Alcon, the eye-care business that Novartis AG acquired for more than $50 billion, is now weighing on Europe’s second-largest drugmaker. After more than a year of efforts to turn around the business, the Swiss company on Wednesday said it was considering all options for the embattled division, including a spinoff or initial public offering.
Category: Noven Pharmaceuticals
Novartis Mulls Options Including Spinoff, IPO for Eye-Care Unit
Novartis AG proposed buying back $5 billion of shares and said it’s considering separating its embattled eye-care division after projecting that sales this year at Europe’s second-biggest drugmaker will likely be largely unchanged from 2016. Earnings, excluding some expenses, will probably remain flat or decline by a “low single digit” percent in 2017 as its top-selling medicine faces increasing competition from cheaper copycat drugs, the Basel, Switzerland-based company said Wednesday in a statement.
Novartis Misses Q4 Earnings Estimate, Mulls Alcon Spin-Off
Novartis missed analysts expectations with its fourth quarter earnings but launched a $5 billion share buyback program and said it may sell its Alcon eye care unit. Novartis AG missed analysts expectations with its fourth quarter earnings but launched a $5 billion share buyback program and said it may sell its Alcon eye care unit.