Novartis AG (NVS) reported that its first-quarter net income declined 5% or 7% at constant currencies to $2.1 billion from the previous year, mainly due to lower operating income. Earnings per share was $0.91 down from $0.96 in prior year.
Quarterly operating income was $2.4 billion, down 12% or 14% at constant currencies from the previous year, mainly due to lower gross profit impacted by pricing erosion at Sandoz, manufacturing restructuring, higher impairments, partly offset by lower legal expenses.
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