‘Challenging’ Times For Sandoz As COVID Bites
Sales And Core Operating Profit See Double-Digit Declines Despite Biopharma Growth
Sandoz saw both its sales and core operating profit experience double-digit drops in what management described as a “challenging” first quarter of 2021. However, its performance is expected to stabilize in the back end of the year as pandemic-related pressures ease.
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Sandoz CEO Richard Saynor says the generics and biosimilars giant’s focus and strategy remain “unchanged” in the wake of a long-awaited announcement by parent company Novartis that it is exploring its options for the Sandoz business.
Novartis finally has confirmed plans to begin a strategic review for its Sandoz generics and biosimilars business, following years of conjecture and suggestions from the market. However, the originator stressed that it will take its time with a decision, while underlining that keeping Sandoz is among its choices.
After an extraordinary year that saw demand patterns and the supply chain upended by the COVID-19 pandemic, as well as a major merger that has transformed one of the global off-patent industry’s biggest players, the leaders of the pack in the Generics Bulletin Top 50 have once again seen significant changes in 2021.