Encouraging results from Novartis group

Swiss group Novartis saw sales up 11% in 2002 thanks to strong volume growth in pharmaceuticals and generics. Pharmaceuticals consistently outperformed industry averages in all major markets, delivering sales growth of 13%, driven by the cardiovascular and oncology franchises. There was also 25% growth in the group's generics sector, which was achieved by geographic expansion and successful launches. Group operating income rose 8% on the back of strong top-line growth and enhanced productivity.

In the course of 2002, Novartis increased its stake in Roche Holding AG voting shares by 11.4%, bringing its overall stake to 32.7%. In total at 31 December 2002 the group owned 6.2% of Roche's total shares and equity securities.

For 2003, Novartis is expecting continued sales growth as it focuses on its core pharmaceuticals business and key therapeutic areas by increasing pharmaceutical research investments. Dr. Daniel Vasella, chairman and ceo, said: 'In 2002, virtually all our businesses grew ahead of the market, gaining market share amid economic uncertainty and volatility. The continued strategic focusing of our business produced strong sales and operating performance.'