Novartis Quarterly Profit Drops as Diovan, OTC Sales Slump
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Novartis AG’s first-quarter profit dropped 8 percent on generic competition and manufacturing glitches at a consumer-health products factory in Nebraska.
Net income excluding some costs fell to $3.09 billion, or $1.27 a share, from $3.4 billion, or $1.41 a share, a year earlier, the Basel, Switzerland-based company said in a statement today. Analysts predicted profit of $1.28 a share, the average of 10 estimates compiled by Bloomberg.