U.S. markets closed
  • S&P 500

    3,911.74
    +116.01 (+3.06%)
     
  • Dow 30

    31,500.68
    +823.32 (+2.68%)
     
  • Nasdaq

    11,607.62
    +375.43 (+3.34%)
     
  • Russell 2000

    1,765.74
    +54.06 (+3.16%)
     
  • Crude Oil

    107.06
    +2.79 (+2.68%)
     
  • Gold

    1,828.10
    -1.70 (-0.09%)
     
  • Silver

    21.13
    +0.09 (+0.42%)
     
  • EUR/USD

    1.0559
    +0.0034 (+0.33%)
     
  • 10-Yr Bond

    3.1250
    +0.0570 (+1.86%)
     
  • GBP/USD

    1.2270
    +0.0009 (+0.07%)
     
  • USD/JPY

    135.2100
    +0.2770 (+0.21%)
     
  • BTC-USD

    21,402.90
    +7.14 (+0.03%)
     
  • CMC Crypto 200

    462.12
    +8.22 (+1.81%)
     
  • FTSE 100

    7,208.81
    +188.36 (+2.68%)
     
  • Nikkei 225

    26,491.97
    +320.72 (+1.23%)
     

Novartis to save at least $1 billion by 2024 thanks to simplified structure

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
FILE PHOTO: Logo is seen at new factory of Novartis in Stein
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

ZURICH (Reuters) -Novartis said on Monday it was integrating its pharmaceuticals and oncology units into an innovative medicines (IM) business to simplify its structure, targeting savings of at least $1 billion by 2024.

"Integrating pharmaceuticals and oncology business units into an innovative medicines (IM) business with separate U.S. and international commercial organizations will increase focus, strengthen competitiveness and drive synergies," the Swiss pharmaceutical company said in a statement.

It said it expects selling, general and administrative savings of at least $1 billion to be fully embedded by 2024 as a result of these changes.

The company based in Basel appointed Marie-France Tschudin as president of innovative medicines international and chief commercial officer, and Victor Bulto as president of innovative medicines in the United States.

Steffen Lang will take over as president operations, while

Shreeram Aradhye becomes president global drug development and chief medical officer. Susanne Schaffert, Robert Weltevreden and John Tsai are leaving Novartis, the company said.

Value creation through these operational improvements should ensure at least 4% sales growth in constant currency through 2026. Novartis also expects to deliver at the high end of its IM margin guidance of high 30s in the medium term and 40% or more in the mid- to long-term.

(Reporting by Silke Koltrowitz, Editing by Miranda Murray)