UPDATE: Novartis Posts Upbeat Q2 Profit

Novartis AG NVS reported a rise in its second-quarter net profit. Novartis's quarterly net profit increased to $2.71 billion, versus $2.70 billion, in the year-ago period. However, analysts were expecting a net profit of $2.52 billion. Its net sales declined 4% to $14.3 billion. Novartis shares closed at $56.36 yesterday.