Novartis predicts its growth will see a resurgence during the second half of 2008. What about the meantime? The company will remain depressed by generic competition and by its loss of the irritable bowel drug Zelnorm, which was withdrawn from the market on safety concerns. (Since then, Novartis has agreed to restricted-access sales of the drug.)
On the plus side, the company says it expects to roll out 10 new products globally through 2008. And it's going to turn its cash flow toward shareholders, with stock repurchases in addition to the already announced $4 billion buy-back plan.
- check out the AFX report
Novartis shares slide after Zelnorm gets yanked. Report
EMEA committee rejects Novartis' Zelnorm. Report
Novartis highlights cancer pipeline. Report