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.
Novartis AG aims to cut costs by $1 billion in 2011 in its pharmaceuticals division after achieving the same level of savings last year, head of the business David Epstein told Finanz und Wirtschaft in an interview.
Qantas Airways Ltd., Australia’s largest airline, said a closure of European airspace caused by volcanic ash was costing as much as A$1.5 million ($1.4 million) a day as it helped out stranded passengers.
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.