BASEL, Switzerland— Novartis (NVS:NYSE) managed to deliver a growth in sales for fiscal year 2014, despite a sales decline in the fourth quarter of the year. For FY 2014, net sales grew by 1 percent to $58 billion, or 3 percent in constant currencies. Operating income grew by 1 percent to $10.7 billion, or 7 percent in constant currencies. Core operating income for the year grew 3 percent to $14.6 billion, or 8 percent in constant currencies.

For the fourth quarter of 2014, net sales were down 2 percent, or up 4 percent in constant currencies, to $14.6 billion compared to the same quarter in 2013. Operating income was down 49 percent, or down 39 percent in constant currencies, to $1.2 billion compared to same quarter in 2013, while core operating income was up 1 percent, or 9 percent in constant currencies, to $3.3 billion, as compared to the same period year ago.

Commenting on the results, Joseph Jimenez, CEO of Novartis, said, “2014 was a transformational year for Novartis. We improved our execution, while taking steps to focus the company on our three leading businesses with global scale. We delivered solid sales growth with margin expansion, strengthened innovation, and advanced our quality and productivity agendas. I’m confident that we are positioned for future success.”

Alcon’s net sales grew 3 percent, or 6 percent in constant currencies, to $10.8 billion for the full year 2014. Surgical franchise sales advanced 5 percent, or 7 percent in constant currencies, driven by strong sales of equipment, led by the launch of the Centurion phacoemulsification cataract platform and Verion image-guided pre-operative diagnostic system, continued growth of the LenSx femtosecond laser platform, and growth in cataract and vitreoretinal disposables.

For FY 2014, growth in ophthalmic pharmaceuticals grew by 3 percent, or 5 percent in constant currencies, was driven by double-digit growth of Systane, Ilevro, and fixed-dose glaucoma combination products, offset by weak allergy and otic seasons in the U.S. and Japan. Vision Care, up 2 percent, or 4 percent in constant currencies, benefited from launches of innovative contact lenses, including Dailies Total1 and AirOptix Colors, but was partially offset by declining contact lens care sales.

For FY 2014, operating income increased 30 percent, or 43 percent in constant currencies, to $1.6 billion, driven by strong operating performance as well as the ending in 2013 of integration charges related to the acquisition of Alcon. Core operating income was $3.8 billion, up 3 percent, or 8 percent in constant currencies.

In the fourth quarter of 2014, Alcon’s net sales were $2.7 billion, up 2 percent, or 7 percent in constant currencies, as compared to the same period in 2013. This growth was led by robust growth in the ophthalmic pharmaceuticals and surgical franchises. Emerging growth markets grew strongly, up 7 percent, or 17 percent in constant currencies, offset by weaker growth in Japan.

In Q4 2014, ophthalmic pharmaceuticals grew 4 percent, or 10 percent in constant currencies, driven by double-digit growth in the glaucoma franchise, Systane and Ilevro. Surgical performance, up 1 percent, or 7 percent in constant currencies, benefited from strong sales of the Centurion phacoemulsification cataract platform, with improving growth performance in AcrySof intraocular lenses. Vision care growth was flat with 0 percent growth, or 4 percent in constant currencies, driven by strong growth of Dailies Total1 and AirOptix Colors, offset by a decline in contact lens care solutions.

In Q4 2014, operating income increased 112 percent, or 155 percent in constant currencies, to $365 million, driven by strong operating performance and the ending in 2013 of integration charges related to the acquisition of Alcon. Core operating income advanced 5 percent or 14 percent in constant currencies, to $895 million, driven by higher sales and productivity programs.