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ZURICH, July 18 (Reuters) – Novartis Chief Executive Vas Narasimhan has set aside $ 700 million to settle a doctor corruption case in the US, as the Swiss drug maker seeks to close the chapter. on allegedly aggressive business practices exposing the trader to litigation risks.
"In keeping with our efforts to resolve our inherited past compliance allegations, we are currently working on settlement discussions to resolve civil litigation … related to conference programs and other promotional events that took place between 2002 and 2011, "said Narasimhan. conference call Thursday.
"We have provisioned about $ 700 million for any potential settlement."
Narasimhan outlined the negotiating highlights after Novartis released its 2019 sales and profit forecasts on accelerating drug sales, including Entresto for Heart Failure and Cosentyx for Inflammatory Disorders and when its biosimilar copies of the best-selling medicines of its competitors increase their market share in Europe.
Reportage of John Miller; edited by Brenna Hughes Neghaiwi
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