Novartis AG reported second-quarter profit that declined less than analysts forecast, helped by increasing sales of new products such as the Gilenya treatment for multiple sclerosis and the Afinitor cancer drug.
British Airways Plc said European carriers are seeking compensation as unprecedented airspace closings following the volcanic eruption in Iceland cost the industry an estimated $300 million a day in lost sales.
Novartis AG won European Union regulatory backing for its multiple sclerosis drug Gilenya, beating Merck KGaA in a race to sell a pill to slow the crippling disease. Shares of MS drugmaker Acorda Therapeutics Inc . declined the most in 15 months after its competing medicine was rejected.