Swiss drug maker Novartis says 1Q net profit up 49 percent to $2.95 billion

Novartis says 1Q profit up 49 percent

GENEVA — Drug maker Novartis AG says its first-quarter net profit has increased 49 percent to $2.95 billion on strong sales particularly of swine flu vaccine.

The Swiss company reported a net profit of $1.98 billion in the same quarter a year ago.

Sales rose 25 percent to $12.13 billion in the January-March period from $9.71 billion the previous year.

The results reported Tuesday beat analyst expectations for a net profit of some $2.49 billion.