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Novartis 9-month net income doubles over last year
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BASEL, Switzerland — For the first 9 months of 2007, net income for Novartis doubled compared with the same period last year and totaled $11.1 billion, the company announced in a press release. For the third quarter, net income increased 267% over the third quarter 2006 to total $6.9 billion, the release said.
Novartis attributed the gains to the divestment of its Medical Nutrition and Gerber divisions. "Following the successful divestments of the Medical Nutrition and Gerber businesses, we are now strategically focused on health care products," said Daniel Vasella, MD, Novartis chairman and CEO, in the release.
Net sales for the company during the first three quarters increased 13% over the same period last year to total $28.1 billion. Third quarter net sales increased 9% over the third quarter 2006 to total $9.6 billion, according to the release.
Operating income for Novartis increased 9% during the 9-month period to $6.5 billion, excluding a one-time incremental environmental provision of $590 million to cover worldwide remediation plans. Third quarter operating income increased 3% compared with the third quarter 2006 and totaled $2 billion, excluding the environmental charge.