novartis profits slump 18 in first quarter
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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Novartis profits slump 18% in first quarter

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Arab Today, arab today Novartis profits slump 18% in first quarter

Zurich - AFP
Swiss pharmaceutical group Novartis says that its net profit has slumped 18% in the first quarter to $2.3 billion (1.7 billion euros). Operating profit fell back 17 percent to $2.8 billion and sales fell two percent to $13.7 billion between January and March, a statement said. Despite profits being down, Novartis CEO Joseph Jimenez said there had been strong growth in the Pharaceuticals and Alcon divisions. The Basel-based company maintained its outlook for the year as a whole, with sales equalling those of 2011 and a core operating margin slightly lower than last year.
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