By John Letzing
ZURICH-- Novartis AG said on Tuesday its second-quarter profit
plunged 32% from the same period last year, as the Swiss drug
giant's sales fell 5% due in part to a strengthened dollar.
Basel-based Novartis said net income fell to $1.86 billion, or
$0.77 per share in the quarter ended in June, compared with $2.72
billion in the quarter last year.
Analysts had expected Novartis to report net income of $3.12
billion.
Core net income, which strips out one-time events such as
impairments or gains, fell 8%, Novartis said.
The most recent results come after Novartis completed a series
of transactions designed to refocus the firm on three areas:
pharmaceuticals, generics and eye care.
Write to John Letzing at john.letzing@wsj.com
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