NOVARTIS FINANCE S.A. : Novartis delivers strong innovation in 2012, offsetting patent expirations; next growth phase expected

     NOVARTIS FINANCE S.A. : Novartis delivers strong innovation in 2012,
  offsetting patent expirations; next growth phase expected to begin in 2013

NOVARTIS FINANCE S.A. / Novartis delivers strong innovation in 2012,
offsetting patent expirations; next growth phase expected to begin in 2013 .
Processed and transmitted by Thomson Reuters ONE. The issuer is solely
responsible for the content of this announcement.

  oGroup net sales up 2% in constant currencies[1] (cc) in fourth quarter
    despite patent expirations; flat (cc) over full year

       oFourth quarter net sales reached USD 14.8 billion (0%, +2% cc); full
         year net sales were USD 56.7 billion (-3%, 0% cc)
       oCore[1] operating income rose 3% (+5% cc) to USD 3.7 billion in the
         fourth quarter; for full year, core operating income was USD 15.2
         billion (-5%, -2% cc)
       oCore EPS was USD 1.27 (+3%, +4% cc) in fourth quarter, USD 5.25 (-6%,
         -3% cc) in full year
       oFree cash flow[1] reached USD 3.5 billion for fourth quarter, USD
         11.4 billion for full year
       oDividend of CHF 2.30 per share proposed for 2012; 16th consecutive
         increase

  oStrong momentum from innovation, growth and productivity continues

       o17 major approvals in 2012, including Afinitor in advanced breast
         cancer in the US and EU, Jakavi for myelofibrosis in the EU and
         Dailies Total1 in the US; Bexsero, our breakthrough meningococcal
         serogroup B vaccine, received a positive CHMP opinion in the fourth
         quarter
       oRecently launched products grew 13% to USD 16.3 billion or 29% of
         Group net sales for the full year; Gilenya attained blockbuster
         status with USD 1.2 billion in full-year sales
       oIndustry-leading pipeline with over 200 projects in clinical
         development, including 138 in Pharmaceuticals; over next 2 years,
         Novartis anticipates 24 pivotal study readouts and up to 20 filings
         and 18 potential approvals in Pharmaceuticals alone

  oStrong progress in quality remediation; Sandoz site in Broomfield,
    Colorado achieved upgraded compliance status from FDA in fourth quarter
  oProposed changes to Novartis Board of Directors

       oHaving served in leadership positions as CEO and Chairman of Novartis
         for 17 years, Dr. Daniel Vasella has decided not to stand for
         re-election to the Novartis Board of Directors at the company's
         Annual General Meeting (AGM) on February 22, 2013. Dr. Jörg Reinhardt
         is proposed as the new Director of Novartis AG and designated
         non-executive Chairman of the Board of Directors, effective as of
         August 1, 2013. During the transition period, current Vice-Chairman
         Prof. Dr. Ulrich Lehner will lead the Board on an ad interim basis
       oDr. Verena Briner, Dr. Charles Sawyers, and Mr. William Winters are
         also proposed to become members of the Novartis Board of Directors
         for election at the AGM. As previously announced, Ms. Marjorie Yang
         has taken the decision not to stand for re-election

  oOutlook

       oNovartis expects 2013 sales to be in line with 2012 in constant
         currencies, after absorbing impact of generic competition which could
         amount to as much as USD 3.5 billion
       o2013 core operating income (cc) expected to decline in mid-single
         digits
       oNext growth phase expected to begin in 2013, resulting in 2014 and
         2015 expected reported sales growth of at least mid-single digits,
         with core operating income growing ahead of sales

Key figures

                    Q4 2012 Q4 2011 % change  FY 2012 FY 2011 % change
                    USD m   USD m   USD  cc   USD m   USD m   USD  cc
Net sales            14 828  14 781    0   2   56 673  58 566   -3   0
Operating income[1]   2 481   1 317   88  94   11 511  10 998    5   8
Net income            2 082   1 210   72  77    9 618   9 245    4   7
EPS (USD)              0.84    0.49   71  79     3.93    3.83    3   6
Free cash flow[2]     3 513   3 909  -10       11 383  12 503   -9
Core[2]
Operating income      3 674   3 550    3   5   15 160  15 909   -5  -2
Net income            3 102   3 011    3   5   12 811  13 490   -5  -3
EPS (USD)              1.27    1.23    3   4     5.25    5.57   -6  -3

[1] Q4 2012 operating income growth reflects the impact of higher exceptional
charges in the 2011 period of USD 1.0 billion, principally due to USD 0.9
billion as a result of exceptional charges relating to Tekturna/Rasilez.
[2] Core results, constant currencies, and free cash flow are non-IFRS
measures. An explanation of these non-IFRS measures and reconciliation tables
can be found beginning on page 45 of the Condensed Financial Report.

Basel, January 23, 2013 - Commenting on the results, Joseph Jimenez, CEO of
Novartis, said:
"Novartis maintained strong momentum in innovation in 2012, securing 17 major
approvals and significantly advancing promising pipeline projects. Our
pipeline is expected to deliver a record number of near-term approvals and
filings, and with our strong global commercial capacity we anticipate 14
products to reach blockbuster status by 2017, up from 8 in 2012. After our
2013 patent expirations are behind us, our relentless focus on innovation,
growth, and productivity is expected to result in Group net sales growth of at
least mid-single digits in both 2014 and 2015, with core operating income
growing ahead of sales. I want to thank Daniel Vasella for his leadership and
expertise which guided Novartis to become one the world's leading healthcare
companies. I look forward to continuing to work with the Board as we embark on
a new phase of dynamic growth."

Commenting on his decision, Dr. Vasella, Chairman of Novartis, said: "Novartis
is solidly on course to navigate the volatility and uncertainties of today's
economic environment. I am confident in the leadership of Joe Jimenez and his
top team, the company's strategy with its commitment to innovation, and the
course charted to strengthen Novartis as one of world's leading healthcare
companies. I have therefore concluded that after 25 years with the company,
the time is right for me to ensure a smooth transition. The Board proposes Dr.
JörgReinhardt, a very experienced healthcare executive with deep knowledge of
the company, as non-executive Chairman to lead the Board of Directors. I also
want to thank current Vice-Chairman Prof. Dr. Ulrich Lehner for his
willingness to lead the Board ad interim."

Commenting on the proposed change in Chairman of the Novartis Board of
Directors, current Vice-Chairman Prof. Dr. Ulrich Lehner said: "We regretfully
accept the decision of Dr. Daniel Vasella not to stand for re-election at the
next Annual General Meeting. Dr. Vasella has played an unparalleled role in
shaping today's healthcare industry. Under his leadership, Novartis set a high
bar to discover medicines that could change the practice of medicine and
impact the lives of millions of patients. Thanks to his vision and his
leadership, Novartis progressed to become among the most admired companies."

GROUP REVIEW

Fourth quarter

Group net sales and core operating income grew despite generic competition for
Diovan
Group net sales reached USD 14.8 billion (0%, +2% cc) in the fourth quarter.
Currency had a negative impact of 2 percentage points.

Portfolio rejuvenation continued to drive overall growth for the Group, as
recently launched products grew 17% over the previous-year quarter to USD 4.3
billion. These products, which include Lucentis, Gilenya, Afinitor and
Tasigna, contributed 29% of Group net sales, up from 25% in the year-ago
period, and more than offset the impact of generic competition in the quarter
of USD 0.6 billion.

Group operating income increased 88% (+94% cc) to USD 2.5 billion, driven
mainly by Pharmaceuticals and Alcon. Core operating income was up 3% (+5% cc)
to USD 3.7 billion. The adjustments made to Group operating income to arrive
at core operating income amounted to USD 1.2 billion (2011: USD 2.2 billion).
Net adjustments in 2012 were lower principally as a result of the exceptional
charges in 2011 of USD 0.9 billion relating to Tekturna/Rasilez. Operating
income margin increased by 7.8 percentage points to 16.7% of net sales. Core
operating income margin in constant currencies increased by 0.8 percentage
points to 24.8% of net sales.

Group net income increased 72% (+77% cc) to USD 2.1 billion, broadly in line
with operating income. EPS of USD 0.84 was up 71% (+79% cc) over the
prior-year EPS of USD 0.49.

Group core net income rose 3% (+5% cc) to USD 3.1 billion, in line with core
operating income. Core EPS was up 3% (+4% cc) to USD 1.27.

Free cash flow was USD 3.5 billion for the quarter compared to USD 3.9 billion
in 2011.

Pharmaceuticals delivered another quarter of growth despite the impact of
generic competition (including the loss of exclusivity for Diovan HCT in the
US at the end of the third quarter). Net sales were USD 8.3 billion (0%, +1%
cc), with strong volume growth of 8 percentage points more than absorbing the
negative impact of generic competition (USD 0.6 billion, -7 percentage
points). Pricing had no significant impact. Products launched since 2007
generated USD 3.1 billion or 38% of net sales, growing 26% in constant
currencies over the same period last year.

Pharmaceuticals operating income increased 133% (+141% cc) to USD 1.9 billion
primarily as a result of exceptional charges taken in 2011 of USD 0.9 billion
relating to Tekturna/Rasilez. Pharmaceuticals core operating income was
unchanged at USD 2.3 billion (0%, +1% cc). Core operating income margin in
constant currencies increased by 0.1 percentage points. Currency was neutral,
resulting in a core operating income margin of 27.6%.

Alcon net sales expanded 6% (+8% cc) to USD 2.6 billion in the fourth quarter,
with solid growth in all three franchises. The Surgical franchise (+8%, +10%
cc) benefited from strong surgical equipment sales, growth in intraocular
lenses (IOLs), and Emerging Growth Markets. Ophthalmic Pharmaceuticals (+5%,
+7% cc) was led by solid sales of the Systane (Dry Eye) family and fixed
combination glaucoma products in non-US markets, partially offset by weaker
sales of Travatan (Glaucoma) in the US. Vision Care grew 4% (+6% cc) as a
result of solid sales of contact lenses and weak multi-purpose product sales
in the previous-year quarter.

Alcon operating income increased 37% (+43% cc) to USD 323 million. The
adjustments made to the division's operating income to arrive at core
operating income amounted to USD 0.6 billion (2011: USD 0.6 billion). Core
operating income increased by 13% (+15% cc) to USD 899 million as a result of
sales growth, productivity gains and the realization of post-integration
synergies. Core operating income margin in constant currencies increased by
2.3 percentage points; currency had a negative impact of 0.2 percentage
points, resulting in a core operating income margin of 34.9% of net sales.

Sandoz net sales grew 4% (+6% cc) over the prior-year period to USD 2.4
billion. Fougera contributed 7 percentage points of growth from four months of
sales reported in the fourth quarter. Excluding Fougera, volume was flat and
price had a negative impact of 1 percentage point. Lower enoxaparin sales in
the US were partially offset by strong double-digit sales growth in Central
and Eastern Europe, Latin America and biosimilars, as well as high
single-digit sales in Western Europe and Asia.

Sandoz operating income decreased 28% (-29% cc) to USD 284 million primarily
as a result of an exceptional gain of USD 106 million recorded in 2011. Core
operating income was USD 414 million (+1%, +1% cc). Core operating income
margin in constant currencies decreased by 0.8 percentage points as a result
of higher quality and manufacturing costs and continued investment in our
biosimilars and respiratory pipeline. A favorable currency impact of 0.3
percentage points resulted in a core operating income margin of 17.3% of net
sales.

Vaccines and Diagnostics net sales of USD 628 million were down 6% (-5% cc),
impacted by higher pre-pandemic sales and diagnostics shipments in the fourth
quarter of 2011. Operating income decreased 2% (-8% cc) to USD 41 million.
Core operating income declined 2% (-5% cc) to USD 99 million, resulting in a
core operating income margin of 15.8% of sales.

Consumer Health, which includes OTC and Animal Health, declined 11% (-10% cc)
to USD 961 million, impacted by the continuing absence of shipments from the
Lincoln, Nebraska manufacturing site. In the fourth quarter, OTC re-launched
ExcedrinMigraine, Triaminic and LamisilAT in the US, and in January 2013 began
shipping ExcedrinExtra Strength. Operating loss amounted to USD 12 million.
Core operating income declined 86% (-84% cc) to USD 23 million and core
operating income margin declined to 2.4% of net sales.

Full year

Group net sales held steady as recently launched products absorbed patent
expiries
Group net sales amounted to USD 56.7 billion (-3%, 0% cc). Currency had a
negative impact of 3 percentage points as a result of the strengthening of the
dollar against most currencies. Recently launched products grew 13% and
contributed USD 16.3 billion or 29% of Group net sales, up from 25% a year
ago.

Group operating income was USD 11.5 billion (+5%, +8% cc). Currency had a
negative impact of 3 percentage points as the dollar strengthened against most
currencies. Group core operating income declined to USD 15.2 billion (-5%, -2%
cc). The adjustments made to Group operating income to arrive at core
operating income amounted to USD 3.6 billion (2011: USD 4.9 billion). Core
operating income margin in constant currencies decreased by 0.7 percentage
points. A positive currency impact of 0.2 percentage points resulted in a core
operating income margin of 26.7% of net sales.

Group net income was USD 9.6 billion (+4%, +7% cc), in line with operating
income. EPS increased by 3% (+6% cc) to USD 3.93.

Core net income was down 5% (-3% cc) to USD 12.8 billion, in line with core
operating income. Core EPS declined 6% (-3% cc) to USD 5.25.

Free cash flow reached USD 11.4 billion for the full year, down 9% from the
previous year principally due to higher investments in property, plant and
equipment as well as in intangible and other financial assets and lower
proceeds from the sale of intangible assets.

Pharmaceuticals delivered USD 32.2 billion (-1%, +2% cc) in net sales, driven
by 8 percentage points of volume growth, more than offsetting the negative
impact of generic competition (USD 1.9 billion, -6 percentage points). Pricing
had a slightly negative impact. Recently launched products grew 28% in
constant currencies and contributed USD 11.4 billion or 35% of total net sales
for the division compared to 28% in 2011.

Pharmaceuticals operating income increased 16% (+19% cc) to USD 9.6 billion
primarily as a result of the exceptional charges taken in 2011 of USD 0.9
billion in relation to Tekturna/Rasilez. Core operating income grew 2% (+5%
cc) to USD 10.2 billion. In constant currencies, core operating income margin
increased by 0.7 percentage points due to continuing productivity efforts and
the growth in recently launched products, more than offsetting the adverse mix
effect of generic competition. Currency had a positive impact of 0.2
percentage points, resulting in a core operating income margin of 31.8% of net
sales.

Alcon net sales expanded 3% (+5% cc) to USD 10.2 billion for the year, driven
by sales growth across its Surgical (+5%, +8% cc), Ophthalmic Pharmaceuticals
(+2%, +5% cc) and Vision Care (+1%, +4% cc) franchises.

Operating income was USD 1.5 billion (0%, +6% cc). Core operating income grew
by 6% (+9% cc) to USD 3.7 billion. The adjustments made to the division's
operating income to arrive at core operating income amounted to USD 2.2
billion (2011: USD 2.0 billion). Core operating income margin increased by 1.1
percentage points in constant currencies. Currency was neutral, leading to a
core operating income margin of 36.2% of net sales.

Sandoz net sales decreased by 8% (-4% cc) in 2012 to USD 8.7 billion as a
result of declines in the US retail generics and biosimilars (-17% cc) and
Germany (-7% cc), partly offset by double-digit sales growth in biosimilars
(+36% cc), rest of Western Europe (+10% cc) and Asia (+17% cc). Total sales
volume decreased 1 percentage point and price erosion was 5 percentage points
primarily due to increased competition on US sales of enoxaparin (USD 451
million in 2012 compared to USD 1.0 billion in 2011). Fougera contributed 2
additional percentage points of growth from the inclusion of approximately
five months of sales in 2012.

Operating income decreased 23% (-24% cc) to USD 1.1 billion. Core operating
income declined 22% (-21% cc) to USD 1.5 billion. In constant currencies, core
operating income margin decreased by 3.7 percentage points as a result of
lower sales and higher investments in quality assurance, manufacturing and
development of future biosimilars and respiratory products. A favorable
currency impact of 0.7 percentage points resulted in a core operating income
margin of 17.3% of net sales.

Vaccines and Diagnostics net sales were USD 1.9 billion (-7%, -4% cc) for 2012
compared to USD 2.0 billion in 2011, which was positively impacted by bulk
pediatric shipments and a one-time pre-pandemic sale. Operating loss was USD
250 million compared to a loss of USD 249 million in the previous year. Core
operating loss for the year was USD 75 million compared to an income of USD
135 million in 2011.

Consumer Health net sales declined 19% (-16% cc) to USD 3.7 billion, mainly
due to the continuing absence of shipments from the Lincoln, Nebraska
manufacturing site. Operating income decreased 93% (-89% cc) to USD 48
million. Core operating income decreased 82% (-78% cc) to USD 159 million and
core operating income margin decreased by 14.6 percentage points to 4.3% of
net sales due to Lincoln and costs related to the upgrades at the site.

Executing on innovation, growth and productivity

Novartis is the only healthcare company globally with leading positions in
pharmaceuticals, eye care, generics, vaccines and diagnostics,
over-the-counter medicines and animal health. We aim to take advantage of
promising opportunities across these segments of the healthcare industry,
while mitigating risks and challenges in any one segment. The success of this
strategy requires a consistent focus on three core priorities: (1) innovation
to meet the evolving needs of patients across the healthcare spectrum; (2)
growth from the rejuvenation of our portfolio and expansion in new and
emerging markets; and (3) productivity to invest for the future and increase
returns to shareholders. In each of these areas - innovation, growth and
productivity - we made significant progress in 2012.

Innovation: Strong momentum across the portfolio continued in the fourth
quarter

Novartis has an industry-leading pipeline with over 200 projects in clinical
development, including 138 in Pharmaceuticals. Over the next 2 years, Novartis
anticipates 24 pivotal study readouts (13 in 2013) and up to 20 filings and 18
potential approvals in Pharmaceuticals alone.

Key highlights from the fourth quarter are included below.

New approvals and positive opinions

  oBexsero approved in EU and Flucelvax approval in US advance Vaccines
    portfolio
    In January, Bexsero, our breakthrough meningococcal serogroup B (MenB)
    vaccine, received EU approval for use in individuals from two months of
    age and older. Bexsero is the first and only broad coverage MenB vaccine
    to help protect all age groups, including infants, who are at the greatest
    risk of infection. Flucelvax, the first cell-culture vaccine to help
    protect against seasonal influenza in the US, received FDA approval for
    use in adults 18 years of age and older.
  oSignifor approved by FDA for patients with Cushing's disease
    The FDA also approved Signifor (pasireotide) as a treatment for adult
    patients with Cushing's disease for whom pituitary surgery is not an
    option or has not been curative. Signifor is the first medicine to be
    approved in the US that addresses the underlying mechanism of Cushing's
    disease.
  oJetrearecommended for approval in EU
    In January, the EMA's CHMP adopted a positive opinion for Jetrea
    (ocriplasmin) to treat sight-threatening vitreomacular traction and
    macular hole. Alcon acquired the rights to commercialize Jetrea outside
    the US from ThromboGenics.
  oIlarisrecommended for approval in EU for gouty arthritis
    In January, the EMA's CHMP adopted a positive opinion for Ilaris
    (canakinumab) for the symptomatic treatment of patients with frequent
    gouty arthritis attacks in whom non-steroidal anti-inflammatory drugs and
    colchicine are contraindicated, are not tolerated, or do not provide an
    adequate response, and in whom repeated courses of corticosteroids are not
    appropriate.
  oVotubia approved in EU for kidney tumors associated with tuberous
    sclerosis
    The EMA approved a new indication of Votubia (everolimus) for the
    treatment of patients with non-cancerous kidney tumors associated with
    tuberous sclerosis complex (TSC) who are at risk of complications but do
    not require immediate surgery.
  oExjade approved in EU for iron overload in non-transfusion-dependent
    thalassemia
    The EMA approved a new indication of Exjade (deferasirox) as a treatment
    for chronic iron overload when deferoxamine therapy is contraindicated or
    inadequate in patients aged 10 years or older with
    non-transfusion-dependent thalassemia (NTDT) syndromes.
  oExelon Patch line extension recommended for approval in EU
    The EMA's CHMP issued a positive opinion for the approval of the 13.3
    mg/24h (15cm²) Exelon Patch (rivastigmine transdermal system) line
    extension for the symptomatic treatment of patients with
    mild-to-moderately severe Alzheimer's disease dementia.

Regulatory submissions and filings

  oData of RLX030 in acute heart failure results in EU submission in December
    Phase III RELAX-AHF study showed that at six months, RLX030 (serelaxin)
    improved symptoms and reduced mortality by 37% in patients with acute
    heart failure (AHF). Nearly a quarter of patients with AHF currently die
    within a year of admission to the hospital. Based on the findings of the
    RELAX-AHF study, Novartis submitted to the EU in December, and plans to
    file in the US in the first half of 2013.

Results from ongoing trials

  oLong-term Phase III data showed Tasigna achieves deeper molecular response
    versus Glivec
    New two-year data from ENESTcmr and four-year data from ENESTnd trials
    further established the benefits of Tasigna (nilotinib) compared to Glivec
    (imatinib) in the treatment of patients with Philadelphia
    chromosome-positive chronic myeloid leukemia (Ph+ CML). The results showed
    that both newly diagnosed patients and those switching to Tasigna after
    long-term treatment with Glivec achieved deeper molecular response with
    Tasigna. A robust clinical trial program evaluating the possibility of
    treatment-free remission in CML, which means sustaining deep molecular
    response after stopping therapy, is due to initiate in early 2013.
  oNew data showed Jakavi reduces myelofibrosis burden, suggests overall
    survival advantage
    Long-term data from two Phase III studies in myelofibrosis showed that
    treatment with Jakavi (ruxolitinib) resulted in sustained reductions in
    spleen size, a hallmark of myelofibrosis, while also improving quality of
    life and showing an overall survival advantage compared to placebo or the
    best available therapy. The results further support global regulatory
    filings for Jakavi (currently available in more than 30 countries
    including the EU and Canada) already underway.
  oNew Phase I/II studies of CTL019 show promise in treatment of advanced
    blood cancers
    As part of our collaboration with the University of Pennsylvania, we
    initiated Phase I and II studies for novel investigational treatment
    CTL019 (formerly known as CART-19) in patients with chronic lymphocytic
    leukemia (CLL) and relapsed refractory acute lymphoblastic leukemia (ALL).
    Data from twelve patients with advanced CLL or ALL showed that two-thirds
    had a response and that two of the first three patients treated remain
    healthy and in full remission more than two years after treatment.
  oCertican study shows promise for liver transplant patients
    Two-year results from the largest Phase III study ever conducted in liver
    transplantation showed that Certican (everolimus) with reduced exposure to
    tacrolimus provided comparable efficacy to the control arm and superior
    renal function than previously seen at 12 months.
  oPhase II studies of ACZ885 showed rapid, strong symptom relief for orphan
    diseases
    Two Phase II trials of ACZ885 (canakinumab) in diseases characterized by
    periodic fevers - one in Familial Mediterranean Fever (FMF) and one in
    tumor necrosis factor receptor-associated periodic syndrome (TRAPS) - met
    their primary endpoints. The results demonstrated reductions in disease
    attack frequency, maintenance of symptom relief, normalization of blood
    markers of inflammation, and improvement in quality of life.

Growth: Rejuvenated portfolio and continued expansion in Emerging Growth
Markets

Recently launched products continued to drive growth
In the fourth quarter, recently launched products across the portfolio grew
17% to USD 4.3 billion or 29% of Group net sales, up from 25% a year ago. In
the full year, they contributed USD 16.3 billion or 29% of Group net sales, up
from 25% in 2011. Highlights include:

  oGilenya, our breakthrough multiple sclerosis (MS) treatment, continued its
    strong growth trajectory in the fourth quarter and attained blockbuster
    status with full year sales of USD 1.2 billion (+147% cc). Sales in the
    fourth quarter were USD 349 million (+74% cc). The once daily treatment
    represents a major advance in the treatment of MS, a chronic debilitating
    disease, as evidenced by the more than 53,000 patients currently being
    treated with Gilenya globally.
  oLucentis also continued to show strong growth (USD 634 million in the
    fourth quarter, +17% cc; USD 2.4 billion in the full year, +22% cc) as the
    only therapy of its kind licensed in many countries across three ocular
    indications: wet age-related macular degeneration, visual impairment due
    to diabetic macular edema, and visual impairment due to macular edema
    secondary to retinal vein occlusion.
  oAfinitor grew strongly in the fourth quarter (USD 273 million, +108% cc)
    and full year (USD 797 million, +85% cc), benefitting from its five
    approved indications in the US and EU. A key growth driver in the Oncology
    portfolio, Afinitor has the potential to exceed sales of USD 2 billion in
    breast cancer alone by 2017.
  oTasigna continued to gain market segment share as a potent
    second-generation targeted therapy for chronic myeloid leukemia (CML). Now
    representing 26% of our CML franchise, Tasigna delivered sales of USD 291
    million in the fourth quarter and USD 1.0 billion in the full year, up 43%
    and 44% respectively over 2011.
  oGalvus (USD 255 million in the fourth quarter, +33% cc; USD 910 million in
    the full year, +43% cc) delivered strong growth in key markets,
    particularly in Europe, Japan, Latin America and Asia Pacific, as an oral
    treatment for type 2 diabetes.

Continued strong performance in Emerging Growth Markets
Net sales in our Emerging Growth Markets - which include all markets except
the US, Canada, Western Europe, Australia, New Zealand and Japan - grew 7%
(cc) in the fourth quarter, contributing USD 3.7 billion or 25% to Group net
sales. Key growth drivers included China (+22% cc) and India (+20% cc).
Pharmaceuticals sales in Emerging Growth Markets grew 4% (cc) in the quarter.
For the full year, Emerging Growth Markets were up 6% (cc) and generated USD
13.8 billion or 24% of Group net sales.

Productivity: Efficiencies in procurement, Marketing & Sales and manufacturing

A consistent focus on enhancing productivity and simplifying processes across
Group operations is critical to our long-term strategy, helping us to improve
profitability and support reinvestment in the business. Ongoing productivity
initiatives relate to procurement and resource allocation across the
portfolio, as well as our manufacturing network and supporting infrastructure.

  oProcurement is an important source of savings. By leveraging our scale,
    implementing global category management and creating country Centers of
    Excellence in key markets, we generated savings of approximately USD 400
    million in the fourth quarter and USD 1.3 billion in the full year.
  oWe continued to optimize our Marketing & Sales function by reallocating
    resources and streamlining processes while investing in new launches for
    growth brands. In Pharmaceuticals, Marketing & Sales spend in constant
    currencies decreased as a percentage of net sales to 28.3% in the fourth
    quarter from 29.1% in the prior-year period, and to 26.6% for 2012 from
    27.5% in 2011.
  oWe continued to optimize our manufacturing footprint in the fourth
    quarter, bringing the total number of production sites that are in the
    process of being restructured or divested to 15. This has enabled us to
    reduce excess capacity and shift strategic production to technology
    competence centers. We recorded exceptional charges related to exits,
    impairment charges and inventory write-offs of USD 19 million in the
    fourth quarter and USD 68 million cumulatively for the year, bringing the
    total charges to USD 400 million cumulatively since the program began in
    the fourth quarter of 2010.

With Alcon, now fully integrated as the second largest division in the
Novartis Group portfolio, we have realized merger-related cost synergies of
approximately USD 370 million cumulatively, achieving our initial savings
target one year ahead of time. In future quarters, we will not disclose Alcon
synergies separately, but only in the total productivity performance described
above. Alcon integration costs will continue to be charged as exceptional, but
only for 2013.

Taken together, our productivity initiatives generated gross savings that
contributed more than USD 780 million to operating income margin in the fourth
quarter, allowing us to exceed our annual productivity target of 3.5% to 4.0%
of net sales.

Quality: Strong progress with first OTC products available to US customers and
Sandoz Broomfield site upgraded compliant status

Sandoz made significant strides in the remediation of quality issues at three
North American sites under an FDA warning letter, and in the fourth quarter,
announced that the FDA upgraded the compliance status of its Broomfield,
Colorado site. The division is on track to meet its remediation commitments
for the other two sites as well. While Sandoz initially slowed production to
implement remediation activities, delivery performance across all sites has
improved, and further improvements in service levels and output are expected
as remediation progresses. Audits continue to be undertaken by health
authorities across the Sandoz network without significant issue.

We also made progress in 2012 in the remediation of quality issues at the
Consumer Health manufacturing facility in Lincoln, Nebraska. To meet the needs
of patients and customers, we engaged third-party manufacturers to produce
select OTC products (Excedrin, Lamisil and Triaminic), and first shipments
were made to retail customers at the beginning of the fourth quarter. In the
fourth quarter, these products were available to consumers in retail stores
across the US. We expect to restart commercial production at Lincoln for a
limited range of products in the first half of 2013.

In December, Alcon received an FDA Warning Letter following an inspection at
the LenSx laser manufacturing site in Aliso Viejo, California. Alcon has
responded in writing to the FDA and is committed to addressing these
observations and collaborating with the Agency to ensure that they are fully
resolved. The items noted in the Warning Letter do not affect the safety or
effectiveness of the LenSx laser, or impact our ability to sell the product.
Global LenSx related sales (including disposables) amounted to less than USD
100 million.

In total, there were 264 health authority inspections across the global
Novartis network in 2012, 56 of which were conducted by the FDA, and the
majority of these were assessed as good or satisfactory. Quality will continue
to be a high priority for all Novartis divisions in 2013.

Free cash flow

The sustainability of our strategy lies with the generation of cash flow that
provides the resources for reinvestment and returns to shareholders. Cash flow
is driven by a continued focus on the cash conversion cycle and operational
cash flow improvements.

The free cash flow of USD 11.4 billion was USD 1.1 billion lower than in the
prior-year period mainly due to higher investments in property, plant
equipment of USD 2.7 billion (2011: USD 2.2 billion) and lower divestment
proceeds which amounted to USD 0.5 billion (2011: USD 0.8 billion).

Capital allocation and net debt

Strong cash flows and a sound capital allocation policy have allowed Novartis
to focus on driving innovation, growth and productivity across its diversified
healthcare portfolio while keeping its double-A rating as a reflection of
financial strength. Retaining a good balance between attractive shareholder
returns (primarily through a strong and growing dividend), investment in the
business and a strong balance sheet will remain a priority in the future.

As of December 31, 2012, net debt decreased to USD 11.6 billion, compared to
USD 15.2 billion at December 31, 2011. The total gross short and long term
debt of USD 19.7 billion at December 31, 2012 was USD 0.5 billion less than
the prior year-end level of USD 20.2 billion. As a result of the strong cash
flow generation, the Group liquidity increased to USD 8.1 billion from USD 5.1
billion even after repayment of the CHF 700 million bond that matured in 2012.
In the third quarter, Novartis took advantage of the low interest rate
environment and issued USD 2.0 billion of bonds to refinance existing short-
and long-term indebtedness.

The long-term credit rating for the company continues to be double-A (Moody's
Aa2; Standard & Poor's AA-; Fitch AA).

2013 Group outlook
(Barring unforeseen events)

Group constant currency net sales in 2013 are expected to be in line with
2012, after absorbing the impact of generic competition, which could amount to
as much as USD 3.5 billion. Excluding the impact of generic competition, Group
net sales would grow at least in mid-single digits in 2013. Our expected
reported 2014 and 2015 sales growth rate in constant currencies should be at
least mid-single digit, as the Group's exposure to generic competition in
2014-2015 declines toapproximately 2-3% of total revenues.

Group core operating income in constant currencies is expected to decline in
2013 in mid-single digits as a result of generic competition and continued
investment in an unprecedented number of launches.Core operating income
(excluding patent expirations) is expected to grow ahead of underlying sales
in 2013. Core operating income is expected to grow ahead of sales in the two
subsequent years.

From a divisional perspective for 2013 we expect constant currency sales
performance as follows:

  oPharmaceuticals: low-single digit decline (mid-to-high single digit growth
    excluding generic competition);
  oAlcon, Sandoz, Vaccines and Diagnostics: mid-to-high single digit
    increase;
  oConsumer Health:high-single digit increase.

The outlook takes into account required 2012 restatement as a result of
adopting from January 1, 2013 the new IFRS change in pension accounting which
results in approximately USD 80 million per quarter increase in pre-tax
Corporate costs (USD 310 million for 2012).

Annual General Meeting

Dividend proposal
The Board proposes a dividend payment of CHF 2.30 per share for 2012, up 2%
from CHF 2.25 per share in 2011, representing the 16th consecutive dividend
increase since the creation of Novartis in December 1996. Shareholders will
vote on this proposal at the 2012 Annual General Meeting (AGM) scheduled for
February 22, 2013. The payout ratio as a percentage of net income is expected
to decrease from 66 % to 65%.

Election of members to the Novartis Board of Directors
The Novartis Board of Directors has regretfully accepted the decision of Dr.
Daniel Vasella not to stand for re-election at the upcoming AGM; Dr. Vasella
will be nominated Honorary Chairman of the Board. Dr. Vasella's decision
follows a distinguished career leading the company, serving as CEO of Novartis
from 1996 to 2010 and as Chairman of the Novartis Board of Directors from 1999
to 2013. Dr. Vasella successfully transformed the business portfolio to focus
on healthcare, built a world-leading research organization, strong leadership
team, and a reputation that is among the best in the industry and beyond.

Dr. Jörg Reinhardt is nominated to become a member of the Novartis Board of
Directors for election at the upcoming AGM, and once elected to become
Chairman of the Board, effective August 1, 2013. During the transition period,
current Vice-Chairman Prof. Dr. Ulrich Lehner will lead the Board on an ad
interim basis.

Dr. Verena Briner, Dr. Charles Sawyers and William Winters are also proposed
to become members of the Novartis Board of Directors for election at the AGM.
Marjorie Yang has taken the decision not to stand for re-election as announced
last year. Ms. Yang joined the Novartis Board in 2007.

Dr. Jörg Reinhardt graduated with a Ph.D. in pharmaceutical sciences from
Saarland University, Saarbruecken, Germany. He joined Sandoz Pharma Ltd in
1982 and held positions of increasing responsibility in R&D for the company in
Switzerland. In 1994, he was named Head of Development for Sandoz Pharma Ltd.
After the merger that created Novartis in 1996, Dr. Reinhardt became Head of
Preclinical Development and Project Management for Novartis, and assumed the
position of Head of Pharmaceutical Development in 1999. From 2006 to 2008, he
served as Head of the Vaccines and Diagnostics Division. In 2008, he became
Chief Operating Officer of the Novartis Group, a position he held until
January 31, 2010. From 2000 to 2010, Dr. Reinhardt also served as Chairman of
the Board of the Genomics Institute of the Novartis Foundation in the US.
Since August 15, 2010, Dr. Reinhardt has been Chairman of the Board of
Management of Bayer HealthCare AG and Chairman of the Bayer HealthCare
Executive Committee. If elected, he would step down from these positions at
Bayer prior to August 1, 2013. Since April 2012, Dr. Reinhardt has also been a
member of the Board of Directors of Lonza Group Ltd, Basel. Furthermore, he is
a member of the Council of the International Federation of Pharmaceutical
Manufacturers and Associations (IFPMA). Dr. Reinhardt was born in 1956. He is
a German citizen.

Dr. Verena A. Briner is Professor of Internal Medicine at the University of
Basel and Chief Medical Officer and Head of the Department of Medicine of the
Lucerne Cantonal Hospital, Switzerland. She obtained her M.D. degree at the
Medical School of the University of Basel in 1978 and completed residencies in
several Swiss hospitals as well as at the Health Sciences Center of the
University of Colorado, Denver, US. She holds a specialized degree of the
Swiss Medical Association in Internal Medicine and in Nephrology and is a
member and a past president of the Swiss Society of Internal Medicine. She has
received several prestigious scholarships and scientific grants, including the
President's Grant of the Society of General Internal Medicine in 2011. Dr.
Briner is an internationally recognized specialist in internal medicine and a
prolific researcher. She is member of several medical and ethical institutions
and commissions, including the Board of the Foundation for the Development of
Internal Medicine in Europe, the Senate and the Board of the Swiss Academy of
Medical Sciences and the sounding group of the Centre for Technology
Assessment TA-SWISS for personalized medicine. She is an honorary fellow of
the American College of Physicians, the European Federation of Internal
Medicine, the Polish Association of Internal Medicine and the Swiss Society of
General Internal Medicine. Dr. Briner was born in 1951. She is a Swiss
citizen.

Dr. Charles L. Sawyers is Chair of the Human Oncology and Pathogenesis Program
at Memorial Sloan-Kettering Cancer Center in New York, US, and Professor of
Medicine and of Cell and Developmental Biology at the Graduate School of
Medical Sciences at Weill-Cornell University, US. He is also an Investigator
of the Howard Hughes Medical Institute, Maryland, US. He obtained his M.D.
degree at the Johns Hopkins School of Medicine, completed his residency in
Internal Medicine at the University of California in San Francisco, US, and
his hematology-oncology fellowship training at the University of California in
Los Angeles, US. Dr. Sawyers is an internationally acclaimed cancer
researcher. His research has focused on characterizing signal transduction
pathway abnormalities in various cancers, including chronic myeloid leukemia
and prostate cancer, and developing molecularly targeted cancer drugs for both
diseases. In particular, he co-developed Novartis' targeted cancer drug,
Gleevec/Glivec. Prior to joining Memorial Sloan-Kettering Cancer Center in
2006, he worked at Jonsson Comprehensive Cancer Center of the University of
California, Los Angeles, US, for nearly 18 years. Dr. Sawyers has received
numerous honors and awards, including the Lasker-DeBakey Clinical Medical
Research Award, often considered America's Nobel Prize, in 2009. He is past
President of the American Society for Clinical Investigation, President-Elect
of the American Association of Cancer Research and serves on President Obama's
National Cancer Advisory Board. He is a member of the US National Academy of
Sciences and Institute of Medicine. Dr. Sawyers was born in 1959. He is a US
citizen.

William T. Winters is CEO and Chairman of Renshaw Bay, London, an alternative
asset management and advisory company founded in partnership with Mr. Johann
Rupert's Reinet Investments and Lord Jacob Rothschild's RIT Capital Partners.
He was a member of the UK Independent Commission on Banking which made its
recommendations to the Government on the structure of the UK financial
industry in September 2011. He recently completed a review which was presented
to the Court of the Bank of England in October 2012, covering the Bank's
framework for providing liquidity to the banking system as a whole. Mr.
Winters left JPMorgan in 2010, having served as the Co-CEO of the JPMorgan
Investment Bank since 2003. He had joint responsibility for the firm's global
businesses across sales, trading, research, capital raising, lending and
associated risk management. Having joined JPMorgan in 1983, he held management
roles across several market areas and in corporate finance. He moved from New
York to London in 1992. Mr. Winters received an MBA from the Wharton School at
the University of Pennsylvania and a Bachelor's degree in International
Relations from Colgate University. He is a member of the Boards of the
International Rescue Committee, Colgate University, the Young Vic Theatre and
The Print Room. Mr. Winters was born in 1961. He is a dual UK/US citizen.

Consultative vote on the Novartis compensation system
In order to further align with the interests of shareholders and to foster
long-term value creation, the Board of Directors proposes to introduce changes
to the compensation system for the CEO and the other members of the Executive
Committee as from January 1, 2014. Consistent with the Articles of
Incorporation of Novartis AG, the upcoming Annual General Meeting 2013 will
thus provide shareholders an opportunity to express their views on the
compensation system of Novartis through a consultative vote.

Summary Financial Performance

Group

                      Q4 2012 Q4 2011 % change  FY 2012 FY 2011 % change
                        USD m   USD m  USD  cc     USD m   USD m  USD  cc
Net sales              14 828  14 781    0   2    56 673  58 566   -3   0
Operating income        2 481   1 317   88  94    11 511  10 998    5   8
 As % of net sales      16.7     8.9               20.3    18.8
Core operating income   3 674   3 550    3   5    15 160  15 909   -5  -2
 As % of net sales      24.8    24.0               26.7    27.2

Pharmaceuticals

                      Q4 2012 Q4 2011 % change  FY 2012 FY 2011 % change
                        USD m   USD m  USD  cc     USD m   USD m  USD  cc
Net sales               8 276   8 313    0   1    32 153  32 508   -1   2
Operating income        1 924     825  133 141     9 598   8 296   16  19
 As % of net sales      23.2     9.9               29.9    25.5
Core operating income   2 281   2 289    0   1    10 213  10 040    2   5
 As % of net sales      27.6    27.5               31.8    30.9

Alcon

                      Q4 2012 Q4 2011 % change  FY 2012 FY 2011 % change
                        USD m   USD m  USD  cc    USD m   USD m  USD  cc
Net sales               2 576   2 425    6   8   10 225   9 958    3   5
Operating income         323     236   37  43    1 465   1 472    0   6
 As % of net sales      12.5     9.7              14.3    14.8
Core operating income     899     796   13  15    3 698   3 492    6   9
 As % of net sales      34.9    32.8              36.2    35.1

Sandoz

                      Q4 2012 Q4 2011 % change  FY 2012 FY 2011 % change
                        USD m   USD m  USD  cc     USD m   USD m  USD  cc
Net sales               2 387   2 294    4   6     8 702   9 473   -8  -4
Operating income         284    394  -28 -29     1 091   1 422  -23 -24
 As % of net sales      11.9    17.2               12.5    15.0
Core operating income    414    408    1   1     1 503   1 921  -22 -21
 As % of net sales      17.3    17.8               17.3    20.3

Vaccines and Diagnostics

                           Q4 2012 Q4 2011 % change  FY 2012 FY 2011 % change
                             USD m   USD m  USD  cc     USD m   USD m  USD  cc
Net sales                      628     671   -6  -5     1 858   1 996   -7  -4
Operating income/loss           41      42   -2  -8      -250    -249    0  13
 As % of net sales            6.5     6.3              -13.5   -12.5
Core operating income/loss      99     101   -2  -5       -75     135   nm  nm
 As % of net sales           15.8    15.1               -4.0     6.8

nm - not meaningful

Consumer Health

                      Q4 2012 Q4 2011  % change  FY 2012 FY 2011 % change
                        USD m   USD m  USD   cc     USD m   USD m  USD  cc
Net sales                 961   1 078 -11 -10     3 735   4 631  -19 -16
Operating income/loss     -12      27   nm   nm        48     727  -93 -89
 As % of net sales      -1.2     2.5                 1.3    15.7
Core operating income      23     166 -86  -84       159     873  -82 -78
 As % of net sales       2.4    15.4                 4.3    18.9

nm - not meaningful

Our 2012 Annual Report as well as a condensed financial report with the
information listed in the index below can be found on our website at
http://www.novartis.com/investors/financial-results/quarterly-results-q4-2012.shtml.

Novartis Q4 and FY 2012 Condensed Financial Report - Supplementary Data

INDEX                                                                     Page
GROUP AND DIVISIONAL OPERATING PERFORMANCE Q4 and FY 2012
 Group                                                                   2
 Pharmaceuticals                                                         5
 Alcon                                                                  11
 Sandoz                                                                 14
 Vaccines and Diagnostics                                               16
 Consumer Health                                                        17
CASH FLOW AND GROUP BALANCE SHEET                                           19
INNOVATION REVIEW                                                           22
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 Condensed consolidated income statements                               31
 Condensed consolidated statements of comprehensive income              33
 Condensed consolidated balance sheets                                  34
 Condensed consolidated changes in equity                               35
 Condensed consolidated cash flow statements                            36
 Notes to condensed consolidated financial statements, including
update on legal proceedings                                                 38
SUPPLEMENTARY INFORMATION                                                   45
CORE RESULTS
 Reconciliation from IFRS to core results                               47
 Group                                                                  49
 Pharmaceuticals                                                        51
 Alcon                                                                  53
 Sandoz                                                                 55
 Vaccines and Diagnostics                                               57
 Consumer Health                                                        59
 Corporate                                                              61
ADDITIONAL INFORMATION
 Condensed consolidated changes in net debt / Share information         62
 Free cash flow                                                         63
 Net sales of top 20 Pharmaceuticals products                           64
 Pharmaceuticals sales by business franchise                            66
 Net sales by region                                                    68
 Exchange rates/Income from associated companies                        70
DISCLAIMER                                                                  71

Disclaimer
This press release contains forward-looking statements that can be identified
by terminology such as "expected", "proposed", "momentum", "positive CHMP
opinion", "pipeline", "anticipates", "potential", "outlook", "expects",
"could", "anticipate", "priorities", "will", "recommended", "positive
opinion", "submission", "submitted", "plans", "due to initiate", "promise",
"strategy", "future", "on track", "expect", "committed," "unforeseen events",
"would", "should", "filing," "filed," or similar expressions, or by express or
implied discussions regarding potential new products, potential new
indications for existing products, or regarding potential future revenues from
any such products; potential outcomes of our efforts to improve the quality
standards at any or all of our manufacturing sites; or regarding potential
future sales or earnings of the Group or any of its divisions in the near- and
long-term; or by discussions of strategy, plans, expectations or intentions.
You should not place undue reliance on these statements. Such forward-looking
statements reflect the current views of the Group regarding future events, and
involve known and unknown risks, uncertainties and other factors that may
cause actual results to be materially different from any future results,
performance or achievements expressed or implied by such statements. There can
be no guarantee that any new products will be approved for sale in any market,
or that any new indications will be approved for any existing products in any
market, or that any approvals which are obtained will be obtained at any
particular time, or that any such products will achieve any particular revenue
levels. Nor can there be any guarantee that the Group will be successful in
its efforts to improve the quality standards at any or all of our
manufacturing sites, or that we will succeed in restoring or maintaining
production at any particular sites. Neither can there be any guarantee that
the Group, or any of its divisions, will achieve any particular financial
results, either in the near-term or in the long-term. In particular,
management's expectations could be affected by, among other things, unexpected
regulatory actions or delays or government regulation generally; unexpected
clinical trial results, including additional analyses of existing clinical
data or unexpected new clinical data; the Group's ability to obtain or
maintain patent or other proprietary intellectual property protection,
including the ultimate extent of the impact on the Group of the loss of patent
protection on key products which commenced last year and will continue this
year; unexpected product manufacturing and quality issues, including the
potential outcomes of our efforts at the Sandoz and Alcon sites that are
subject to Warning Letters, and with respect to our efforts to restart
production of products formerly produced at the Consumer Health manufacturing
facility at Lincoln, Nebraska; government, industry, and general public
pricing pressures; uncertainties regarding actual or potential legal
proceedings, including, among others, actual or potential product liability
litigation, litigation and investigations regarding sales and marketing
practices, shareholder litigation, government investigations and intellectual
property disputes; competition in general; uncertainties regarding the effects
of the ongoing global financial and economic crisis, including the financial
troubles in certain Eurozone countries; uncertainties regarding future global
exchange rates; uncertainties regarding future demand for our products;
uncertainties necessarily involved in long-term financial projections;
uncertainties involved in the development of new healthcare products; the
impact that the foregoing factors could have on the values attributed to the
Group's assets and liabilities as recorded in the Group's consolidated balance
sheet; and other risks and factors referred to in Novartis AG's current Form
20-F on file with the US Securities and Exchange Commission. Should one or
more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those
described herein as anticipated, believed, estimated or expected. Novartis is
providing the information in this press release as of this date and does not
undertake any obligation to update any forward-looking statements as a result
of new information, future events or otherwise.

About Novartis
Novartis provides innovative healthcare solutions that address the evolving
needs of patients and societies. Headquartered in Basel, Switzerland, Novartis
offers a diversified portfolio to best meet these needs: innovative medicines,
eye care, cost-saving generic pharmaceuticals, preventive vaccines and
diagnostic tools, over-the-counter and animal health products. Novartis is the
only global company with leading positions in these areas. In 2012, the Group
achieved net sales of USD 56.7 billion, while R&D throughout the Group
amounted to approximately USD 9.3 billion (USD 9.1 billion excluding
impairment and amortization charges). Novartis Group companies employ
approximately 128,000 full-time-equivalent associates and operate in more than
140 countries around the world. For more information, please visit
http://www.novartis.com.

Novartis has issued its Annual Report today, and it is available on its
website at www.novartis.com. Novartis will also today file its annual report
on Form 20-F with the US Securities and Exchange Commission, and will post
this document on www.novartis.com. Novartis shareholders may receive a hard
copy of either of these documents, each of which contain our complete audited
financial statements, free of charge, upon request.

Important dates

February 22, 2013 Annual General Meeting
April 24, 2013    First quarter results 2013
July 17, 2013     Second quarter results 2013
October 22, 2013  Third quarter results 2013

[1] Core results, constant currencies, and free cash flow are non-IFRS
measures. An explanation of these non-IFRS measures and reconciliation tables
can be found beginning on page 45 of the Condensed Financial Report.

All product names appearing in italics are trademarks owned by or licensed to
Novartis Group Companies.

Please find full media release in English attached and on the following link:
http://hugin.info/134323/R/1672350/543850.pdf

Further language versions are available through the following links:

German version is available through the following link:
http://hugin.info/134323/R/1672352/543852.pdf

French version is available through the following link:
http://hugin.info/134323/R/1672351/543851.pdf

Media Release (PDF)

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WKN: 904278;ISIN: XS0432810116;