Novartis to let go 550 employees after profits drop 69 percent

BASEL, Switzerland Novartis said Monday that profits declined by 69 percent for the third quarter due to its purchase of a 25 percent stake in the eye-care company Alcon.

In addition, it will lay off 550 sales staff in the United States.

Third quarter net income for the Swiss drug maker declined by $4.8 billion.

Its $10.4 billion purchase of the Alcon stake from Nestle increased financing costs.