BASEL, Switzerland (AP) -- Swiss pharmaceutical company Novartis AG reported a 6.7 percent increase in profit for the first quarter Wednesday, boosted by new products and emerging markets. Novartis says its net profit rose to $2.42 billion from $2.27 billion in the same period last year despite declining sales of its blockbuster heart drug Diovan, which lost U.S. patent protection last year. The Basel-based company said in a statement the increase a turnaround from the 18 percent earnings drop in the first quarter of 2012 reflected new product launches such as Gilenya for multiple sclerosis and Afinitor for cancer, strength in emerging markets and EU and U.S. drug approvals to offset patent expirations. The newly launched drugs added $4.2 billion in revenue, almost a third of sales, making up for its estimated $500 million in losses during the quarter because of patent expirations. But the quarter was notably marked by the controversy over Novartis' outgoing board chairman, Daniel Vasella, who touched off widespread anger for his whopping 72 million Swiss francs ($77 million) severance package that he later declined because of the Swiss public's outcry. Also Wednesday, Novartis disclosed that its new chairman, Joerg Reinhardt, would be paid 3.8 million … Continue reading
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