Swiss pharmaceutical maker Novartis said on Tuesday that its third-quarter profits fell 6 per cent year-on-year to $2.26 billion, as the weak Yen and decreasing value of emerging market currencies hurt earnings.

At the same time, Novartis revised upwards its earnings outlook for the year.

Lack of competition for its blood pressure medicine Diovan, as well as strong growth in emerging markets, would help sales grow at a rate in the low to middle single digits, compared to the previous outlook in the low single digits.

Novartis shares gained 0.96 per cent in the first hours of trading at the Swiss Exchange in Zurich.

In the third quarter, sales improved 4 per cent to $14.34 billion year-on-year.

Operating income amounted to $2.67 billion, falling 9 per cent because of the negative currency effects that made it more expensive to do business abroad and to export products.

Earnings also came under pressure from competition by generic pharmaceuticals.

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