• Novartis sales rose 12% and core operating income grew 15% in constant currencies in the third quarter, delivering operating leverage
o Net sales increased 18% (+12% in constant currencies, or cc) to USD 14.8 billion; nine months up 20% (+15% cc) to USD 43.8 billion
o Core operating income grew 11% (+15% cc) to USD 4.1 billion; core margin of 27.7% up 0.6 percentage points in cc; nine months core margin of 28.2% up 0.5 percentage points in cc
o Core EPS advanced 7% to USD 1.45 (+10% cc) from USD 1.36 in previous-year period o Free cash flow grew 27% to USD 3.7 billion
• Industry-leading pipeline results in new approvals, further expanding our ability to meet patient needs and sustain growth long-term
o In the EU, Afinitor/Votubia was approved for two additional indications; positive CHMP opinion was granted for Rasitrio for high blood pressure
o Gilenya, our breakthrough multiple sclerosis treatment, won approval in Japan
o Pivotal Phase III study of Afinitor plus exemestane demonstrates that the treatment significantly lengthens the amount of time women with advanced breast cancer live without the
disease progressing
• Novartis to take further action to improve productivity and to absorb pricing pressures
o Novartis is announcing today additional cost reduction activity, which will be executed over three to five years. Elements of the activity to include: reallocation of production within the Novartis network resulting in closure of two sites in Switzerland and one in Italy; restructuring the development organization largely in Switzerland and the US and relocating some research
activities from Switzerland to the US
o In total, approximately 2,000 positions will be reduced in the Group, subject to required employee consultation, mostly in Switzerland and the US offset by 700 new positions in low cost and other countries.

• Novartis sales rose 12% and core operating income grew 15% in constant currencies in the third quarter, delivering operating leverage
o Net sales increased 18% (+12% in constant currencies, or cc) to USD 14.8 billion; nine months up 20% (+15% cc) to USD 43.8 billion
o Core operating income grew 11% (+15% cc) to USD 4.1 billion; core margin of 27.7% up 0.6 percentage points in cc; nine months core margin of 28.2% up 0.5 percentage points in cc
o Core EPS advanced 7% to USD 1.45 (+10% cc) from USD 1.36 in previous-year period
o Free cash flow grew 27% to USD 3.7 billion
• Industry-leading pipeline results in new approvals, further expanding our ability to meet patient needs and sustain growth long-term
o In the EU, Afinitor/Votubia was approved for two additional indications; positive CHMP opinion was granted for Rasitrio for high blood pressure
o Gilenya, our breakthrough multiple sclerosis treatment, won approval in Japan
o Pivotal Phase III study of Afinitor plus exemestane demonstrates that the treatment significantly lengthens the amount of time women with advanced breast cancer live without the disease progressing
• Novartis to take further action to improve productivity and to absorb pricing pressures
o Novartis is announcing today additional cost reduction activity, which will be executed over three to five years. Elements of the activity to include: reallocation of production within the
Novartis network resulting in closure of two sites in Switzerland and one in Italy; restructuring the development organization largely in Switzerland and the US and relocating some research activities from Switzerland to the US
o In total, approximately 2,000 positions will be reduced in the Group, subject to required employee consultation, mostly in Switzerland and the US offset by 700 new positions in low cost and other countries.

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http://www.novartis.com/downloads/investors/financial-results/quarterly-results/q3-2011-media-release-en.pdf