Basel, Switzerland-based Novartis AG reported a net income of $2.28 billion in the third quarter, up from $2.1 billion a year earlier, showing an increase of 8.4 percent.
The company sales rose 13 percent to $12.6 billion due mainly to higher demand for drugs used in treating eye diseases and high blood pressure; a new generic blood thinner also helped the company to post greater profits.
The company is scrambling for new products as it is set to lose U.S. patent protection in 2010 for two of its best selling drugs; Diovan is used for hypertension and Gleevec for treating leukemia.
The company expects its sales growth to be in the mid teens on a percentage basis after accounting for the four months of revenue of Alcon. Excluding the revenues earned from Alcon, the company maintained its forecast from July for growth at a mid-to-high single-digit hike on a constant currency basis.
Sales in prescription drugs grew 5 percent to $7.6 billion with Lucentis sales surging 19 percent to $398 million, and Exforge seeing an up tick of 30 percent to $222 million.
Major boost came from Diovan, which earned $1.5 billion in revenue, showing a rally of 1 percent, with Gleevec earning revenues of $1 billion, with a 4 percent increase.
Taking a cue from the strong earnings, Novartis Chief Executive Officer Joe Jimenez asked the Alcon shareholders to consider its $11.5 billion buyout offer. The company currently has 77 percent stake in Alcon, the largest manufacturer of eye-care products in the world.
