BASEL, Switzerland (AP) _ Novartis AG (NVS) on Tuesday reported third-quarter profit of $1.94 billion.

On a per-share basis, the Basel, Switzerland-based company said it had profit of 84 cents. Earnings, adjusted for non-recurring costs, came to $1.52 per share.

The drugmaker posted revenue of $12.26 billion in the period.

Novartis shares have dropped 11% since the beginning of the year. The stock has fallen 3.5% in the last 12 months.

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