Novartis’ simplified strategy takes shape as the company seeks former Bristol Myers CEO as chair
Novartis appears headed in the right direction now that Sandoz has been spun out, operations have been streamlined and the Swiss company is reporting higher-than-expected sales for several medicines.
Next up is a new board chair, potentially former Bristol Myers Squibb CEO Giovanni Caforio if shareholders accept his nomination.
The pharma’s stock $NVS was up about 3% on Tuesday after the company raised its outlook for the year. That’s a “significant positive surprise” in Novartis’ first-quarter update, Jefferies analyst Peter Welford wrote in a note. At the end of last week, the stock was down about 7% for the year.
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