Novartis 1Q Net Income Down 17%, Hurt by Drug Failure
April 25 2017 - 1:54AM
Dow Jones News
By Denise Roland
Novartis AG said profit fell in the first quarter as the company
took a charge for the failure of an acute heart failure drug in
late-stage development.
Basel, Switzerland-based Novartis said net income declined 17%
to $1.7 billion in the three months to March 31, while revenue
slipped 1% to $11.5 billion, compared with the same period a year
earlier. Stripping out the effect of the strong dollar, net income
fell 15% and revenue increased 2%.
The Swiss drug giant in March said its experimental acute
heart-failure drug serelaxin was no better than standard therapy in
treating acute heart failure. It took a charge of $200 million in
the quarter as a result of discontinuing the research program.
-- Write to Denise Roland at denise.roland@wsj.com
(END) Dow Jones Newswires
April 25, 2017 01:39 ET (05:39 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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