The company beat market estimates for fourth-quarter results today, and unveiled an upbeat forecast for 2024 and beyond on the ramp-up of its vaccines and cancer drugs pipeline, underscoring the benefits of its consumer health unit spin-off.
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The British drugmaker said it sold around 300 million shares of Haleon, cutting its shareholding to 4.2%, as it expands its portfolio of specialty medicines.
The company has ramped up its sales growth target as a result of demand for innovative drugs after the spin off of its generics business.
Ahead of the vote at the extraordinary general meeting, Sandoz CEO Richard Saynor said the new company is eyeing the launch of at least five additional biologic drugs over the longer term.
Sandoz plans to launch at least five additional biologic drugs, its CEO Richard Saynor said, as the generics drugs business of Switzerland’s Novartis works to enhance its investor appeal ahead of its market debut next month.
The Swiss drugmaker invited shareholders to an extraordinary general meeting on Sept. 15 after its board of directors unanimously endorsed and recommended the proposed spin-off, the company said in a statement.
For Novartis CEO Vas Narasimhan, who previously led a push to slash jobs and to focus on fewer therapeutic areas and geographic markets, the spin-off means greater reliance on innovation at the core business.
“The Sandoz Board of Directors will start preparatory work from June onwards and will be effective following the planned spin-off of Sandoz in the second half of 2023, subject to Novartis Board of Directors and shareholder approval,” Novartis announced.
Novartis on Monday announced the appointment of Gilbert Ghostine as chairman-designate of Sandoz, the generics unit Novartis wants to spin off later this year.
The company said it would spin off its patient monitoring and respiratory interventions businesses into a new company, as it seeks to have a more streamlined portfolio and faster revenue growth.