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Novartis Q1 sales, profit miss analyst expectations amid COVID-19 impact

ZURICH, April 27 (Reuters) - Swiss drugmaker Novartis on Tuesday said first-quarter core net income fell 4%, missing analyst expectations, as COVID-19 related lockdowns and disruptions in several geographies hit demand.

Core net income slipped to $3.4 billion, compared to the $3.5 billion average estimate of nine analysts in a poll by Refinitiv. Sales were 1% higher at $12.4 billion, compared to $12.5 billion forecast in the poll. Net income fell 5% to $2.06 billion.

Novartis confirmed its 2021 outlook, which foresees net sales growing at a low- to mid-single-digit percentage rate, with core operating income expected to grow at a mid single digit percentage rate, ahead of sales. ($1 = $1.0000) (Reporting by John Miller Editing by Riham Alkousaa)

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