Novartis 1st-qtr net profit flat, sales shy of forecasts
Swiss drug major Novartis (NOVN: VX) posted a solid set of first-quarter 2014 financials this morning, showing that sales increased 1% (+3% at constant exchanges) to $14.02 billion from a year-earlier restated $13.88 billion, missing average analysts’ expectations of $14.22 billion. Novartis’ shares drifted 0.8% lower to 75.65 Swiss francs shortly after markets opened.
The results come two days after Novartis announced deals with GlaxoSmithKline and Eli Lilly worth over $25 billion to strengthen its cancer portfolio and exit underperforming businesses (The Pharma Letter April 22).
Operating income at $3.5 billion (+22%, +31% cc), including a $900 million pretax gain from the divestment of the blood transfusion diagnostics unit. Core operating income was $3.7 billion (0%, +6% cc). Core earnings per share were $1.31 (+1%, +6% cc).
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