![]() Operating income was USD 1.3 billion (-37%, -29% cc) declining mainly due to higher restructuring and impairment charges, and the impacts from M&A transactions and growth investments, partly offset by continued strong sales growth. Strong volume growth was partly offset by the negative impacts of pricing (-2 percentage points) and generic competition (-1 percentage point). Net sales were USD 13.3 billion (+3%, +6% cc) in the fourth quarter driven by volume growth of 9 percentage points (cc), mainly from Cosentyx, Entresto, Oncology including AAA, and Alcon. Susanne joined Novartis more than 20 years ago and has spent the last six years in the Oncology business in various leadership roles, including five years as Europe Region Head and most recently as President of AAA, our radioligand therapy business. Susanne Schaffert was appointed CEO, Novartis Oncology and became a member of the Novartis Executive Committee as of January 1, 2019. Additionally, Novartis improved to the number 2 ranking in the Access to Medicines Index for 2018. For all our new medicines, we will systematically integrate access strategies in our research and development efforts and we are working to develop innovative treatments for under treated diseases. We continue our journey to rebuild trust with society. We advanced an enterprise-wide digital transformation including the launch of the first digital cognitive therapy, reSET, and an artificial intelligence program to drive salesforce effectiveness by optimizing visits to healthcare professionals. Our culture is transforming to become more open, empowered and collaborative. Innovative Medicines margin increased by 1.0 percentage point to 32.0% of sales, and we expect this margin to expand further. Operationally, four additional drugs reached USD 1.0 billion and three more potential blockbusters were launched, Lutathera, Aimovig and Kymriah in DLBCL. ![]() ![]() This capital was re-deployed to drive long term growth through cutting edge advanced therapy platforms, including acquiring AveXis gene therapy, AAA and Endocyte radioligand therapies and expanding global manufacturing capacity for cell therapy Kymriah. Additionally we sold our stake in the GSK consumer healthcare joint venture for USD 13.0 billion. Our planned Sandoz transformation is expected to enable us to compete in a more challenging environment by increasing our share of higher-margin differentiated products while driving efficiency with a geographic focus and a lean cost structure. We agreed to sell the Sandoz US oral solids and dermatology portfolio. Alcon is positioned for sustainable long term top line growth and margin expansion as demonstrated by the strong 2018 results. We concluded the strategic review of Alcon and expect to spin-off the division in H1 2019. Our long-term strategy is to focus Novartis as a leading medicines company with five priorities: embrace operational excellence, deliver transformative innovation, go big on data and digital, build trust with society, and build a new culture by unleashing the power of our people.ĭuring 2018, we took actions that reflect this strategy and our capital allocation priorities. Assumes Alcon and the Sandoz US dermatology and oral solids portfolio remain in Novartis group for FY19 Removes Alcon and the Sandoz US dermatology and oral solids portfolio from both 20. Advanced Accelerator Applications Transaction is subject to closing conditions Sandoz US dermatology and oral solids portfolio announced to be sold to Aurobindo subject to closing considtions Forecast assumption that no Gilenya generics enter in 2019 however, generic competitors may still launch at risk Unless otherwise noted, all growth rates in this Release refer to same period in prior year. An explanation of non-IFRS measures can be found on page 53 of the Condensed Financial Report. Constant currencies (cc), core results and free cash flow are non-IFRS measures. Looking ahead, we expect to sustain top and bottom line growth driven by the strength of our in line brands and our exciting lineup of 10 potential blockbuster launches by 2020." Key figures Together with delivering strong accretive growth, we also advanced our strategic priorities including building new advanced therapy platforms, ramping up productivity and digital efforts, and creating a new culture. We took major steps towards becoming a medicines company that focuses its capital on developing, launching, and creating global access to breakthrough medicines. Basel, JanuCommenting on the results, Vas Narasimhan, CEO of Novartis, said:
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