Novartis AG said profit fell in the first quarter as the company took a charge for the failure of an acute heart failure drug in late-stage development.
Basel, Switzerland-based Novartis said net income declined 17% to $1.7 billion in the three months to March 31, while revenue slipped 1% to $11.5 billion, compared with the same period a year earlier. Stripping out the effect of the strong dollar, net income fell 15% and revenue increased 2%.
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The Swiss drug giant in March said its experimental acute heart-failure drug serelaxin was no better than standard therapy in treating acute heart failure. It took a charge of $200 million in the quarter as a result of discontinuing the research program.
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(END) Dow Jones Newswires
April 25, 2017 01:39 ET (05:39 GMT)