Novartis Profit Falls as Blockbuster Cancer Drug Sales Drop
- Gleevec sales fell 22 percent after loss of patent protection
- Company reiterates full-year forecast for sales and earnings
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Novartis AG said first-quarter earnings fell 12 percent after the company’s best-selling cancer medicine Gleevec faced generic competition in the U.S.
Profit declined to $1.17 a share, excluding some items, the Basel, Switzerland-based company said Thursday in a statement. Analysts estimated $1.15, according to data compiled by Bloomberg. Revenue fell 3 percent to $11.6 billion, compared with analysts’ average projection of $11.8 billion.