Swiss pharmaceutical giant Novartis today reported a 4 per cent rise in net income to €1.356 billion, missing expectations as heavy charges from its acquisition of US biotech firm Chiron weighed.
Group second-quarter net sales rose to €7.269 billion, driven by a 11 percent increase in sales in the pharmaceutical unit to $4.512 billion, the company said today.
The group - which also makes generic drugs and consumer health products - said it expected double-digit percentage group sales growth for the full year and saw its drugs unit advancing at a high single-digit rate.
Daniel Vasella, chairman and CEO, said Novartis's blockbuster drugs, such as Diovan for high blood pressure and Glivec for cancer, were winning market share and the group was on track for another year of record sales and earnings.
Analysts had expected Novartis to post a 12 per cent rise in group net income to €1.454 billion, following the first time full-consolidation of US biotech firm Chiron.