Novartis completes CEO succession process with appointment of Joe Jimenez as new CEO and simplified leadership organization.
Group delivers sustained business expansion and profit improvement with all divisions contributing to strong performance in 2009.
Net sales rise 11% in local currencies (lc) to USD 44.3 billion (+7% in USD), as innovative products drive Pharmaceuticals to industry-leading growth and Vaccines and Diagnostics sells over 100 million influenza A (H1N1) pandemic vaccine doses.
Core operating income grows 11% to USD 11.4 billion, as margin improves to 25.8% of net sales on business expansion and productivity gains.
Core net income rises 8% to USD 10.3 billion, at a lower pace than core operating income mainly due to Alcon-related financing costs. Core EPS rose from 8% to USD 4.50.
Free cash flow before dividends advances 24% to USD 9.4 billion.
More than 30 drug approvals and full pipeline with 145 projects in pharmaceutical clinical development, of which 60 involve new molecular entities.
Forward productivity program exceeds savings goal by nearly 50% and a year ahead of schedule.
Access-to-medicine programs including medication for malaria and leprosy reach 80 million patients in 2009 with contributions valued at USD 1.5 billion, or 3% of sales.
New management in place for the next phase of growth.
Dr. Vasella to focus on strategic priorities as Chairman, Board names Joe Jimenez CEO and simplifies organizational structure completing the CEO succession process begun in 2008.
Novartis to become the first large, listed Swiss company to include a consultative vote on Compensation System in its Articles of Incorporation, further strengthening governance in wake of global financial crisis.
13th consecutive dividend increase: CHF 2.10 per share proposed for 2009.
2010 to be a year of significant progress in implementing strategic priorities with continued focus on innovation, growth and productivity.