Novartis AG (JOBS) Posts 70% Drop in Net on Year-Earlier Gains, Changes Division Heads, Plans 550 U.S. Job Cuts
LONDON (MarketWatch) -- Swiss drug giant Novartis on Monday said its third-quarter profit dropped 69%, as expenses to buy a stake in eyecare specialist Alcon, higher taxes and last year's gains from selling off its Gerber and medical nutrition business offset growing sales of its cancer and heart drugs. Novartis also said it was cutting 550 U.S. sales jobs and announced a wide-ranging executive shake-up.