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Novartis-Annual-Report-2015-En.Pdf Annual Report 2015 OUR MISSION Our mission is to discover new ways to improve and extend people’s lives. We use science-based innovation to address some of society’s most challenging healthcare issues. We discover and develop breakthrough treatments and find new ways to deliver them to as many people as possible. We also aim to provide a shareholder return that rewards those who invest their money, time and ideas in our company. PHOTO ESSAYS BRINGING HEALTHCARE HOME FIGHTING THE BIGGEST KILLER PRIMING THE BODY’S OWN DEFENSES Switzerland’s well-developed network of OF YOUNG CHILDREN AGAINST CANCER home healthcare workers is helping cope An army of health workers is guarding Scientists are developing a new with an aging population. Bangladeshi children from the deadly personalized T-cell therapy that scourge of pneumonia. could alter the course of cancer care. p STORY STARTS ON PAGE 13 p STORY STARTS ON PAGE 23 p STORY STARTS ON PAGE 43 THE CHALLENGE OF REVERSING THE IMPROVING ACCESS TO HEALTHCARE MAKING CLEAR VISION A PERSONAL RISE IN OBESITY IN RURAL VIETNAM MISSION A weight reduction program in one The rise of chronic disease will require Volunteer surgeons are bringing US state is helping tackle the growing getting more medicines to more people the gift of sight to some of the world’s problem of obesity. in less-developed countries. poorest people. p STORY STARTS ON PAGE 75 p STORY STARTS ON PAGE 109 p STORY STARTS ON PAGE 139 Novartis Annual Report 2015 | 1 CONTENTS 02 CHAIRMAN’S LETTER 04 CHIEF EXECUTIVE OFFICER’S LETTER 06 KEY PERFORMANCE INDICATORS – CONSOLIDATED HIGHLIGHTS 08 2015 AT A GLANCE STRATEGIC OVERVIEW 14 Our Environment 16 Our Strategy 18 Our Culture and Values 19 Our Portfolio PERFORMANCE 24 Performance Summary 34 Division Performance INNOVATION 44 Innovation Overview 52 Pipeline CORPORATE RESPONSIBILITY 62 Managing Corporate Responsibility 62 Innovation in Access 64 Expanding Access to Medicines 67 Doing Business Responsibly CORPORATE GOVERNANCE REPORT 76 Letter from the Chairman 78 Summary of Our Corporate Governance Approach 79 Our Shares and Our Shareholders 85 Our Board of Directors 97 Our Management A LIFE DEDICATED TO FIGHTING MALARIA COMPENSATION REPORT Nurse Agnes Akoth has spent three 110 Compensation Committee Chairman’s Introduction decades on the front line against 114 2015 Executive Committee Compensation System this deadly disease in Kenya. 120 2015 Executive Committee Compensation STORY STARTS ON PAGE 61 p 129 2015 Board Compensation System 130 2015 Board Compensation 133 Compensation Governance FINANCIAL REPORT 140 2015 Operating and Financial Review 172 Novartis Group Consolidated Financial Statements 245 Financial Statements of Novartis AG OTHER INFORMATION 260 Key Dates 2016, Contact Information and Forward-Looking Statements Cover image: Dr. Chang As Xinh, 37, updates records in his office at a community hospital in northeast Vietnam. Dr. Xinh is one of just 15 doctors who deliver medical care to more than 40 000 mostly ethnic H’mong people here. 2 | Novartis Annual Report 2015 CHAIRMAN’S LETTER Joerg Reinhardt Dear shareholder, Our strategic focus on science-based In 2015, Novartis completed a portfolio transformation to focus on three innovation continues leading divisions, strengthen our pharmaceuticals operation, and leverage our to generate strong new services organization to improve productivity and profitability. We also results achieved important milestones in developing our pipeline and enhancing access to healthcare. We believe these steps position us well to navigate the challenging healthcare environ ment and sustainably grow sales, profits and dividends. Our strategic focus on science-based innovation continues to generate strong results. We launched a series of new products, including breakthrough therapies such as heart failure med- icine Entresto and psoriasis treatment Cosentyx. The effectiveness of our products gives us the confidence to explore pay-for- performance pricing models, which can offer economicbenefits to healthcare systems and build trust with our customers. At the same time, we broadened our research and development pipeline, particularly in the areas of immuno-oncology and neuroscience. Experimental compounds in both areas have the potential to change the practice of medicine, and we are striving to be among the leaders in the fields of oncology andneurology. We appointed a new President of the Novartis Institutes for Bio Medical Research, who will start in early 2016, and we continue to attract leading scientists. This will reinforce our own research efforts, as well as our collaborations with other research institutions. As the healthcare landscape evolves, we will continue to work with technology leaders. For exam- ple, we have entered into partnerships to investigate new opportunities in the realm of gene editing and at the intersection of information technology and healthcare. These research areas may transform aspects of healthcare and disrupt conventional business models. We are pre- pared to embrace and benefit from these changes. As a healthcare leader, we also have a responsibility to help improve access to medicines and healthcare for patients around the world. As part of our long- standing corporate responsibility activities, last year we launched the Novartis Access portfolio. It is designed to provide affordable, chairman’S letter Novartis Annual Report 2015 | 3 OUR STRATEGIC APPROACH Our mission is to discover new our goal to lead in growing We are committed to patients, ways to improve and extend areas of healthcare, focusing associates, healthcare partners people’s lives. on pharmaceuticals, eye care and society at large to improve and generics. access to healthcare and essential By focusing on science-based medicines as we aspire to become innovation to deliver better To support the pursuit of our a trusted leader in changing the outcomes for patients around the strategy, we foster a corporate practice of medicine. world, we have established a culture of high ethical standards strong competitive position. Our and promote innovation, quality, For more detail on our strategy, approach serves the interests of collaboration, performance, see page 16. our shareholders and reinforces courage and integrity. high-quality medicines to address the rising burden of noncommunicable diseases such as diabetes and breast cancer in developing countries. Besides delivering needed medicines, this + 4 % social business model aims to support healthcare systems and help manage the rising cost of care and its economic consequences. Proposed dividend increase per share Additionally, we continue to evolve our corporate governance and are dedicated to enhancing (CHF) interactions with our stakeholders. The Board of Directors is fully committed to this task. We 2015: 2.70 aim to reinforce our diversity and safeguard our independence in the interest of Novartis and 2014: 2.60 our shareholders. This will help us be a trusted healthcare partner guided by integrity and open to dialogue and collaboration. All of these efforts make us confident that we can continue to strengthen our market position in 2016. I thank you for the confidence you have placed in our company and am pleased to be able to propose a dividend increase of 4% to CHF 2.70 at the next Annual General Meeting. Sincerely, Joerg Reinhardt Chairman of the Board of Directors 4 | Novartis Annual Report 2015 CHIEF EXECUTIVE OFFICER’S LETTER Joseph Jimenez Dear shareholder, Novartis has leading positions Novartis made strong progress in 2015. We completed a major portfolio trans- in innovative formation, reinforced our lead in innovation, and delivered solid financial per for- pharmaceuticals, mance. I’m convinced we have a strong foundation for growth in a world where generics and eye the population is aging and healthcare systems need to deliver quality care more care with the cost-effectively. innovation power and global scale Sales grew 5% in constant currencies (cc) to USD 49.4 billion, in our continuing operations. necessary to Core operating income, which excludes certain exceptional items, rose 10% (cc) to USD 13.8 bil- compete effectively lion. Our core margin improved 1.3 percentage points (cc) to 27.9%. Results were driven in a changing by strong performance in our Pharmaceuticals and Sandoz Divisions, which helped offset world disappointing performance in our Alcon Division. Sales of our growth products rose 17% and accounted for 34% of net sales, underscoring our continued success in renewing our product portfolio and offsetting the impact of patent ex pi- rations. In emerging markets, sales growth slowed to 7% in 2015, as some economies cooled. But we believe the slowdown is temporary and we remain focused on the long-term potential for these markets. We finalized a portfolio transformation that has improved our competitive position. Novartis is now a more focused company with leading positions in innovative pharmaceuticals, generics and eye care. As a company we have the innovation power and global scale necessary to com- pete effectively in a changing world. Novartis Business Services (NBS), our new cross-divisional services organization, ramped up in 2015 and played a critical role in identifying additional synergies across our businesses that are yielding important productivity gains. These gains produced overall savings of USD 3.2 billion last year, with the biggest savings of USD 1.7 billion coming from procure- ment efforts. NBS now has about 9 500 employees worldwide, with five global service centers scaling up. I expect NBS to continue driving productivity gains and cost savings across Novartis. chief Executive Officer’S letter Novartis Annual Report 2015 | 5 STRENGTHENING OUR LEAD IN INNOVATION Novartis has a long heritage as We also strengthened our pipeline, Finally, we appointed a capable new a leader in innovation and we leveraging our strong position in leader for our research organization strengthened our position in 2015. cancer by adding depth in immuno- to succeed Mark Fishman, who is oncology and boosting options for retiring and whose leadership and Our development teams delivered new combination therapies.
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