Novartis cites momentum in 3 percent profit rise - KAUZ-TV: Newschannel 6 Now | Wichita Falls, TX

Novartis cites momentum in 3 percent profit rise

Posted: Updated:
  • NationalMore>>

  • Man, 80, says he shot burglar after pregnancy plea

    Man, 80, says he shot burglar after pregnancy plea

    Friday, July 25 2014 10:55 AM EDT2014-07-25 14:55:46 GMT
    An 80-year-old man who came home to find two burglars said he shot and killed one of them despite her pleas that she was pregnant, but it's the woman's alleged accomplice who has been arrested on suspicion...
    Police planned Friday to present their case to prosecutors on whether charges should be filed against an 80-year-old man who fatally shot of one of two burglars who attacked him when he found them ransacking his home.
  • Prosecutor: Man faces charges in hospital shooting

    Prosecutor: Man faces charges in hospital shooting

    Friday, July 25 2014 10:45 AM EDT2014-07-25 14:45:32 GMT
    A man who authorities say fatally shot a caseworker at a hospital complex near Philadelphia and was then shot by his psychiatrist remains listed in critical condition.
    A man who authorities say fatally shot a caseworker at a hospital complex near Philadelphia and was then shot by his psychiatrist remains listed in critical condition.
  • Pot may be legal, but homeowner agreements can ban

    Pot may be legal, but homeowner agreements can ban

    Friday, July 25 2014 9:34 AM EDT2014-07-25 13:34:29 GMT
    Pot may be legal in some states - but the neighbors don't have to like it.
    Pot may be legal in some states - but the neighbors don't have to like it.
By JOHN HEILPRIN
Associated Press

GENEVA (AP) - Swiss pharmaceutical company Novartis AG posted a 3 percent rise in second-quarter profits Thursday, reflecting what it described as solid growth and an increased focus on core products.

Profits during the April-June quarter rose to $3.28 billion, up from $3.18 billion in the same quarter of 2013, helped by "strong innovation momentum" and rising sales in some of its household brands, the Basel-based company reported.

Earlier this year, the company launched a major overhaul of its business with a series of multibillion-dollar deals with Britain's GlaxoSmithKline PLC and the U.S.'s Eli Lilly & Co., a reflection of the restructuring that's occurring in the fast-changing industry.

Novartis confirmed its outlook for 2014 is for mid-to-high single-digit sales growth, partly due to its confidence from progress and approvals for cancer and heart drugs that are in development.

CEO Joseph Jimenez told reporters the company delivered a solid quarter and is benefiting from "a sweeping transformation" of its commercial portfolio.

Novartis said Thursday its deal to buy GSK's cancer-drug business for $14.5 billion, plus up to $1.5 billion more if certain milestones are met, is now expected to close in the first half of 2015. The Swiss company has agreed to sell most of its vaccines business to GSK for $7.1 billion, plus royalties, giving GSK better market position with Bexsero, a meningitis B vaccine. The two firms are also creating a new consumer health care business.

Separately, Novartis is selling its animal health division to Eli Lilly for about $5.4 billion, in a deal it said Thursday is now expected to close in the first quarter of 2015. The Indianapolis-based Lilly has been hit hard by patent expirations and has staked its recovery in part on new drugs it develops and its animal health business.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • InternationalMore>>

  • Germany's Lufthansa to resume Tel Aviv flights

    Germany's Lufthansa to resume Tel Aviv flights

    Friday, July 25 2014 11:06 AM EDT2014-07-25 15:06:05 GMT
    Germany's two largest airlines say they are not yet resuming flights to Israel even though the European Aviation Safety Agency has lifted a recommendation that airlines refrain from flying to Tel Aviv airport.
    Germany's biggest airline, Lufthansa, says it and subsidiaries in other European countries will resume flights to Tel Aviv on Saturday after canceling operations for several days over safety concerns.
  • A prominent Libyan activist abducted amid clashes

    A prominent Libyan activist abducted amid clashes

    Friday, July 25 2014 11:05 AM EDT2014-07-25 15:05:55 GMT
    Father of well-known Libyan activist says armed men abducted his son in the capital Tripoli, which is witnessing ongoing battles between heavily armed militias.
    Father of well-known Libyan activist says armed men abducted his son in the capital Tripoli, which is witnessing ongoing battles between heavily armed militias.
  • Russian execs fear lasting damage from plane crash

    Russian execs fear lasting damage from plane crash

    Friday, July 25 2014 10:55 AM EDT2014-07-25 14:55:21 GMT
    Having for months dismissed Western sanctions on Russia as toothless, business leaders here are now afraid that the crash of the Malaysian jetliner will bring about an international isolation that will cause...
    Having for months dismissed Western sanctions on Russia as toothless, business leaders here are now afraid that the crash of the Malaysian jetliner will bring about an international isolation that will cause serious and...