News Summary: Novartis Q2 profit dips, ups outlook

News Summary: Swiss drug maker Novartis raises sales outlook for 2013 despite Q2 profit drop

Associated Press

PROFIT DOWN: Swiss pharmaceutical company Novartis AG posting a 5 percent net income drop in the second quarter.

OUTLOOK UP: The company said it expects full-year sales to grow at a rate in the low single-digits, boosted by delays in generic competition against its blockbuster high blood pressure medication Diovan. In April, the company said it expected sales to be in line with last year's.

PARTING PACKAGE SHRINKS: Chairman Daniel Vasella will receive $5.2 million in cash and shares, plus a guaranteed minimum fee of $250,000 a year through 2016 for consulting and coaching. The original $77 million severance package he was offered touched off widespread anger. He later declined to accept it because of the outcry.

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