Novartis Sees 19% Profit Surge

Oct. 20, 2008
Will cut sales jobs in U.S.

Novartis reported 19% growth in nine-month profits on Oct. 20, saying that it would end the year with record sales and earnings despite volatile economic conditions. It also announced that it was slashing 550 sales jobs in the U.S., in a reorganization that is expected to save the group $80 million yearly from 2010.

"Despite the economic uncertainty in the world markets, Novartis is on track for another year of record results in 2008, continuing to build momentum by focusing on innovation and performance," said Daniel Vasella, chairman and chief executive of the group.

For the third quarter alone, net profit was up 32% to $2.08 billion, the company said.

Novartis, which makes drugs such as hypertension medication Diovan, said it was pushing for expansion in high growth emerging markets, and that emerging markets now make up about a quarter of total sales. In its seven priority markets of Brazil, China, India, Mexico, Russia, South Korea and Turkey, net sales for the nine months rose 17% to $3.3 billion.

Copyright Agence France-Presse, 2008

Popular Sponsored Recommendations

How to Build Zero-Cost On-Site Solar and Storage Projects

Nov. 25, 2023
The Inflation Reduction Act offers tax credits, incentives, and financing that enable no-cost projects. In Enel’s eBook, discover the critical role that incentives play in your...

Digital Production Tracking: How Connected Platforms with No-Code Deliver Value

Sept. 19, 2023
Manual tracking lacks the real-time visibility manufacturers need to identify root causes and remain competitive. Digital, connected production tracking is crucial for your operations...

Digitally Transforming Data and Processes With Product Lifecycle Management

Oct. 29, 2023
Manufacturers face increasing challenges in product development as they strive to consistently deliver improved results. Discover how industry leaders are improving time-to-market...

Pacing the Path to Digitalization

July 23, 2023
Explore the latest trends, challenges, and opportunities facing the ever-changing manufacturing industry, and how organizations should embrace digitalization to stay ahead of ...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!