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Novartis Q2 Profits Up 19% to $2.44 Bil.

Drug maker Novartis AG has reported a second-quarter increase in net profit of 19 percent to US$2.44 billion on strong sales.

The Basel, Switzerland-based company reported a net profit of $2.04 billion in the same quarter a year ago.

Sales rose 11 percent to $11.72 billion in the April-June period from $10.55 billion the previous year.

Novartis said Thursday that results were affected by US$231 million it set aside for litigation and legal settlements.

The company announced Wednesday that it reached an out of court settlement to pay up to US$152.5 million to female employees who had brought a gender discrimination lawsuit against Novartis in the United States.

GENEVA (AP)

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