BASEL, Switzerland (AP) — BASEL, Switzerland (AP) — Novartis AG (NVS) on Tuesday reported first-quarter net income of $3.16 billion.

On a per-share basis, the Basel, Switzerland-based company said it had profit of $1.65. Earnings, adjusted for non-recurring costs, were $1.99 per share.

The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.11 per share.

The drugmaker posted revenue of $13.11 billion in the period, which also missed Street forecasts. Three analysts surveyed by Zacks expected $13.56 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NVS at https://www.zacks.com/ap/NVS