The drugmaker has lowered its outlook for the year thanks a bevy of problems: generic competition for its Lotrel blood-pressure drug and Lamisil nail fungus med; an unexpected three-month delayed FDA approval for its Tasigna leukemia treatment; the withdrawal of the Zelnorm irritable bowel med, and ongoing delays with the Galvus diabetes drug. Now, Novartis expects mid-single-digit percentage growth in overall net sales and low-single-digit growth in drug sales, lower than its previous forecast.

As a result, “things will be more difficult in the second half,” Tim Race, an analyst with ING Financial Markets in London, tells Bloomberg News. “They are firefighting this year.”

The disappointment offset a 6 percent rise in second-quarter pharma sales, to $6 billion, which were fueled by the Diovan high blood pressure med and the Glivec cancer treatment. To appease investors, Novartis is pledging to complete previously announced share buybacks and purchase the remaining open amount of up to $4 billion in shares by February 2008. And there may be more - the drugmaker plans to get more aggressive about acquisitions.