Novartis AG (ADR) (NYSE: NVS ) stock took a hit on Thursday following the release of its earnings report for the first quarter of 2018.
Novartis AG (ADR) reported earnings per share of $1.28 for the first quarter of the year. This is better than its earnings per share of $1.13 from the same time last year. However, it didn't do NVS stock any favors by coming in below Wall Street's earnings per share estimate of $1.29 for the period.
Net income reported by Novartis AG (ADR) for the first quarter of 2018 was $2.03 billion. This is an improvement over its net income of $1.67 billion that was reported in the first quarter of 2017.
During the first quarter of the year, Novartis AG (ADR) reported operating income of $2.45 billion. The pharmaceutical company reported operating income of $1.92 billion for the same period of the year prior.
Novartis AG (ADR) also reported revenue of $12.69 billion for the first quarter of the year. This is up from its revenue of $11.54 million reported in the first quarter of the previous year. It also came in above analysts' revenue estimate of $12.57 billion for the quarter.
To go along with its earnings report is a new appointment at Novartis AG (ADR). The company has announced that John Tsai will be joining it as Head of Global Drug Development and CMO on May 1, 2018. Tsai is taking over for Vas Narasimhan, who took over as the company's new CEO February.
NVS stock was down 3% as of Thursday afternoon.
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As of this writing, William White did not hold a position in any of the aforementioned securities.