ZURICH, June 18 Swiss drugmaker Novartis
said its recent business overhaul should boost
profitability and speed up growth as it focuses on businesses
with scale and higher margins.
In a statement published ahead of its investor day in Basel
on Wednesday, Novartis said its new structure would have added
an extra 250 basis points to last year's core operating income
"Following the expected completion of the portfolio
transformation transactions, the new Novartis will be more
focused, more profitable, with the potential to grow faster,"
Chief Executive Joseph Jimenez said in a statement.
In April, Novartis announced a series of deals that will see
it exit underperforming businesses and add higher-margin cancer
drugs from GlaxoSmithKline.
(Reporting by Caroline Copley; Editing by Himani Sarkar)