Operating profit to grow again ahead of Sandoz spin off: Novartis
Novartis said in its statement it's on track to spin off its generics unit Sandoz in the second half of the year as part of its effort to sharpen its focus on its patented prescription medicines.;
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Basel: Novartis on Wednesday predicted that core operating income would grow in a "mid-single digit" percentage range in 2023 following stagnation last year, as the Swiss drugmaker prepares to spin off its Sandoz generics business.
Full-year core operating income was broadly flat at $16.7 billion, it said in a statement, coming in slightly below market expectations of $16.8 billion.
Adjusted for overall negative currency effects, group sales in 2022 advanced 4 percent to $50.5 billion as gains from heart failure drug Entresto and multiple sclerosis (MS) drug Kesimpta were partly offset by competition from cheap generic copies of established MS drug Gilenya.
Read also: Novartis division Sandoz to set up Global Capability Centre in Hyderabad
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