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Novartis Says 2Q Net Profit Up 19% to $2.44 Billion

Swiss Drug Maker Novartis Says 2Q Net Profit Up 19 Per cent to $2.44 billion

From Canadian Press DataFile (July 15, 2010)

GENEVA -- Drug maker Novartis AG has reported a second-quarter increase in net profit of 19 per cent to US$2.44 billion on strong sales.

The Basel, Switzerland-based company reported a net profit of $2.04 billion in the same quarter a year ago.

Sales rose 11 per cent to $11.72 billion in the April-June period from $10.55 billion the previous year.

Novartis said Thursday that results were affected by US$231 million it set aside for litigation and legal settlements.

The company announced Wednesday that it reached an out of court settlement to pay up to US$152.5 million to female employees who had brought a gender discrimination lawsuit against Novartis in the United States.


Posted: July 2010