BASEL, Switzerland—Novartis (NYSE: NVS) turned in solid results for the first quarter ending March 31, 2018. Net sales climbed to $12.7 billion, up 4 percent in constant currency from a year ago, or 10 percent USD. Core operating income grew 4 percent in constant currency, or 11 percent USD as higher sales helped support growth and launch investments. Operating income grew 17 percent, or 27 percent USD, mainly due to lower net impairment charges. Net income grew 12 percent, or +22 percent USD; free cash flow grew 15 percent to USD 1.9 billion.

Novartis’ Alcon unit posted net sales of $1.8 billion up 12 percent from a year ago, or 7 percent in constant currency, with growth in all product categories. Stock-in-trade movements accounted for approximately 1 percent of growth. Surgical grew 8 percent at constant currency, mainly driven by implantables, which include intraocular lenses (IOLs) and CyPass Micro Stent, and continued consumables growth. Vision Care grew 5 percent at constant currency, driven by continued double-digit growth of Dailies Total1, according to Novartis.

Commenting on the results, Vas Narasimhan, CEO of Novartis, said, “We continued our transformation this quarter to become a more focused medicines company. We expect the proposed sale of the OTC JV stake, the acquisition of AAA and the proposed acquisition of AveXis to provide significant sales, return on capital, and innovative R&D platforms that will strengthen our pipeline. Operationally, we drove solid growth across all financial metrics, strong performance across our key growth brands, and continued Alcon’s strong recovery,” he said.