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Tuesday, October 28, 2014

Novartis results top forecasts as new products gain momentum, (NYSE: NVS)

Swiss drugmaker Novartis AG reported better-than-expected results on Tuesday, as strong sales of new products and its leukaemia drug Glivec helped offset full copycat competition to its former best-selling blood pressure pill Diovan.The Basel-based firm, in the middle of a radical portfolio revamp, is counting on products launched in the past five years to help support sales as it battles a series of patent losses on top-selling drugs.Sales of these so-called growth products, such as multiple sclerosis pill Gilenya and cancer drugs Tasigna and Afinitor, grew 21 percent in the third quarter, a slight acceleration on the 18 percent growth seen in the previous quarter.Group sales rose 4 percent year-on-year to $14.7 billion, while core earnings per share (EPS) - the measure most followed by investors - jumped 10 percent to $1.37. Analysts in a Reuters poll had forecast sales of $14.54 billion and core EPS of $1.31.

Novartis AG provides healthcare solutions. The Company is a multinational group of companies specializing in the research, development, manufacturing and marketing of a range of healthcare products led by pharmaceuticals. Shares of NVS traded higher by 0.07% or $0.06/share to $90.21. In the past year, the shares have traded as low as $76.36 and as high as $95.50. On average, 1353970 shares of NVS exchange hands on a given day and today's volume is recorded at 812068.