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  • Swiss pharmaceuticals giant Novartis on Wednesday reported a drop in net profit in 2019 -- a year marked by large-scale restructuring -- but saw a strong fourth quarter and predicted significant sales growth in 2020. Novartis said net profit of $11.7 billion (10.6 billion euros) last year was down seven percent from 2018, including the impact of the spin-off of its Alcon eye care division. Sales came in at $47.4 billion, up six percent, just missing forecasts of analysts polled by Swiss financial news wire AWP, who had anticipated $47.7 billion. The company reported sales in its final quarter up nine percent in constant currencies, boosted by a range of new medicines, including one of the world's most expensive drugs. "Novartis delivered an exceptional 2019," company chief Vas Narasimhan said in a statement. The year was heavily coloured by a vast restructuring, including the spin-off of Alcon, which is now trading separately, plus its decision to pursue the acquisition of US firm Medicines Company for a whopping $9.7 billion in a bid to boost its cardiovascular treatment portfolio. The move, which is expected to be finalised during the first quarter this year, will mark the latest in a line of acquisitions aimed at enhancing the Swiss company's stable of cutting-edge drugs to treat diseases such as cancer. In snapping up Medicines Co., the pharma giant said it will obtain access to a promising cholesterol drug called Inclisiran, described by Narasimhan as a "potentially transformational medicine". The year was also marked by Novartis's launch of five new treatments, including Zolgensma, a one-time gene treatment for spinal muscular atrophy, also known as SMA, which at the cost of $2.0 million a dose is considered the world's most expensive drug. During its first year, this drug brought in $361 million, Novartis said. Looking ahead, the company said it expected to see sales growth of between five and nine percent in 2020, which was above expectations. This year, "we expect to sustain our long-term growth and margin expansion driven by our in market growth drivers and the 15 ongoing or upcoming major launches, while advancing our rich pipeline," Narasimhan said. Novartis shares rose 1.45 percent to 96.93 Swiss francs in late morning trade after the statement, as the Swiss stock exchange's main SMI index gained 0.6 percent. noo/nl/bmm
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  • Novartis 2019 profits dip, predicts 2020 sales growth
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