Novartis profits dip as generic rival challenges cancer drug

GENEVA (AP) — Swiss pharmaceuticals maker Novartis says net income from continued operations fell 13 percent in the first quarter as generic competition cut into sales of Gleevec, one of the first very effective cancer medicines.

The company reported net income fell 85 percent from $13 billion last year, which included the impact of a shake-up in its business with an acquisition of oncology and consumer health-care assets from GSK and the divestment of its vaccines and animal health businesses.