Novartis sales steady but profits drop in second quarter

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Swiss pharmaceuticals giant Novartis said one-time factors were responsible for a significant drop in profits in the second quarter, but that sales were stable. Net sales for the quarter came in at $12.8 billion, down 1% from a year ago. At constant exchange rates, there was a 5% increase. But operating profit at group level slumped to $2.2 billion – down 36% on the same period last year. Net income was $1.7 billion, a decline of 41%. The company said this was due in part to higher impairment charges and higher restructuring costs. The group had announced a restructuring of its business in ear…

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