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Novartis: CMD fails to convince

( - Novartis gave an update on its prospects on Thursday at the "Meet Novartis Management" day, an event dedicated to meetings with the financial community.

In a statement issued ahead of the meeting, the Swiss group reaffirmed its intention to become a pure player in therapeutic innovation following the spin-off of its generic drug subsidiary Sandoz, which it plans to complete in H2 2023.

Management said the company is targeting average annual sales growth of around 4% by 2027.

Its core operating margin should be at least 40% over the medium-to-long term.

Novartis now says it wants to focus on five core areas of activity (cardiovascular, immunology, neuroscience, solid tumours and haematology).

Unsurprisingly, the group focused on its eight blockbusters, i.e. Cosentyx, Entresto, Zolgensma, Kisqali, Kesimpta, Leqvio, Pluvicto and Scemblix, which it said all have an estimated sales potential of "several billion dollars".

All these announcements were greeted with little enthusiasm on the Zurich stock exchange on Thursday, where the Novartis share price fell by over 1% in early trading, in line with the SMI index.

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