Novartis’ net income was $2.82bn for the first quarter 2011, a decrease of 4%, compared to net income of $2.95bn, for the comparable period in 2010.
Net income was down 4% (-1% cc) due to additional financing costs related to Alcon, partially offset by an improved tax rate of 16% (from 16.5%).
The company’s operating income was $3.41bn, a decrease of 3 %, compared to $3.51bn for the comparable period in the previous year.
Novartis CEO Joseph Jimenez said contributions from all businesses led to a good start in 2011, as they achieved 14% growth in the first quarter.
"In April, we completed our merger with Alcon," Jimenez said .