SWISS drug maker Novartis AG has reported a two per cent rise in fourth-quarter net profit, helped by delays in generic competition to its blockbuster drugs.
The company, based in Basel, Switzerland, said on Wednesday it had a net profit of $2.029 billion attributable to shareholders in the final three months of 2013, up from a restated $1.985 billion in the same period the previous year.
Chief executive Joseph Jimenez said Novartis delivered strong performance in 2013, growing net sales and core operating income in constant currencies while absorbing patent expirations.
Full-year net profit fell one per cent to $9.175 billion attributable to shareholders, down from $9.27 billion in 2012.
The company confirmed its outlook for 2014 sales growth was in the low to mid-single digits.
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