Novartis profits slide 14 pc in first quarter

BASEL/SWITZERLAND: Swiss pharmaceutical giant Novartis announced on Thursday that its net profit slumped 14 per cent to $ 1.975 billion in the first quarter due to a major acquisition.

The figure surpassed analysts' forecasts of $ 1.85 billion amid the company's deal to take over the world's biggest eye care company, Alcon, for nearly $ 40 billion.

Turnover also dropped two per cent to $ 9.7 billion in line with expectations, Novartis said in a statement. It was up eight percent in local currency, however, owing to a good performance by its pharmaceutical division.