Novartis to Cut Costs Further This Year, Epstein Tells Finanz

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.

The savings will be invested in new products, such as multiple sclerosis drug Gilenya, Lucentis eye drug and cancer drug Afinitor, Epstein told the newspaper.

To contact the reporters on this story: Elena Logutenkova in Zurich at elogutenkova@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net;

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