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Novartis no longer expects earnings decline at under-review Sandoz unit
2022.07.19 08:38
FILE PHOTO: A sign marks the Novartis Institutes for BioMedical Research facility in Cambridge, Massachusetts, U.S., June 16, 2021. REUTERS/Brian Snyder
(Reuters) – Swiss drugmaker Novartis said earnings at its Sandoz unit, the maker of cheap generic drugs that might be put up for sale, would likely be flat this year, no longer expecting a decline, and added the strategic review was progressing as planned.
Novartis confirmed its group guidance for 2022 core operating income to grow in a mid-single digit percentage range.
The pharma major also said it was now targeting $1.5 billion in savings from an ongoing cost cutting scheme, where it had previously seen savings of up to $1 billion by 2024.
