Novartis Profit Falls 4%, Sales Rise 16%

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: tips@thestreet.com.

Copyright 2011 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

More from Stocks

12 Stocks That Make Up the GLUM Index

12 Stocks That Make Up the GLUM Index

REPLAY: Jim Cramer on Tariff Worries, Oil, Alphabet and Centene

REPLAY: Jim Cramer on Tariff Worries, Oil, Alphabet and Centene

Worth a Stunning $6.6 Trillion, Tech Stocks Have Taken Over the Market

Worth a Stunning $6.6 Trillion, Tech Stocks Have Taken Over the Market

Video: Athens Stock Exchange CEO on What's Next for Greece's Debt Woes

Video: Athens Stock Exchange CEO on What's Next for Greece's Debt Woes

Here's Why Snap Shares Climbed Monday

Here's Why Snap Shares Climbed Monday