Novartis reported a 20 per cent rise in first-quarter net profits today.
The company said it expected a record year as sales at Europe's third-biggest drugmaker continue to counter the weaker industry trend.
Net profits for the three months swelled to $1.08 billion, beating analysts' estimates and helping underpin the share price, which was up 1.14 per cent at 66.75 this morning.
Drug sales rose 16 per cent in local currencies in the quarter, driven by strong demand for its cardiovascular, cancer and eye-care products.
Novartis repeated it would boost 2002 drug sales by around 10 per cent in local currencies and said it expected a record net profit this year despite a dip in financial income.
But Novartis officials were guarded on whether they are interested in embattled US drugmaker Bristol-Myers Squibb, whose product hiccups and profit warning this year undercut its shares and sparked takeover talk.
Novartis built up a 21.3 per cent voting stake in Roche last year, fuelling talk they could merge into a Swiss drugs powerhouse.