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Novartis Says Profit May Drop on Entresto Spending, Gleevec

  • Swiss drugmaker adding to sales force to spur Entresto growth
  • Second-quarter profit fell to $1.23 a share; estimate $1.19
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Novartis AG said profit may fall this year as the Swiss drugmaker increases spending on the heart medicine Entresto and faces declining sales of its best-selling cancer treatment Gleevec.

Core operating income will either be about the same as 2015 or decline by a percentage in the low single digits at constant exchange rates, Novartis said Tuesday in a statement. Sales will show little change.