Novartis AG Raises 2013 Forecast on Lack of Diovan Generic

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Novartis AG (NOVN), Europe’s biggest drugmaker by sales, raised its forecast for the second time this year after a generic competitor to one of its biggest-selling medicines failed to appear. Sales this year will increase at a low- to mid-single-digit percentage rate in constant currencies, and core operating income will be in line with or better than the previous year, Basel, Switzerland-based Novartis said in a statement today. In July, the company predicted a low-single-digit percentage decline in earnings, with sales rising at a similar rate.

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