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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Novartis    NOVN   CH0012005267

NOVARTIS

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Novartis : generics boss quits amid conjecture over business's future

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03/14/2019 | 04:57am EDT
FILE PHOTO: Richard Francis talks during an interview with Reuters in Basel

ZURICH (Reuters) - Novartis's generics chief is quitting after the Swiss drugmaker sold parts of the business and initiated an 18-month revamp, fueling speculation about an eventual spin-off or sale.

Richard Francis, Sandoz's boss since 2014, is stepping down, Novartis Chief Executive Vas Narasimhan said on Thursday, adding "Richard has decided that for personal reasons he cannot commit to stay with Sandoz until the transformation is completed".

Francesco Balestrieri, head of Sandoz's Europe region, will become interim CEO to oversee what Narasimhan called "a multi-year transformation program" in which Sandoz re-focuses on biosimilars -- copies of patent-expired biological drugs made by rivals -- and hard-to-make generics like insulin.

Balestrieri, at Novartis for 25 years, assumes control over a division with nearly $10 billion in annual sales.

Sandoz last year sold a U.S. pills and dermatology portfolio to India's Aurobindo and embarked on a "de-integration" of Francis's division from the rest of Novartis, a process Narasimhan said will stretch into 2020 and clear the way for talks about the business's future.

Narasimhan has been remaking Novartis by buying speciality treatments like nuclear medicine for cancer and gene therapy, while jettisoning an over-the-counter drugs business and eye surgery-and-contact lens division Alcon, due to be spun off as early as next month.

The departure of Francis, a British citizen, does nothing to quiet conjecture about Sandoz's future within Novartis, analysts said.

"We see our assumption confirmed that in the next 12 to 18 months a definitive decision may come about whether the generic unit will remain within Novartis," said Zuercher Kantonalbank analyst Michael Nawrath.

"Even though the Novartis chairman said recently Sandoz isn't for sale for now, a spin-off like they're doing with Alcon would align with the strategy of becoming a focused, pure-play drugmaker."

(Reporting by John Miller,; Editing by Michael Shields)

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Financials ($)
Sales 2019 53 535 M
EBIT 2019 13 924 M
Net income 2019 8 825 M
Debt 2019 14 613 M
Yield 2019 3,16%
P/E ratio 2019 23,33
P/E ratio 2020 20,92
EV / Sales 2019 4,74x
EV / Sales 2020 4,46x
Capitalization 239 B
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 94,6 $
Spread / Average Target 0,97%
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NameTitle
Vasant Narasimhan Chief Executive Officer
Hans Jörg Reinhardt Independent Non-Executive Chairman
Harry Werner Kirsch Chief Financial Officer
John Tsai Chief Medical Officer
Srikant T. Madhav Datar Independent Non-Executive Director
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