Sandoz Sets Forth On Quest To Raise Its Margins
Sandoz is set to undergo a transformation in terms of operational efficiency, geographic footprint and portfolio offering in a bid to lift its operating margin from the mid-teens range towards 20%.
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Sandoz has decided to discontinue development of its generic version of GlaxoSmithKline’s Advair Diskus respiratory brand, resulting in an impairment charge of $442m.
Slower sales growth by its Biopharmaceuticals unit amid competitive pressures in the US, combined with weakness in its Retail Generics and Anti-Infectives franchises, led Sandoz to report an overall 8% sales slide in the first quarter of this year.
Sandoz’ drive to greater efficiency and stronger profit margins through a group-wide transformation process has prompted the division’s global head, Richard Francis, to step down.