Novartis Earnings Fall on Slide in Cancer-Drug Sales
April 21 2016 - 2:03AM
Dow Jones News
By Denise Roland
Novartis AG said earnings fell in the first quarter of the year,
on a slide in sales of the company's blockbuster cancer drug
Gleevec and investment in new drug launches.
Basel, Switzerland-based Novartis said net income for the three
months ended March 31 was $2 billion, a fraction of the $13 billion
reported a year earlier, when a $12.8 billion gain on the sale of
businesses to GlaxoSmithKline PLC and Eli Lilly and Co gave
earnings a boost.
Revenue slipped 3% to $11.6 billion, from $11.9 billion a year
ago, missing analyst expectations of $11.89 billion.
Core net income, which strips out one-time impairments or gains,
fell 13% to $2.8 billion. That beat the $2.68 billion expected by
analysts.
Write to Denise Roland at Denise.Roland@wsj.com
(END) Dow Jones Newswires
April 21, 2016 01:48 ET (05:48 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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