Novartis 4Q Net Profit Falls 57% as Eye-Care Unit Drags on Results
January 27 2016 - 2:02AM
Dow Jones News
By John Letzing and Denise Roland
ZURICH--Novartis AG said on Wednesday that its fourth-quarter
net profit fell 57% compared with the corresponding period a year
earlier as the Swiss drug giant's eye-care unit dragged on
performance.
Basel-based Novartis said net income fell to $1.05 billion in
the quarter ended in December, compared with $2.45 billion in the
same period a year earlier.
Revenue dipped 4% to $12.52 billion, the company said. Core net
income, which strips out one-time events such as impairments or
gains, fell to $2.7 billion from $2.9 billion a year earlier,
Novartis said.
Analysts had expected revenue of $12.7 billion and core net
income of $2.7 billion.
Write to John Letzing at john.letzing@wsj.com and Denise Roland
at denise.roland@wsj.com
(END) Dow Jones Newswires
January 27, 2016 01:47 ET (06:47 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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