Novartis Net Profit Boosted by Gain From Sandoz Spinoff
Provided by
Dow Jones
By Adria Calatayud
Novartis reported a big jump in fourth-quarter net profit after it booked a gain from the spinoff of its generics-drugs business Sandoz.
Net profit for the fourth quarter was $8.48 billion compared with $1.47 billion in the same period a year before, the Swiss pharmaceutical major said Wednesday. This included a non-cash gain of $5.9 billion from the distribution of Sandoz shares to Novartis shareholders, it said.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
January 31, 2024 01:28 ET (06:28 GMT)
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