Novartis AG (NYSE:NVS) will eliminate 1,960 jobs in the US and take $1.22 billion of charges to get ready for lesser sales of two blood-pressure drugs.

Novartis will take a $900 million charge versus Q4 results after cutting forecasts for revenue from the hypertension pill Tekturna, and a cost of $160 million to conclude research on two experimental medicines, the Basel, Switzerland-based company stated in a statement today. The job slashes, in anticipation of generic rivalry for the Diovan treatment, will lead to a $160 million Q1 charge.

Chief Executive Officer Joe Jimenez has been trimming expenses since he took the job in February 2010. He has as well been seeking to boost sales from specialist-prescribed drugs, like the multiple sclerosis pill Gilenya and Afinitor for cancer, to substitute revenue from Diovan, the top-selling drug that missed patent protection in Europe previous year and will do so in the US in September.

Novartis AG (ADR) (NYSE:NVS) last session volume of 2.45 million shares was near higher than its average volume of 2.27 million shares. The stock after opening at $55.30 hit high price of $55.89 and then closed at $55.80 by scoring -1.64%.

NVS generated revenue of 58.84 billion in the following twelve months and earned $10.11 billion. The Company showed a positive 17.50% in the net profit margin and as well as in its operating margin which remained 20.64%. Company’s annual sales growth for the past five year was 11.62%.

The NVS past twelve months price to sales ratio was 2.17 and price to cash ratio remained 22.94. As far as the returns are concern, the NVS return on equity was recorded as 15.27% and increased 10.70% return on investment while its return on asset stayed at 8.37%.

The stock showed weekly downbeat performance of -2.63% which was maintained for the month at +3.09%. Likewise the negative performance for the quarter was recorded -3.89% and for the year was +2.03% while the YTD performance remained at -2.40%.

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