Agribusiness decline hits Novartis
SHARES in Novartis have taken a dive after the Swiss life sciences group said a poor performance from its agribusiness arm caused a 1% fall in first-quarter turnover.
The group blamed fierce competition and poor demand in US and European farming for a 10% drop in sales to SF2.4 billion (£990m).
It expected no improvement on the agribusiness side – roughly a third of its business – for at least a year.
Novartis core pharmaceuticals business showed a 4% advance to SF4.3bn, but this was described by one analyst as “pedestrian”.
- Sharp downturn for Novartis, FWi, 17 July, 1998
- Financial Times 22/04/99 page 32 (News Digest)