In its Q4 and 2012 results today, Novartis announced that net sales grew 2% year-over-year on a constant currency basis to $14.8 billion during the quarter, while net income advanced 5% to $3.1 billion ($1.27 per share). For the full year, those numbers were slightly down from 2011 at $56.6 billion and 12.8 billion ($5.25), respectively.
The company also said it has received FDA approval for its Exjade. The drug treats certain patients afflicted with chronic iron overload by removing excess iron in the body, a condition that can arise from a series of blood transfusions. The FDA's nod comes on the heels of a similar approval from the European Commission.
Novartis also announced that Chairman Daniel Vasella is to leave the company in February. He had worked at Novartis for 25 years.
The article Novartis Reports Q4, 2012 Results, FDA Approval for Exjade originally appeared on Fool.com.Fool contributor Eric Volkman and The Motley Fool have no position in Novartis. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.