Novartis net profit jumps 24% to almost $3B

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

Novartis' (NVS) Q1 net profit leapt 24% to $2.97B and beat consensus of $2.7B, boosted by new drugs such as cancer treatment Afinitor and multiple sclerosis pill Gilenya. Sales in emerging markets, particularly China, also helped lift Novartis' earnings.

Net sales rose 1% to $14.02B, falling short of estimates of $14.25B.

Sales of medicines launched in 2009 or later rose 17% to $4.3B. Gilenya revenue +31% at constant exchange rates to $552M.

Operating profit +22% to $3.5B.

Adjusted profit was flat at $3.21B, or 1.31 a share, with the EPS figure in line.

Novartis reiterated its forecast that 2014 sales will increase by a low to mid-single-digit percentage in constant currencies, and that core operating profit will grow more than sales.

Novartis' results come after the company announced billions of dollars worth of deals in a shake-up of its portfolio earlier this week. (PR)