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Novartis shares rise on better outlook

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(Globalpost/GlobalPost)

Shares in Swiss drug-maker Novartis rose sharply on Tuesday after the company posted increased sales for the third quarter and an improved end-of-year outlook.

Earlier this year, Novartis forecast a significant blow to earnings from the arrival of generic versions of a best-selling drug but, hit by delays, the threat has yet to materialise.

In the third quarter, the drugs company saw sales rise by four percent to $14.3 billion (10.4 billion euros) while net profit fell by six percent to $2.26 billion.

On the Zurich stock market, which was up 0.65 percent overall in afternoon trading, Novartis shares were showing a gain of 1.69 percent to 69.10 Swiss francs.

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http://www.globalpost.com/dispatch/news/afp/131022/novartis-shares-rise-better-outlook