Novartis, which has a manufacturing base in Liverpool, has reported a strong performance in first half of the year, with net sales up by 11 per cent to $20.6 billion (£10 billion).

Operating income grew by 12 per cent to $4.9 billion, driven in part by expansion in fast-growing markets.

Net income climbed 13 per cent to $4.6 billion thanks to the increase in operating income, as well as higher levels of financial income.

Key research and development (R&D) projects, particularly Afinitor for advanced kidney cancer and the Menveo meningococcal meningitis vaccine, are on track for submissions sometime this year.

Novartis chairman Dr Daniel Vasella said: "The growth acceleration in the second quarter of 2008 and our R&D successes, especially in pharmaceuticals and vaccines, demonstrate that our strategy is delivering results."

According to a study by Datamonitor, Novartis completed more deals than any other pharmaceutical in the fiscal year 2005-06.