Novartis integrates pharmaceuticals and oncology, targets savings of $1 billion

FILE PHOTO: The company’s logo is seen at the new cell and gene therapy factory of Swiss drugmaker Novartis in Stein, Switzerland, November 28, 2019. REUTERS/Arnd Wiegmann/

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.

The Swiss pharmaceutical company said it expects value creation through these operational improvements, ensuring at least 4% sales growth and delivering at the high end of the company’s IM margin guidance of high 30s in the medium term and 40% or more in the mid- to long-term, it said in a statement.

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