Novartis profits slump 18% in first quarter

Swiss pharmaceutical group Novartis says that its net profit has slumped 18% in the first quarter to $2.3 billion (1.7 billion euros). Operating profit fell back 17 percent to $2.8 billion and sales fell two percent to $13.7 billion between January and March, a statement said. Despite profits being down, Novartis CEO Joseph Jimenez said there had been strong growth in the Pharaceuticals and Alcon divisions. The Basel-based company maintained its outlook for the year as a whole, with sales equalling those of 2011 and a core operating margin slightly lower than last year.