Novartis' sales up 17% to $7.2 B in 2006, with eight product launches due in 2007

Swiss drug major Novartis said that a strong health care portfolio and continued innovation in its pharmaceutical development operations had driven the 17% net income growth, to $7.2 billion, that it achieved in the full year 2006. The results, which were announced at its annual financial conference in Basle, Switzerland, also revealed that, for the fifth year running, the firm's earnings per share had seen double digit expansion, climbing 16% to $3.06.

Specifically, Novartis attributed its performance to both a 23% increase in its operating income, which hit $1.7 billion, as well as the positive effect of productivity incentives. The company added that such moves had also helped offset the costs associated with various product launches and the acquisition of Chiron.

Drug sales up 11% in 2006