Jan 27, 2015 3:36 AM
Swiss drug maker Novartis posts Q4 profit drop
The Associated Press
BERLIN (AP) Swiss pharmaceutical giant Novartis AG says fourth quarter net income dropped 26 percent 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 percent 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."