Novartis first-quarter 2010 profits leap 49%, driven by swine flu vaccine
Swiss drug major Novartis revealed this morning that first-quarter 2010 profits have risen by almost a third, boosted by sales of its flu vaccine made during the swine flu pandemic.
The firm posted a net profit of $2.95 billion, compared with $1.98 billion for the like, year-earlier, beating by a considerable margin analysts' expectations of $2.49 billion. Earnings per share were up 48% (+40% at constant exchange rates) to $1.29; core EPS rose 44% (+36% cc) to $1.45. The news sent Novartis shares up 1.4% in morning trading on the Zurich exchange.
Net sales up 25% (+18% in cc) to $12.1 billion as the group's recently-launched products ($1.9 billion) contributed 16% of net turnover, while revenue recognition of A (H1N1) pandemic flu vaccine contracts added $1.1 billion, the company noted.
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