EAST HANOVER, N.J., Oct. 16 /PRNewswire/ -- The Alabama Supreme Court today overturned a jury verdict against Novartis Pharmaceuticals Corporation (NPC), and directed entry of judgment in favor of NPC. NPC is pleased that the Alabama Supreme Court has found in our favor, which demonstrates that the State of Alabama's claims were unfounded. The State of Alabama had claimed that the prices provided by NPC to reporting services resulted in overpayment to pharmacists and doctors in the Alabama State Medicaid system, and a Montgomery County Circuit Court jury initially found NPC liable.
NPC was among 73 pharmaceutical manufacturers named in a lawsuit filed in 2005 by the Alabama Attorney General. Through the appeal process, NPC demonstrated that it reported true and accurate prices, based on terms that have been known and used by all participants in pharmaceuticals markets, including Alabama Medicaid, for more than 30 years.
"We're pleased by the Alabama Supreme Court's ruling today," said Ludwig Hantson, PhD, Head of Pharma North America, CEO, Novartis Pharmaceuticals Corporation. "NPC is committed to high ethical standards in the pricing, marketing and sale of all of our products."
NPC's mission is to help patients and provide access to medications that treat disease, ease suffering and improve people's lives. In 2008 alone, NPC provided approximately $4.1M in prescription drugs to over 2,100 low-income Alabamans through our Patient Assistance Program.
The foregoing release contains forward-looking statements that can be identified by express or implied discussions regarding the potential outcome of any other pricing litigation. Such forward-looking statements reflect the current views of the Company 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 NPC or its affiliates will be successful in any other pricing litigation against it. In particular, management's expectations could be affected by, among other things, the inherent unpredictability of the litigation process, 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 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 contained in this press release as a result of new information, future events or otherwise.
Novartis Pharmaceuticals Corporation researches, develops, manufactures and markets leading innovative prescription drugs used to treat a number of diseases and conditions, including those in the cardiovascular, metabolic, cancer, organ transplantation, central nervous system, dermatological, GI and respiratory areas. The company's mission is to improve people's lives by pioneering novel healthcare solutions.
Located in East Hanover, New Jersey, Novartis Pharmaceuticals Corporation is an affiliate of Novartis AG (NYSE: NVS), which provides healthcare solutions that address the evolving needs of patients and societies. Focused solely on growth areas in healthcare, Novartis offers a diversified portfolio to best meet these needs: innovative medicines, cost-saving generic pharmaceuticals, preventive vaccines and diagnostic tools, and consumer health products. Novartis is the only company with leading positions in these areas. In 2007, the Group's continuing operations (excluding divestments in 2007) achieved net sales of USD 38.1 billion and net income of USD 6.5 billion. Approximately USD 6.4 billion was invested in R&D activities throughout the Group. Headquartered in Basel, Switzerland, Novartis Group companies employ approximately 98,200 full-time associates and operate in over 140 countries around the world. For more information, please visit http://www.novartis.com.
Novartis Media Relations Pam McKinlay Anna Frable Novartis Corporate Communications Novartis Pharma Communications +1 212 830 2465 (direct) +1 862 778 5388 (direct) +1 862 221 0151 (mobile) +1 732 673 5262 (mobile) email@example.com firstname.lastname@example.org e-mail: email@example.com
SOURCE Novartis Pharmaceuticals Corporation
|SOURCE Novartis Pharmaceuticals Corporation|
Copyright©2009 PR Newswire.
All rights reserved