Novartis profit slips as stockpiling reverses

Novartis AG said Tuesday that its net profit and sales declined in the second quarter with medicine stockpiling triggered by the coronavirus pandemic in the previous quarter largely reversing.

The Swiss pharmaceutical company’s NOVN, -1.86% NVS, -1.45% net profit from continuing operations was $1.87 billion, down 4% at constant currencies compared with the same quarter a year ago. Core operating income rose 6% at constant currencies, reaching $3.7 billion due to lower spending and improved gross margin, the company said.