By Alex Steblinina. Restructuring charges and the impact of generic competition led to sharp fall in 4-quarter profits of Novartis.
The Swiss drugmaker said that despite current difficulties it would restore growth in the second half of the year.
 |
|
|
 |
| Novartis predicts good 2008 in spite 4Q difficulties |
|
|
|
|
 BREAKING NEWS |
|
|
|
|
|
|
|
|
|
|
Novartis predicts another year of record net sales and earnings.
Operating profits decreased in the fourth quarter to $1.23 billion on a rise in sales to $6.15 billion. A 307 million dollars restructuring charge had worsened the situation – for it took operating profits down 43 per cent to $925 million.
Novartis International AG is a multinational pharmaceutical company based in Basel, Switzerland that manufactures drugs such as diclofenac (Voltaren), carbamazepine (Tegretol), valsartan (Diovan), imatinib mesylate (Gleevec), cyclosporin A (Neoral / Sandimmun), letrozole (Femara), methylphenidate hydrochloride (Ritalin), terbinafine (Lamisil), etc. Novartis owns Sandoz, a large manufacturer of generic drugs. The company formerly owned the Gerber Products Company, a major infant and baby products producer, but announced in April 2007 it was selling Gerber to Nestlé. Legal responsibility for Gerber was transferred from Novartis to Nestlé on 1 September 2007.
Read more news
N.Korea Test-Fires Seven Ballistic Missiles
Forum
Source: 
