Novartis Profit Drops on Currencies in Emerging Markets
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Novartis AG, Europe’s biggest drugmaker by sales, said fourth-quarter profit fell as currencies in emerging markets weakened against the dollar.
Fourth-quarter earnings excluding some items fell 3 percent to $2.96 billion, or $1.20 a share, from $3.04 billion, or $1.24, a year earlier, the company said in a statement today. Novartis, which is based in Basel, Switzerland, and reports earnings in dollars, also was hurt by a strong Swiss franc. Analysts predicted profit of $1.21 a share, according to the average estimate compiled by Bloomberg.