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.
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.”
© 2021 AFP
Novartis says ‘all options’ on table for Sandoz generics unit (2021, October 26)
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