Business

Novartis CEO renews commitment to Sandoz generics unit

Novartis Chief Executive Vas Narasimhan on Tuesday renewed his commitment to his Sandoz generic unit where sales growth in 2020 stagnated due to reduced hospital stays during the COVID-19 pandemic.

FILE PHOTO: Novartis CEO Vas Narasimhan
FILE PHOTO: Novartis CEO Vas Narasimhan addresses the Swiss drugmaker's annual news conference in Basel, Switzerland, January 30, 2019. REUTERS/Arnd Wiegmann/File Photo

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ZURICH: Novartis Chief Executive Vas Narasimhan on Tuesday renewed his commitment to his Sandoz generic unit where sales growth in 2020 stagnated due to reduced hospital stays during the COVID-19 pandemic.

"We remain committed to the Sandoz business," Narasimhan said during the company's annual results news conference, when asked about the Swiss company's plans for the generics unit that over the years has been subject of disposal or spin-off speculation.

Novartis's fourth-quarter results on Tuesday missed analyst forecasts. Narasimhan also announced a revamp of his digital operations, including the exit of Chief Digital Officer Bertrand Bodson.

(Reporting by Paul Arnold, writing by John Miller; Editing by Michael Shields)

Source: Reuters