Novartis profits down by 33%

Pre-tax profits at the main Cork-based arm of pharma giant Novartis last year declined by 33% to €7.9m.

The drop in pre-tax profits came as revenues at Novartis Ringaskiddy Ltd rose from €112m to €118.3m in the 12 months to the end of December.

The decline in profits from €11.9m to €7.9m arose mainly from an asset impairment charge of €4.3m.