Novartis says may divest generic drugs unit Sandoz
Swiss drugmaker Novartis’ brand is seen on the firm’s plant within the northern Swiss city of Stein, Switzerland October 23, 2017. REUTERS/Arnd Wiegmann
Oct 26 (Reuters) – Novartis on Tuesday raised the prospect of divesting its generic medication unit Sandoz and lifted its peak income estimate for its two best-selling prescription drugs.
“Novartis has commenced a strategic assessment of the Sandoz Division. The assessment will discover all choices, starting from retaining the enterprise to separation, with the intention to decide learn how to greatest maximize worth for our shareholders,” the Swiss pharma main stated in assertion on quarterly outcomes.
It added it will have extra to say on that assessment by the tip of subsequent 12 months.
Third-quarter working revenue, adjusted for particular objects, rose 10% to $4.47 billion, pushed by increased gross sales of arthritis and psoriasis drug Cosentyx and coronary heart failure remedy Entresto.
It elevated its peak gross sales steerage for Cosentyx to no less than $7 billion and for Entresto to no less than $5 billion.
Third-quarter gross sales rose 6% to $13.03 billion, according to the common analyst estimate compiled by Refinitiv, whereas core internet revenue elevated 10% to $3.83 billion versus market consensus of $3.7 billion.
Reporting by Ludwig Burger; Enhancing by Michael Shields
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