Novartis posts 50% 4th-qtr 2009 profits rise and promotes drugs chief Jimenez to CEO; other top changes

Swiss drugmaker Novartis this morning said that it had achieved record results in 2009 as momentum from recently-launched products drove growth across its entire health care portfolio, delivering double-digit net sales and earnings growth in the fourth quarter that reflected operational progress in all divisions and more favorable currency conditions over the 2008 period. It also announced that Daniel Vasella, chief executive of the firm since 1996, is stepping down to be replaced by Joe Jimenez, as well as other appointments (see later).

Commenting on the results, Dr Vasella, chairman and CEO of Novartis, said: 'Novartis delivered an excellent performance in 2009 driven by strong underlying growth across our entire healthcare portfolio. Over the past 12 months, we sustained our lead in approvals for new products, achieving more than 30 major new product approvals in the US, Europe and Japan.