First-quarter core net income at Swiss drugmaker Novartis fell 13 percent as it reels from patent expiries, a struggling eye care business and lackluster sales of its new heart medicine. Core net income, which excludes some items, fell to $2.79 billion, compared to the $2.76 billion average of forecasts from analysts polled by Reuters. Sales fell to $11.6 billion, compared to the poll average of $11.8 billion.
It maintained in 2016 guidance for sales and core operating profit broadly in line with last year's levels. Core operating profit fell 11 percent in dollars to $3.26 billion in the quarter, down 5 percent at constant exchange rates.
Novartis results were broadly in line with analyst forecasts, helped by better-than-expected sales of blockbuster blood cancer drug Gleevec. After losing patent protection this year, the product's revenue slipped 22 percent to $834 million. Analysts had forecast a 34 percent fall.
Entresto, its new heart failure medicine, continued its sluggish start, posting $17 million in sales.
Alcon, the eye care unit that is being restructured, saw sales fall 7 percent to $1.4 billion.
Chief Executive Joe Jimenez has been buffeted by simultaneous challenges: Gleevec's exposure to generics in the United States amid Alcon's continuing revenue slide and the slow take-up of Entresto, both of which require significant investments to invigorate growth.