NVS Novartis AG

   By Cecilia Butini 
 

Novartis AG said Tuesday that profit declined and sales rose slightly in the first quarter.

The Swiss pharmaceutical major posted net profit of $2.06 billion, down from $2.17 billion a year earlier. Sales grew to $12.41 billion from $12.3 billion.

A consensus forecast provided by FactSet had expected net profit at $3.44 billion and sales at $12.52 billion.

Core operating income, or income excluding extraordinary items, was $3.96 billion, compared with $4.18 billion a year earlier, the company said.

The company backed its earlier outlook for 2021, saying it still expects net sales growth in the low-to-mid single digits, and core operating income to grow in the mid-single digits. The guidance assumes a return to normal global healthcare systems--including prescription dynamics--by mid-2021, Novartis said.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

April 27, 2021 01:37 ET (05:37 GMT)

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