novartis_window

Novartis CEO sets aside $700 million to settle bribery lawsuit

pharmafile | July 18, 2019 | News story | Business Services, Sales and Marketing Novartis, bribery, lawsuit, pharma, sales 

Vas Narasimhan, Novartis’ CEO, has set aside $700 million to settle a bribery lawsuit in the United States.

Speaking in a conference call, Narasimhan said he sought to bring an end to the whistle-blower lawsuit in which Novartis was accused of bribing doctors to boost subscriptions of its drugs.

“Consistent with our efforts to resolve our legacy compliance-related allegations, right now we’re working in settlement discussions to resolve the civil suit…on speaker programs and other promotional events that happened between 2002 and 2011”

“We’ve provisioned approximately $700 million for any potential settlement,” Narashimhan said.

The statements come as the Swiss multinational lifted full-year sales and profit targets. Novartis saw second-quarter core operating income increase by 20% to $3.6 billion while sales were up 8% to $11.8 billion compared to the $11.54 billion forecast by analysts.

The increases are being driven by innovative medicines sales and increased demand for generics from Novartis’ Sandoz unit.  

Louis Goss

Related Content

Novartis shares new data about Fabhalta for IgAN treatment

Novartis has announced new results from a pre-specified interim analysis of its phase 3 APPLAUSE-IgAN …

chuttersnap-oijvdm3zx4i-unsplash

Novartis shares new data for Zolgensma in children with SMA

Novartis has announced new data to continue the support of the clinical benefits of Zolgensma …

Novartis to acquire MorphoSys AG for €2.7bn

Novartis has announced that it has entered an agreement to acquire MorphoSys AG for €2.7bn, …

Latest content