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Novartis AG said on Tuesday that fourth quarter net profit increased on the back of higher operating profit and sales.
The large Swiss pharmaceutical company posted a net profit of $ 2.1 billion, up from $ 1.13 billion a year earlier, while sales rose to $ 12.77 billion in the quarter, from 12 , 40 billion dollars for the same period a year earlier.
A consensus forecast provided by FactSet showed net profit of $ 2.77 billion and revenue of $ 11.42 billion.
Basic operating profit, or profit excluding extraordinary items, was $ 3.50 billion, up from $ 3.46 billion the year before, Novartis said.
The company said coronavirus-related lockdowns throughout the year had hurt some of its therapeutic areas such as ophthalmology, dermatology and retail Sandoz. However, he said its operations remained stable and the cash collection continued to be in normal trade terms.
Key growth drivers for the quarter were heart failure drug Entresto and psoriasis treatment Cosentyx, among others, Novartis said.
For 2021, the company has guided for net sales growth in the low to mid digit and for core operating profit growth in the mid digit.
The company has proposed a dividend increase of 3 Swiss francs ($ 3.38) per share for 2020, she said.
Write to Cecilia Butini at [email protected]
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