BASEL, Switzerland ( TheStreet) -- Novartis (NVS), the Swiss drugmaker, said first-quarter earnings fell 4% because of additional financing costs related to the acquisition of the rest of eye care company Alcon (ACL).
Novartis earned $2.82 billion in the first quarter, down from $2.95 billion a year earlier.
Analysts were expecting profits of $2.6 billion in the first quarter.
Novartis said sales rose 16% to $14.03 billion, or 14% in constant currencies. The company said sales benefited by 2% as the dollar weakened against most currencies.Pharmaceuticals sales rose 7% in the quarter to $7.8 billion. Novartis completed the acquisition of Alcon on April 8. Alcon contributed $1.9 billion toward first-quarter sales. Novartis said it expects double-digit sales growth for the full year. -- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV