Ciba's Laments Strong Swiss Franc In 1st Qtr
With the strong appreciation of the Swiss franc against almost all major currencies, consolidation in Swiss francs resulted in a slight sales decrease in the first quarter of 1995 of 2% to 5.45 billion francs ($4.8 billion) for Ciba. Expressed in local currency terms, sales grew 8%.
The company notes that compared to the first three months of 1994, the Swiss franc has strengthened substantially. Average appreciation against the US dollar was around 15% and 4% against the Ecu.
Total health care sales in the first quarter amounted to 1.8 billion francs, down 10%. When adjusted for the transfer of Ciba's diagnostics business to partner Chiron, Ciba's health care sales in local currencies advanced 8%, and were down 3% in Swiss franc terms.
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