By Cecilia Butini

Novartis AG said Monday that it is integrating some of its business units into a new company structure to boost growth and cost savings.

The Swiss pharma company said it is integrating its pharmaceuticals and oncology units into an Innovative Medicines unit, which will have separate commercial organizations in the U.S. and internationally.

The company said it is creating a new strategy-and-growth business that will combine corporate strategy, research and development, and business development. The unit is meant to drive Novartis's growth strategy and provide opportunities to strengthen its pipeline, it said.

Novartis said it would also create a new operations unit by combining its Technical Operations and Customer and Technology Solutions units.

As a result of the new structure, Novartis expects to save $1 billion in expenses by 2024. It also foresees 4% sales growth by 2026 and expects to deliver the high end of its margin guidance for Innovative Medicines.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

April 04, 2022 01:51 ET (05:51 GMT)

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