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Business News/ Companies / Company-results/  Novartis Q4 net income drops 26% to $1.49 billion
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Novartis Q4 net income drops 26% to $1.49 billion

The firms net income came in at $1.49 billion, down from $2 billion in the same quarter the year before excluding its blood-transfusion diagnostics unit

Year-end profit rose to $10.3 billion in 2014, a 12% increase over 2013’s $9.6 billion profit excluding the diagnostics unit. Photo: BloombergPremium
Year-end profit rose to $10.3 billion in 2014, a 12% increase over 2013’s $9.6 billion profit excluding the diagnostics unit. Photo: Bloomberg

Berlin: Swiss pharmaceutical giant Novartis AG says fourth quarter net income dropped 26% but the company still posted a healthy 2014 annual profit.

The Basel, Switzerland-based company said Tuesday that fourth quarter net income came in at $1.49 billion, down from $2 billion in the same quarter the year before excluding its blood-transfusion diagnostics unit, which it sold in 2013. Novartis took a one-time charge of $1.1 billion in the quarter connected to the sale of its flu vaccine business.

Year-end profit rose to $10.3 billion in 2014, a 12% increase over 2013’s $9.6 billion profit excluding the diagnostics unit.

CEO Joseph Jimenez said in 2014 Novartis “delivered solid sales growth with margin expansion, strengthened innovation and advanced our quality and productivity."

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Published: 27 Jan 2015, 02:24 PM IST
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