Turning Around Novartis AG's Struggling Alcon Unit Will Take Longer Than Expected
Novartis' struggling Alcon eye care division will take longer to turn around than expected, the Swiss drugmaker's Chief Executive Joe Jimenez warned on Tuesday as he reported a smaller than forecast fall in third quarter net income.
Alcon's sales this quarter will be "flat to down slightly," Jimenez said, after predicting earlier this year that the division's new head Michael Ball would have it growing at a low-single-digit percentage rate by the year-end.
Novartis has blamed a failure to innovate and inconsistent customer service for the problems at Alcon, a business the company gradually bought from food maker Nestle in deals totaling $51 billion, but could eventually sell.
Alcon's sales this quarter will be "flat to down slightly," Jimenez said, after predicting earlier this year that the division's new head Michael Ball would have it growing at a low-single-digit percentage rate by the year-end.
Novartis has blamed a failure to innovate and inconsistent customer service for the problems at Alcon, a business the company gradually bought from food maker Nestle in deals totaling $51 billion, but could eventually sell.