Novartis sticks to goals after swine flu sales boost

Swiss drugmaker Novartis AG is confident about meeting its 2010 goals after governments buying up its vaccines during the H1N1 pandemic lifted the group to forecast-beating first-quarter results. Earnings per share rose to $1.29 in the first quarter, beating the average estimate of $1.11 in a Reuters poll, thanks also to strong sales of new blood pressure drugs Exforge and Tekturna, and cancer drugs Zometa and Femara. Novartis repeated it expects group sales to grow at a mid-single-digit percentage rate in constant currencies this year, while sales at its pharmaceuticals division are seen growing at a mid- to high single-digit rate. Chief Executive Joe Jimenez, who took over from Daniel Vasella in February, said Novartis was not raising its 2010 sales growth target despite an 18 percent rise in first-quarter sales as the strong flu vaccines shipments will dwindle throughout the rest of the year. Pandemic flu vaccines boosted first-quarter sales by $1.1bn about $400m above the group's target at the beginning of the year, Novartis said