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LONDON (MarketWatch) -- Swiss drugmaker Novartis said Monday that third-quarter net income dropped 69% to $2.1 billion, from 6.9 billion a year ago. Profit was impacted by a higher tax rate and higher financing costs following the firm's acqusition of Alcon. Last year's figures were flattered by asset sales. Third-quarter sales rose 12% to $10.7 billion. boosted by an enhanced performance at the firm's pharmaceuticals division as well as solid sales growth in vaccines and diagnostics and productivity gains in consumer health. Novartis said that it's on track for another year of record sales and earnings in 2008. The firm also said that it will implement a new regional U.S. business model and will reduce its U.S. sales force by 550.

European shares rise on Monday, as oil firms advance, ING retakes some of the previous session's heavy losses and investors welcome earnings from Ericsson.

Swiss drug giant Novartis on Monday says its third-quarter profit dropped 69%, as expenses to buy a stake in eyecare specialist Alcon, higher taxes and last year's gains from selling off its Gerber and medical nutrition business offset growing sales of its cancer and heart drugs.

BOSTON (MarketWatch) -- The Food and Drug Administration has informed Forest Laboratories that it will not have a decision on whether to approve Forest's new product milnacipran by the agency's previously-assigned deadline of Oct. 18, the company said Monday. Forest and partner Cypress Bioscience have been seeking to have the product approved to treat the symptoms of fibromylagia. Milnacipran is already sold in several countries overseas to treat pain and depression. "The FDA indicated that their assessment could be completed in a matter of weeks, but could not confirm specific timing," Forest said, in a statement. Forest added that it and Cypress are still planning for a first quarter 2009 launch meeting.

BOSTON (MarketWatch) -- Pfizer Inc. , Belgium-based UCB [BE: 000373953] and the U.K. Government's technology Strategy Board said Monday they have teamed up to form a new research company called Cyclofluidic. The new unit will be focusing on speeding drug development by developing automated drug testing technologies and integrating the scientific processes of flow chemistry and flow biology. The company will be jointly owned by Pfizer and UCB, and will receive research and development funding from the U.K. government. Financial details of the deal were not disclosed.

BOSTON (MarketWatch) -- Drug stocks advanced with the broader market early Monday as investors exhibited greater confidence that global government action to stabilize the markets was finally having a positive effect. The Amex Pharmaceutical Index climbed 0.6% to 261.85 and the Amex Biotechnology Index inched up 0.5% to 650.60, as the Dow Jones Industrial Average gained 74 points to rest at 8931. Leading gainer amongst the larger cap pharmaceutical issues was Dr. Reddy's Laboratories . Shares of the Indian drugmaker were up 6% at $9.34 after being slammed last week by turbulence in emerging market stocks.

As the UK has been teetering on the cusp of going bust, SurgiCare, one of the leading cosmetic surgery providers, has announced a 135 percent increase in UK women boosting theirs. - - It seems despite ... [WebWire - Monday, October 20, 2008]

BOSTON (MarketWatch) -- Drug stocks advanced with the broader market early Monday as investors exhibited greater confidence that global government action to stabilize the markets was finally having a positive effect.

Amgen is expected to report a steep spike in third-quarter profit, but sales should reflect continuously slowing demand for its best-selling product, Aranesp.

European shares rise on Monday, as oil firms advance, ING retakes some of the previous session's heavy losses and investors welcome earnings from Ericsson.