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Novartis delivered solid sales growth, margin expansion and pipeline progress in 2014 27 January 2015

Net sales grew in FY 2014, with strong core margin expansion

Net sales increased 1% (+3% cc[1])[2] to USD 58.0 billion in FY (Q4: -2%, +4% cc)

Operating income grew 1% (+7% cc) to USD 10.7 billion in FY

Net income up 12% (+19% cc) to USD 10.3 billion in FY

Core operating income in FY (+3%, +8% cc) drove 120 basis points of core margin expansion (cc)

Core EPS was USD 5.23 (+4%, +10% cc) in FY

Free cash flow was USD 10.8 billion (+12%) in FY