Drug maker Novartis AG (NVS) on Thursday posted disappointing third quarter earnings results.
The Swiss company reported third quarter net income of $2.48 billion, or $1.01 per share, compared with $2.49 billion, or $1.02 per share, in the year-ago period. Excluding items, adjusted profit was $1.34 per share.
Revenue fell 7% from last year to $13.81 billion.
On average, Wall Street analysts expected a higher profit of $1.36 per share, on much larger revenue of $14.25 billion.
Novartis shares fell 47 cents, or 0.8%, in Thursday morning trading.
The Bottom Line
Shares of Novartis (NVS) have a 4.01% dividend yield, based on last night’s closing stock price of $61.39. The stock has technical support in the $56-$58 price area. If the stock can firm up, we see overhead resistance around the all-time high levels of $64-$65 a share.
Novartis AG (NVS) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.