Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
GENEVA (AP) — Swiss pharmaceuticals group Novartis says net income fell 15 percent in the first quarter as it continued to adjust to generic competition for its Gleevec leukemia drug and stopped work on a hoped-for treatment for heart failure.
The Basel-based company said net income dropped to $1.7 billion, compared with $2.01 billion in the year-earlier period. It cited a $200 million charge to discontinue RLX030, which failed to pass tests in trials as a treatment for acute heart failure.
Net sales fell 1 percent to $11.54 billion, offset partially by 136 percent growth for the Cosentyx psoriasis treatment.
CEO Joseph Jimenez cited a "solid start" to 2017.
Novartis predicted sales would be "broadly in line" with 2016, but core operating income could decline in the "low single digit" percentages.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
