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
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