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Novartis posts 13% rise in net sales for third quarter
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BASEL, Switzerland — Novartis reported $12.6 billion in net sales for the third quarter of 2010, up 13% compared with net sales for the same period in 2009, the company announced in a press release.
Alcon, following its complete acquisition and consolidation by Novartis in August, contributed $617 million in sales for the quarter, according to the release.
Third-quarter pharmaceutical sales rose 7% to $7.6 billion on a constant currency basis, largely due to a 42% spike in sales of newly launched products compared with the same period in 2009.
Despite the sales boom, third-quarter operating income decreased 2% to $2.6 billion, due to intangible asset impairment charges of $593 million stemming from research and development expenses, as well as $217 million in charges related to the company's recent Alcon acquisition, the release said.
Net income, which benefitted from a gain on the revaluation of Novartis' initial 25% stake in Alcon, increased 10% to $2.3 billion for the third quarter.
Basic earnings per share totaled $0.99, up 6% from $0.93 during the same period last year.