Novartis (NYSE:

) reported a 16.6% drop in its net profit for the first quarter. Novartis' quarterly net profit declined to $2.31 billion, from $2.77 billion, in the year-ago quarter. However, analysts were expecting a net profit of $2.16 billion. Its net sales fell 2% at $13.74 billion Sales at the flagship pharmaceuticals division climbed 1.8% to $7.84 billion. Novartis shares closed at $55.62 yesterday.