet started selling a generic version of Novartis' Diovan blood-pressure drug in the U.S. (PR)