Wednesday, 25 April 2012

Drugmaker Novartis Ag-Stoppage

U.S. factory stoppage hits Novartis first quarter earnings

ZURICH (Reuters) - Swiss drugmaker Novartis AG on Tuesday stuck to its outlook for lower profitability this year, as a stoppage at a U.S. manufacturing site and tough annual comparisons for its Sandoz division hit first-quarter core earnings. Chief Executive Joseph Jimenez said he expected production at a consumer health manufacturing site in Lincoln, Nebraska - which has annualized sales of $1 billion - to restart in May, with shipments resuming mid-year. The stoppage to sort out quality issues sent net sales in the consumer health division down 20 percent in the first quarter. ... read more..

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