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Novartis Q4 net profit rebounds to $2.1 billion

Published on NewsOK Modified: January 23, 2013 at 4:20 am •  Published: January 23, 2013
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Full-year net profit was up four percent at $9.62 billion from $9.25 billion in 2011.

Novartis expects the U.S. Food and Drug Administration to carry out an inspection during the coming months at its plant in Lincoln, Nebraska, which was shut down at the end of 2011 after officials found numerous quality-control problems. Jimenez told reporters in a conference call that in the meantime the company is relying on third-party manufacturers to ensure continued supply of products such as painkiller Excedrin across the United States.

Novartis also announced Wednesday that long-time chairman and former chief executive Daniel Vasella will leave the board at the annual shareholders' meeting at the end of February. The board is proposing that Joerg Reinhardt, currently chairman of Germany rival Bayer HealthCare AG, should replace Vasella.