Novartis AG’s first-quarter profit fell as sales of influenza vaccines slumped following the end of the flu pandemic last year.
Net income dropped to $2.77 billion from $2.93 billion a year earlier, the Basel, Switzerland-based company said today. Analysts forecast profit of $2.57 billion, the average of eight estimates compiled by Bloomberg in the past month. Sales increased 16 percent to $14 billion. The company confirmed its forecasts for 2011.
EQUITIES: *Actelion said first-quarter net income was 146.3 million Swiss francs, beating analysts’ estimates *Kengeter’s thwarted UBS plan spurs Gruebel cuts to buoy returns *J&J-Synthes takeover obscuring recalls in makeover: Real M&A *OC Oerlikon said first-quarter sales rose 35 percent to 953 million Swiss francs from 705 million francs a year earlier, company confirms outlook *Schindler Holding reported first-quarter net income of 185 million Swiss francs, up 22 percent from a year earlier *Sarasin plans new hires to target sharia-compliant business *GAM assets under management at 53.3 billion francs end of March *Adval Tech 2010 net loss SF10.9 mln
WHAT TO WATCH: *Syngenta holds annual general meeting at 10:00 a.m. in Basel *Adecco holds annual general meeting at 11:00 a.m. in Lausanne *Geberit holds annual general meeting at 4:30 p.m. in Rapperswil-Jona *Gategroup Holding holds annual general meeting at 10:00 a.m. at Zurich Airport *Implenia holds shareholder meeting *Swiss Prime Site holds annual general meeting at 4:00 p.m. in Olten *Temenos Group reports first-quarter results at 5:30 p.m. *Daetwyler Holding holds annual general meeting at 5:00 p.m. in Altdorf
ECONOMY/POLITICS: *Switzerland sells 3-month bills at 11:30 a.m.
MARKETS: *The SMI fell 2.4 percent to 6,244.95 *The SPI fell 1.5 percent to 5,748.19 *The Stoxx Europe 600 Index fell 1.6 percent to 273.40 *The MSCI Asia-Pacific Index fell 1.1 percent to 134.13 at 7:00 a.m. Zurich time *Euro-franc traded at 1.27498 at 7:03 a.m. Zurich time