BASEL, Switzerland (AP) _ Novartis AG (NVS) on Tuesday reported first-quarter net income of $2.06 billion.

The Basel, Switzerland-based company said it had net income of 91 cents per share. Earnings, adjusted for non-recurring costs, were $1.52 per share.

The drugmaker posted revenue of $12.41 billion in the period.

Novartis shares have decreased 7% since the beginning of the year. The stock has fallen slightly more than 1% in the last 12 months.

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