Novartis Unit To Take $120 Million Charge
The consumer health unit of Novartis will be taking a hit of $120 million in the fourth quarter after the Swiss drugmaker decided to voluntarily recall some products in the United States.
In a statement issued on Sunday, Novartis said operations and shipments had been temporarily stopped at the Novartis Consumer Health (NCH) Lincoln, Nebraska facility for accelerating improvements at the site.
“NCH will take a one-time charge currently estimated at $120 million in the fourth quarter of 2011, relating to the recalls and improvement work at the Lincoln facility,” Novartis said in the statement.
The drugmaker plans to gradually resume operations at its Lincoln site following implementation of planned improvements and in agreement with the FDA.
Tags: drugmaker, health unit, Novartis





