Good morning, one and all. Damian Garde here, filling in for Ed Silverman on an unseasonably cold day of what is canonically the cruelest month. Here is your regularly scheduled menu of tidbits to help get your day started, and, as always, if you hear anything interesting out there, do let us know. …
Novartis raised its full-year sales and profit projections thanks to a crop of new medicines that beat Wall Street’s expectations over the last quarter, Bloomberg reports. The company’s share price reached its highest mark since 2020 due to strong sales for treatments for cancer, multiple sclerosis, and psoriasis. Novartis is in the process of separating from Sandoz, its generics business, and streamlining its management structure, two things CEO Vas Narasimhan said would help the company cut costs.
Johnson & Johnson is seeking a roughly $43 billion valuation for its consumer health business, testing a tepid IPO market with what would be the largest new listing of the year, CNBC tells us. J&J launched an IPO roadshow for the spinout, which will be called Kenvue, and is aiming to price shares at between $20 and $23 each. J&J’s consumer division sells Band-Aids, Listerine mouth wash, Neutrogena and Aveeno skin care products, Tylenol, and its namesake baby powder.
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