Novartis International AG / Novartis delivered good operational performance and landmark innovation in 2017, entering our next growth phase . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement.
Key figures[1] | |||||||||
Q4 2017 | Q4 2016 | % change | FY 2017 | FY 2016 | % change | ||||
USD m | USD m | USD | cc | USD m | USD m | USD | cc | ||
Net sales | 12 915 | 12 322 | 5 | 2 | 49 109 | 48 518 | 1 | 2 | |
Operating income | 2 070 | 1 455 | 42 | 41 | 8 629 | 8 268 | 4 | 7 | |
Net income | 1 976 | 936 | 111 | 58 | 7 703 | 6 698 | 15 | 12 | |
EPS (USD) | 0.85 | 0.40 | 113 | 59 | 3.28 | 2.82 | 16 | 14 | |
Free cash flow | 2 456 | 2 976 | -17 | 10 428 | 9 455 | 10 | |||
Core | |||||||||
Operating income | 3 223 | 3 013 | 7 | 5 | 12 850 | 12 987 | -1 | 0 | |
Net income | 2 818 | 2 658 | 6 | 4 | 11 391 | 11 314 | 1 | 2 | |
EPS (USD) | 1.21 | 1.12 | 8 | 6 | 4.86 | 4.75 | 2 | 3 |
[1] Constant currencies (cc), core results and free cash flow are non-IFRS measures. An explanation of non-IFRS measures can be found on page 42 of the Condensed Financial Report. Unless otherwise noted, all growth rates in this Release refer to same period in prior year.
[2] RTH258 also met its primary endpoint of non-inferiority compared to aflibercept in mean change in best-corrected visual acuity for nAMD
Basel, January 24, 2018 - Commenting on the results, Joe Jimenez, CEO, said:
"Novartis had a good year in 2017. Cosentyx reached multi-blockbuster status, Entresto delivered over USD 500 million in sales and Alcon returned to growth. It was a landmark year for innovation resulting in a rich late stage pipeline. With several key launches on the horizon and our new operating model in place, Novartis is poised for sustainable growth."
Vas Narasimhan, designated CEO from February 1, commented:
"I want to thank Joe and the Board for their leadership and guidance as I transition to my new role. As CEO my priorities will be driving our next growth phase by strengthening operational execution, delivering more breakthrough innovation, pivoting to become a data centric, digitally enabled organization, building trust and reputation and transforming our culture. I feel privileged to lead Novartis at this exciting time."
GROUP REVIEW
Fourth quarter financials
Net sales were USD 12.9 billion (+5%, +2% cc) in the fourth quarter, as volume growth of 7 percentage points (cc), including growth from Cosentyx and Entresto, was partly offset by the negative impacts of generic competition (-3 percentage points) and pricing (-2 percentage points).
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Operating income was USD 2.1 billion (+42%, +41% cc) mainly driven by growth drivers, productivity, lower impairments and a gain from achievement of a sales milestone related to the 2015 Vaccines divestment to GSK, which were partly offset by generic erosion. Core adjustments amounted to USD 1.2 billion (2016: USD 1.6 billion).
Net income was USD 2.0 billion (+111%, +58% cc), driven by the strong operating income growth and higher income from associated companies. The prior year included exceptional charges related to a revaluation loss in Venezuela of USD 0.3 billion.
EPS was USD 0.85 (+113%, +59% cc), driven by growth in net income and the benefit from the share buyback program.
Core operating income was USD 3.2 billion (+7%, +5% cc) as growth drivers and productivity more than offset generic erosion. Core operating income margin in constant currencies increased 0.7 percentage points; currency had a negative impact of 0.2 percentage points, resulting in a net increase of 0.5 percentage points to 25.0% of net sales.
Core net income was USD 2.8 billion (+6%, +4% cc) driven by growth in core operating income.
Core EPS was USD 1.21 (+8%, +6% cc), driven by growth in core net income and the benefit from the share buyback program.
Free cash flow amounted to USD 2.5 billion (-17% USD) compared to USD 3.0 billion in prior year. The decrease of USD 0.5 billion was mainly driven by lower cash flows from operating activities and higher net investments.
Innovative Medicines net sales were USD 8.8 billion (+6%, +4% cc) in the fourth quarter. Volume contributed 9 percentage points to sales growth. Generic competition had a negative impact of 4 percentage points largely due to Gleevec/Glivec genericization in Europe and the US. Pricing had a negative impact of 1 percentage point.
Operating income was USD 1.8 billion (+33%, +31% cc) driven by higher sales and lower impairments, partly offset by generic erosion and growth investments for Cosentyx, Entresto and Kisqali. Core adjustments were USD 0.9 billion (2016: USD 1.0 billion). Core operating income was USD 2.7 billion (+11%, +9% cc). Core operating income margin in constant currencies increased by 1.5 percentage points mainly driven by improved gross margin from productivity; currency had a negative impact of 0.1 percentage points, resulting in a net increase of 1.4 percentage points to 30.5% of net sales.
Sandoz net sales were USD 2.6 billion (0%, -4% cc) in the fourth quarter, as 8 percentage points of price erosion, mostly in the US, was partly offset by volume growth of 4 percentage points. US sales declined 17% due to increased industry-wide pricing pressure and continued customer consolidation. Excluding the US, net sales grew 4% (cc). Global Biopharmaceuticals grew 6% (cc).
Operating income was USD 305 million (-16%, -19% cc) mainly due to US price erosion and higher manufacturing restructuring charges, partly offset by continued gross margin improvement. Core operating income was USD 543 million (+4%, +1% cc). Core operating income margin increased by 1.1 percentage points (cc) mainly driven by favorable product and geographic mix and ongoing productivity improvements; currency had a negative impact of 0.2 percentage points, resulting in a net increase of 0.9 percentage points to 20.9% of net sales.
Alcon net sales were USD 1.6 billion (+8%, +6% cc) in the fourth quarter. Surgical growth of +9% (cc) was driven by cataract consumables and IOLs. Vision Care grew +2% (cc) including continued double-digit growth of Dailies Total1, partly offset by declines in the weekly/monthly portfolio. Stock in trade movements accounted for approximately 1% (cc) of Alcon growth in the quarter. Alcon's results reflect the fourth consecutive quarter of net sales growth as a result of improved operations, innovation, and customer relationships.
Operating loss was USD 78 million, compared to a loss of USD 120 million in the prior year, the improvement driven mainly by higher sales. Core operating income was USD 221 million (+36%, +36% cc), primarily driven by the higher sales. Core operating income margin in constant currencies increased by 3.0 percentage points mainly driven by higher sales; currency had a negative impact of 0.2 percentage points, resulting in a net increase of 2.8 percentage points to 14.1% of net sales.
Full year financials
Net sales were USD 49.1 billion (+1%, +2% cc) in the full year, as volume growth of 7 percentage points (cc), including growth from Cosentyx and Entresto, was partly offset by the negative impacts of generic competition (-3 percentage points) and pricing (-2 percentage points).
Operating income was USD 8.6 billion (+4%, +7% cc) as growth drivers, productivity, lower amortization and a gain from achievement of a sales milestone related to the 2015 Vaccines divestment to GSK, more than offset generic erosion. Core adjustments amounted to USD 4.2 billion (2016: USD 4.7 billion).
Net income was USD 7.7 billion (+15%, +12% cc) driven by higher operating income and income from associated companies. The prior year included exceptional charges related to a revaluation loss in Venezuela of USD 0.3 billion.
EPS was USD 3.28 (+16%, +14% cc) driven by net income growth and the benefit from the share buyback program.
Core operating income was USD 12.9 billion (-1%, 0% cc) broadly in line with prior year as sales growth and productivity fully offset generic erosion and growth investments. Core operating income margin in constant currencies decreased 0.3 percentage points, mainly due to generic erosion of Gleevec/Glivec, partly offset by growth drivers and productivity; currency had a negative impact of 0.3 percentage points, resulting in a net decrease of 0.6 percentage points to 26.2% of net sales.
Core net income was USD 11.4 billion (+1%, +2% cc), growing above core operating income due to higher core income from associated companies.
Core EPS was USD 4.86 (+2%, +3% cc) driven by growth in core net income and the benefit from the share buyback program.
Free cash flow amounted to USD 10.4 billion (+10% USD) compared to USD 9.5 billion in 2016. The increase was mainly driven by favorable working capital changes and lower legal settlement payments out of provisions.
Innovative Medicines delivered net sales of USD 33.0 billion (+1%, +2% cc) in the full year, including USD 2.1 billion of Cosentyx and USD 507 million of Entresto. Volume growth of 8 percentage points more than offset the negative impact of generic competition (-5 percentage points) and pricing (-1 percentage point).
Operating income was USD 7.8 billion (+5%, +7% cc) mainly driven by higher sales, lower amortization and productivity, partly offset by generic erosion and growth investments. Core adjustments totaled USD 2.5 billion (2016: USD 2.9 billion). Core operating income was USD 10.3 billion (0%, +2% cc). Core operating income margin in constant currencies slightly decreased by 0.1 percentage points; currency had a negative impact of 0.4 percentage points, resulting in a net decrease of 0.5 percentage points to 31.3% of net sales.
Sandoz net sales were USD 10.1 billion (-1%, -2% cc) in the full year, as volume growth of 6 percentage points was more than offset by 8 percentage points of price erosion. Sales in the US declined 12% mainly due to increased industry-wide pricing pressure and continued customer consolidation. Excluding the US, net sales grew by 4% (cc). Global Biopharmaceuticals grew 12% (cc).
Operating income was USD 1.4 billion (-5%, -7% cc) mainly due to US price erosion, increased investments in ex-US M&S and higher manufacturing restructuring charges, partly offset by continued gross margin improvement. Core operating income was USD 2.1 billion (0%, -1% cc). Core operating income margin in constant currencies increased 0.1 percentage points; currency had a positive impact of 0.2 percentage points, resulting in a net increase of 0.3 percentage points to 20.7% of net sales.
Alcon net sales were USD 6.0 billion (+4%, +4% cc) for the full year. Surgical sales grew +5% (cc), driven by strong performance of the vitreoretinal portfolio and cataract consumables. Vision Care sales grew +3% (cc), driven by continued double-digit growth of Dailies Total1.
Operating loss was USD 190 million for the full year, compared to a loss of USD 132 million in the prior year, mainly due to growth plan investments and higher impairment charges related to business development activities, partly offset by higher sales. Core operating income was USD 857 million (+1%, +5% cc), as higher sales were partly offset by growth plan investments. Core operating income margin in constant currencies increased by 0.2 percentage points; currency had a negative impact of 0.6 percentage points, resulting in a net decrease of 0.4 percentage points to 14.2% of net sales.
Key growth drivers
Underpinning our financial results in the fourth quarter is a continued focus on key growth drivers, including Cosentyx, Entresto, Promacta/Revolade, Tafinlar + Mekinist, Jakavi, Kisqali, Tasigna, Kymriah and Gilenya as well as Biopharmaceuticals and Emerging Growth Markets.
Growth Drivers (Q4 performance)
Emerging Growth Markets
Net sales in Emerging Growth Markets - which comprise all markets except the US, Canada, Western Europe, Japan, Australia and New Zealand - grew (+8% USD, +7% cc) mainly driven by China (+13% cc).
Strengthen R&D
Innovation Review
Benefitting from our continued focus on innovation, Novartis has one of the industry's most competitive pipelines with more than 200 projects in clinical development.
Key developments from the fourth quarter of 2017 include:
New approvals and regulatory opinions (in Q4)
Regulatory submissions and filings (in Q4)
Results from ongoing trials and other highlights (in Q4)
Alcon Strategic Review
In early 2017, we announced a strategic review of the Alcon Division in order to explore all options to maximize value for our shareholders.
We have made significant progress in our ongoing strategic review. Alcon returned to growth in 2017, with full year sales growing 4% (cc) and core operating income growing 5% (cc) as a result of improved operations, innovation, and customer relationships. Alcon grew sales (cc) in every quarter of 2017 and accelerated core operating income margin in the second half. As communicated in October, key criteria for a final decision and timing remain continued Alcon sales growth and margin improvement which need to be demonstrated for multiple quarters leading to potential action not likely before first half of 2019.
Additionally, we have transferred the ophthalmic OTC products, together with a small portfolio of surgical diagnostic products, to the Alcon Division effective January 1, 2018. Total 2017 sales for these businesses amounted to approximately USD 0.8 billion. Updated segment financials will be released during Q1.
Product quality strategy
Novartis continues to drive compliance, reliable product quality and sustainable efficiency as part of the quality strategy. A total of 217 Health authority inspections were completed in 2017 (84 in Q4 2017), 30 of which were conducted by the FDA (9 in Q4 2017). Of the 217 inspections, 99% were deemed acceptable. Of the two that were not; one manufacturing site inspection by the Russian Ministry of Industry and Trade resulted in an unsatisfactory outcome (Puurs, Belgium) with corrective and preventative actions on track; the other outcome of an inspection by the Gulf Cooperation Council of the Unterach, Austria site performed in November is pending.
Capital structure and net debt
Retaining a good balance between investment in the business, a strong capital structure and attractive shareholder returns remains a priority.
In January 2017, Novartis announced an up to USD 5.0 billion share buyback to be executed on the second trading line. In 2017, Novartis repurchased 56.4 million shares (USD 4.5 billion) under this buyback and 9.8 million shares (USD 0.8 billion) to mitigate dilution related to equity-based participation plans of associates. In addition, 3.8 million shares (USD 0.3 billion) were repurchased from associates and 13.4 million treasury shares (USD 0.9 billion) were delivered as a result of options exercised and share deliveries related to participation plans of associates. Consequently, the total number of shares outstanding decreased by 56.6 million versus December 31, 2016. Novartis aims to offset the dilutive impact from equity based participation plans of associates. These treasury share transactions resulted in a net cash outflow of USD 5.2 billion.
As of December 31, 2017, the net debt increased by USD 3.0 billion to USD 19.0 billion versus December 31, 2016. The increase was mainly driven by the USD 6.5 billion annual dividend payment, net share repurchases of USD 5.2 billion and M&A related payments of USD 0.9 billion, partly offset by USD 10.4 billion free cash flow in 2017. The long-term credit rating for the company continues to be double-A (Moody's Investors Service Aa3; S&P Global Ratings AA-; Fitch Ratings AA).
2018 Outlook
Barring unforeseen events
Group net sales in 2018 are expected to grow low to mid single digit (cc).
From a divisional perspective, we expect net sales performance (cc) in 2018 to be as follows:
Group core operating income in 2018 is expected to grow mid to high single digit (cc).
If mid-January exchange rates prevail for the remainder of 2018, the currency impact for the year would be positive 3 percentage point on net sales and positive 4 percentage point on core operating income. The estimated impact of exchange rates on our results is provided monthly on our website.
Summary Financial Performance
Innovative Medicines | Q4 2017 | Q4 2016 | % change | FY 2017 | FY 2016 | % change | |||
USD m | USD m | USD | cc | USD m | USD m | USD | cc | ||
Net sales | 8 756 | 8 273 | 6 | 4 | 33 025 | 32 562 | 1 | 2 | |
Operating income | 1 807 | 1 360 | 33 | 31 | 7 782 | 7 426 | 5 | 7 | |
As a % of sales | 20.6 | 16.4 | 23.6 | 22.8 | |||||
Core operating income | 2 671 | 2 407 | 11 | 9 | 10 330 | 10 354 | 0 | 2 | |
As a % of sales | 30.5 | 29.1 | 31.3 | 31.8 | |||||
Sandoz | Q4 2017 | Q4 2016 | % change | FY 2017 | FY 2016 | % change | |||
USD m | USD m | USD | cc | USD m | USD m | USD | cc | ||
Net sales | 2 595 | 2 605 | 0 | -4 | 10 060 | 10 144 | -1 | -2 | |
Operating income | 305 | 365 | -16 | -19 | 1 368 | 1 445 | -5 | -7 | |
As a % of sales | 11.8 | 14.0 | 13.6 | 14.2 | |||||
Core operating income | 543 | 521 | 4 | 1 | 2 080 | 2 071 | 0 | -1 | |
As a % of sales | 20.9 | 20.0 | 20.7 | 20.4 | |||||
Alcon | Q4 2017 | Q4 2016 | % change | FY 2017 | FY 2016 | % change | |||
USD m | USD m | USD | cc | USD m | USD m | USD | cc | ||
Net sales | 1 564 | 1 444 | 8 | 6 | 6 024 | 5 812 | 4 | 4 | |
Operating loss | - 78 | - 120 | 35 | 33 | - 190 | - 132 | -44 | -14 | |
As a % of sales | -5.0 | -8.3 | -3.2 | -2.3 | |||||
Core operating income | 221 | 163 | 36 | 36 | 857 | 850 | 1 | 5 | |
As a % of sales | 14.1 | 11.3 | 14.2 | 14.6 | |||||
Corporate | Q4 2017 | Q4 2016 | % change | FY 2017 | FY 2016 | % change | |||
USD m | USD m | USD | cc | USD m | USD m | USD | cc | ||
Operating income / loss | 36 | -150 | nm | nm | -331 | -471 | 30 | 27 | |
Core operating loss | -212 | -78 | nm | nm | -417 | -288 | -45 | -53 | |
nm = not meaningful | |||||||||
Total Group | Q4 2017 | Q4 2016 | % change | FY 2017 | FY 2016 | % change | |||
USD m | USD m | USD | cc | USD m | USD m | USD | cc | ||
Net sales | 12 915 | 12 322 | 5 | 2 | 49 109 | 48 518 | 1 | 2 | |
Operating income | 2 070 | 1 455 | 42 | 41 | 8 629 | 8 268 | 4 | 7 | |
As a % of sales | 16.0 | 11.8 | 17.6 | 17.0 | |||||
Core operating income | 3 223 | 3 013 | 7 | 5 | 12 850 | 12 987 | -1 | 0 | |
As a % of sales | 25.0 | 24.5 | 26.2 | 26.8 | |||||
Net income | 1 976 | 936 | 111 | 58 | 7 703 | 6 698 | 15 | 12 | |
EPS (USD) | 0.85 | 0.40 | 113 | 59 | 3.28 | 2.82 | 16 | 14 | |
Cash flows from operating activities | 3 408 | 3 591 | -5 | 12 621 | 11 475 | 10 | |||
Free cash flow | 2 456 | 2 976 | -17 | 10 428 | 9 455 | 10 |
A condensed financial report with the information listed in the index below can be found on our website at http://hugin.info/134323/R/2163283/832171.pdf .
Novartis Q4 and FY 2017 Condensed Financial Report - Supplementary Data
INDEX | Page |
GROUP AND DIVISIONAL OPERATING PERFORMANCE Q4 and FY 2017 | |
Group | 2 |
Innovative Medicines | 6 |
Sandoz | 14 |
Alcon | 16 |
CASH FLOW AND GROUP BALANCE SHEET | 18 |
INNOVATION REVIEW | 21 |
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |
Consolidated income statements | 26 |
Condensed consolidated statements of comprehensive income | 28 |
Condensed consolidated balance sheets | 29 |
Condensed consolidated changes in equity | 30 |
Condensed consolidated cash flow statements | 31 |
Notes to condensed consolidated financial statements, including update on legal proceedings | 33 |
SUPPLEMENTARY INFORMATION | 42 |
CORE RESULTS | |
Reconciliation from IFRS to core results | 44 |
Group | 46 |
Innovative Medicines | 48 |
Sandoz | 50 |
Alcon | 52 |
Corporate | 54 |
ADDITIONAL INFORMATION | |
Condensed consolidated changes in net debt / Share information | 56 |
Free cash flow | 57 |
Net sales of the top 20 Innovative Medicines products | 58 |
Innovative Medicines sales by business franchise | 60 |
Net sales by region | 62 |
Currency translation rates | 64 |
Income from associated companies | 65 |
DISCLAIMER | 66 |
Disclaimer
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, that can generally be identified by words such as "innovation," "poised," "sustainable growth," "growth drivers," "growing," "Breakthrough Therapy," "Priority Review," "submitted," "accelerated assessment," "proposed," "outlook," "expected," "to grow," "pipeline," "launches," "priorities," "will," "driving," "growth phase," "strengthening," "enabled," "driven," "ongoing," "continued," "growth plan," "focused on," "expect," "momentum," "pipelines," "continues," "initiate," "strategic review," "options," "progress," "potential," "strategy," "on track," "remains a priority," "would," "estimated," "to be executed," "aims," "launched," "guidance," "launch," "to be discussed," "under review," "recommended," "next 12 months," "planned," "Fast Track designation," "underway," or similar expressions, or by express or implied discussions regarding potential new products, potential new indications for existing products, or regarding potential future revenues from any such products; or regarding the potential outcome of the strategic review being undertaken to maximize shareholder value of the Alcon Division; or regarding the potential financial or other impact of the significant acquisitions and reorganizations of recent years; or regarding the potential impact of the share buyback plan; or regarding potential future sales or earnings of the Novartis Group or any of its divisions or potential shareholder returns; or by discussions of strategy, plans, expectations or intentions. You should not place undue reliance on these statements. Such forward looking statements are based on our current beliefs and expectations regarding future events, and are subject to significant known and unknown risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward looking statements. There can be no guarantee that any new products will be approved for sale in any market, or that any new indications will be approved for any existing products in any market, or that any approvals which are obtained will be obtained at any particular time, or that any such products will achieve any particular revenue levels. Nor can there be any guarantee that the strategic review being undertaken to maximize shareholder value of the Alcon Division will reach any particular results, or at any particular time, or that the result of the strategic review will in fact maximize shareholder value. Neither can there be any guarantee that Novartis will be able to realize any of the potential strategic benefits, synergies or opportunities as a result of the significant acquisitions and reorganizations of recent years. Neither can there be any guarantee that shareholders will achieve any particular level of shareholder returns. Nor can there be any guarantee that the Group, or any of its divisions, will be commercially successful in the future, or achieve any particular credit rating or financial results. In particular, our expectations could be affected by, among other things: global trends toward health care cost containment, including government, payor and general public pricing and reimbursement pressures and requirements for increased pricing transparency; regulatory actions or delays or government regulation generally; the potential that the strategic benefits, synergies or opportunities expected from the significant acquisitions and reorganizations of recent years may not be realized or may take longer to realize than expected; the inherent uncertainties involved in predicting shareholder returns; the uncertainties inherent in the research and development of new healthcare products, including clinical trial results and additional analysis of existing clinical data; our ability to obtain or maintain proprietary intellectual property protection, including the ultimate extent of the impact on Novartis of the loss of patent protection and exclusivity on key products which commenced in prior years and will continue this year; safety, quality or manufacturing issues; uncertainties regarding actual or potential legal proceedings, including, among others, actual or potential product liability litigation, litigation and investigations regarding sales and marketing practices, intellectual property disputes and government investigations generally; uncertainties involved in the development or adoption of potentially transformational technologies and business models; general political and economic conditions, including uncertainties regarding the effects of ongoing instability in various parts of the world; uncertainties regarding future global exchange rates; uncertainties regarding future demand for our products; and uncertainties regarding potential significant breaches of data security or data privacy, or disruptions of our information technology systems; and other risks and factors referred to in Novartis AG's current Form 20-F on file with the US Securities and Exchange Commission. Novartis is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
All product names appearing in italics are trademarks owned by or licensed to Novartis Group companies. Rituxan® is a registered trademark of Biogen. Neulasta® is a registered trademark of Amgen Inc. Humira® is a registered trademark of AbbVie Inc. Stelara® is a registered trademark of Janssen Biotech, Inc. Seretide® is a registered trademark of GlaxoSmithKline. Jakafi® is a registered trademark of Incyte Corporation. Enbrel® is a registered trademark of Amgen Inc.
About Novartis
Novartis provides innovative healthcare solutions that address the evolving needs of patients and societies. Headquartered in Basel, Switzerland, Novartis offers a diversified portfolio to best meet these needs: innovative medicines, cost-saving generic and biosimilar pharmaceuticals and eye care. Novartis has leading positions globally in each of these areas. In 2017, the Group achieved net sales of USD 49.1 billion, while R&D throughout the Group amounted to approximately USD 9.0 billion. Novartis Group companies employ approximately 122,000 full-time-equivalent associates. Novartis products are sold in approximately 155 countries around the world. For more information, please visit http://www.novartis.com.
Novartis issued its 2017 Annual Report today, and it is available at www.novartis.com. Novartis will also file its 2017 Annual Report on Form 20-F with the US Securities and Exchange Commission today, and will post this document on www.novartis.com. Novartis shareholders may receive a hard copy of either of these documents, each of which contains our complete audited financial statements, free of charge, upon request. Novartis also issued its 2017 Corporate Responsibility Performance Report today, and it is available at www.novartis.com.
Important dates
March 2, 2018 | Annual General Meeting |
April 19, 2018 | First quarter results 2018 |
May 15-16, 2018 | Meet Novartis Management investor event in Basel |
July 18, 2018 | Second quarter results 2018 |
October 18, 2018 | Third quarter results 2018 |
Please find full media release in English attached and on the following link:
http://hugin.info/134323/R/2163283/832191.pdf
Further language versions are available through the following links:
German version is available through the following link:
http://hugin.info/134323/R/2163285/832192.pdf
French version is available through the following link:
http://hugin.info/134323/R/2163284/832193.pdf
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Novartis International AG
P.O. Box Basel Switzerland
WKN: 904278;ISIN: CH0012005267;
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