Novartis 1st-qtr profits and sales decline, hit by charge and generics
Shares of Novartis (NOVN: VX) were up 2.09% at 75.65 Swiss francs by 9.40 this morning, after the Swiss pharma giant posted first-quarter 2017 financial results with both sales and profits down year-on-year.
Net sales for the quarter were $11.5 billion (-1%, +2% constant exchange), as volume growth of 7 percentage points was partially offset by the negative impact of generic competition (-3 percentage points) and pricing (-2 percentage points).
This missed the estimates of analysts polled by Bloomberg, who expected $11.6 billion. All divisions reported growth in constant currencies.
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