Novartis CEO Vas Narasimhan predicted rising sales and profit in 2020, including from its growing Chinese market.
Swiss drugmaker said they are not seeing any disruption to its supply chain due to the coronavirus outbreak.
Virus was first discovered in the city Wuhan, which was spread to other major cities such as Beijing, Shanghai, Macao & Hong Kong. China’s Health Commission confirmed today that the coronavirus had infected 5,980 people, with 134 deaths.
Fourth-quarter sales rose 9% to $12.4 billion. For 2020, Novartis expecting net sales may grow in double-digit percentage range.
Significant margin expansion had put the company on track to reach mid to high 30s core margin in its innovative medicines business in the midterm, he said, touting the launch of an “unprecedented” five new molecular entities in 2019 and advanced pipeline programmes for medicines that addressed significant unmet medical needs.
Dr Narasimhan said the company aimed to double sales in China — currently about $2bn — by 2024. Entrestso was now on course to achieve blockbuster status there, he added.