Novartis says ‘all options’ on table for Sandoz generics unit

Swiss drugmaker Novartis said Tuesday that it is reviewing the future of its generic medicines division, Sandoz, with all options on the table—from retaining it to a sale.

“Novartis has commenced a strategic review of the Sandoz Division,” the group said in a statement.

“The review will explore all options, ranging from retaining the business to separation, in order to determine how to best maximise value for our shareholders.”

Novartis already sold off another division, Alcon, in 2019, which it listed separately on the stock exchange.

Publishing results for the third quarter, Novartis said that sales at the Sandoz unit declined by one percent to $2.4 billion in the period from July to September. And adjusting for currency effects, the decline was two percent.

For the group overall, Novartis said that third-quarter sales were up six percent at $13 billion and bottom-line net profit jumped by 41 percent to $2.758 billion.

Novartis delivered a “strong performance” in its innovative medicines business, said chief executive, Vas Narasimhan.

“We remain confident in the strength of our pipeline and launch brands to fuel the growth of our company in the mid to longer term.”

Novartis sees 2018 profit soar 64% after exiting GSK venture

© 2021 AFP

Novartis says ‘all options’ on table for Sandoz generics unit (2021, October 26)
retrieved 26 October 2021

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