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| Name | Symbol | Market | Type |
|---|---|---|---|
| Novartis AG | NYSE:NVS | NYSE | Depository Receipt |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.07 | -0.07% | 97.27 | 97.91 | 97.07 | 97.75 | 1,045,674 | 01:00:00 |
From May 2023 to May 2024
By Giulia Petroni
Novartis's off-patent medicines division Sandoz set out its growth plans as a standalone company following the proposed spinoff, saying it is well positioned to continue delivering mid-single digit sales growth.
Ahead of its capital markets day on Thursday, Sandoz said it foresees mid-single digit net sales growth for the full year as well as for the 2024-28 period.
The core earnings before interest, taxes, depreciation and amortization margin is expected at 18%-19% in 2023 and at 24%-26% in the mid term. An initial decrease from a core Ebitda margin of 21.2% in 2022 is due to inflation and investments required to stand as a separate company.
Free cash flow is expected to more than double by 2028 from $800 million last year, Sandoz said. This would allow to pay a full-year dividend of 20%-30% of core net income in 2023 and 30%-40% in the mid term.
The proposed spinoff of Sandoz is expected to occur in the second half of the year. Completion is subject to conditions.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
June 08, 2023 01:48 ET (05:48 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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