Swiss drugmaker Novartis may sell or spin off Sandoz, its generic drug unit, as the division's U.S. sales have steadily decreased during the pandemic, Bloomberg reported Oct. 26.
Novartis CEO Vasant Narasimhan, MD, told Bloomberg it's the right time to examine whether Sandoz strategically fits into the company. Sandoz's low sales were largely attributed to the reduced cold and flu season that resulted from COVID-19 safety measures, Narasimhan said.
Novartis' review of Sandoz, one of the largest generic drugmakers in the world, follows the move it made in 2019 to spin off Alcon, its eye care unit.
The drugmaker is seeking to deepen its focus on new treatments for cancer and other diseases, according to the report.