Novartis Profit Up on Cancer Drug Sales
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Novartis said profit rose 9.2%, beating analyst estimates, as the company’s heart medicine Diovan and cancer drug Gleevec helped it win market share.
Net income rose to $1.65 billion, or 70 cents a share, from $1.51 billion, or 63 cents, a year earlier, Basel, Switzerland-based Novartis said. Analysts expected profit of $1.57 billion, according to a survey by Bloomberg. Revenue rose 12% to $7.8 billion.
Novartis increased its share of the world pharmaceutical market to 4.6% from 4.4% a year ago, according to IMS Health data released Thursday.
Diovan sales rose 20%, and Gleevec sales jumped 33%.
Novartis shares rose $1.08 to $48.28 on Thursday.
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