Novartis saw its operating profit decline in the third quarter as it began execution of a new strategy that will focus on proprietary medicine development and the divestment of its Sandoz generics and biosimilar business. Operating income for the quarter was $2.2 billion, down by 33% due to higher impairment and restructuring costs. The decline was 4% when calculated on a non-IFRS basis. Net income for the quarter was $1.57 billion, down by 43%.
