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Annual Report 2011 Our Mission

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Annual Report 2011 Our Mission ANNUAL REPORT 2011 OUR MISSION We want to discover, develop and successfully market innovative products to prevent and cure diseases, to ease suffering and to enhance the quality of life. We also want to provide a shareholder return that refl ects outstanding performance and to adequately reward those who invest ideas and work in our company. NOVA R TIS GRO UP A NNU AL REP ORT 2011 CONTENTS HEALTHCARE PERSPECTIVES by photojournalist Eugene Richards GROUP REVIEW Financial Highlights 2 News in 2011 3 Letter from Daniel Vasella 4 Interview with Joseph Jimenez 8 LIFE IN A CIRCLE 12 HEALTHCARE PORTFOLIO Contents 16 Pharmaceuticals 18 Novartis Institutes for BioMedical Research 29 NO GUARANTEES 32 Alcon 34 NEAR-PERFECT VISION 38 Sandoz 40 JUST THE BEGINNING 44 Vaccines and Diagnostics 46 THE TROUBLESHOOTER 50 Consumer Health 52 AN ONSET OF MALARIA 56 CORPORATE CITIZENSHIP Contents 60 Citizenship at Novartis 62 SOMETHING BEYOND THEMSELVES 68 Commitment to Patients 70 Commitment to People and Communities 72 THE VILLAGES MILES AWAY 74 Commitment to the Environment 76 Commitment to Ethical Business Conduct 78 Independent Assurance Report 81 THE LIVES OF OTHER PEOPLE 82 CORPORATE GOVERNANCE Contents 86 Our Board of Directors 92 Our Management 102 I AM WHO I AM 110 COMPENSATION REPORT Contents 114 Compensation Report 115 A GIFT FOR LIVING 134 NOVARTIS GROUP FINANCIAL REPORT Contents 138 Operating and Financial Review 141 Equity Strategy 187 Novartis Group Consolidated Financial Statements 190 Financial Statements of Novartis AG 262 Acknowledgements and 282 Annual Report Photography Key Dates 2012, Contact Information 284 and Forward-Looking Statements 2 | GROUP REVIEW 16 | HEALTHCARE PORTFOLIO 60 | CORPORATE CITIZENSHIP 86 | CORPORATE GOVERNANCE 114 | COMPENSATION REPORT 138 | FINANCIAL REPORT 1 GROUP REVIEW Novartis provides healthcare solutions that address the evolving needs of patients and societies worldwide. Our portfolio focuses on broad areas of healthcare: pharmaceuticals, eye care, generics, vaccines, consumer-based OTC and animal health. FINANCIAL HIGHLIGHTS KEY FIGURES NET SALES, OPERATING INCOME, NET INCOME, CORE OPERATING (in USD millions, unless indicated otherwise) INCOME AND CORE NET INCOME 4 (Index: 2006 = 100%) 2011 2010 180 Net sales 58 566 50 624 Operating income 10 998 11 526 160 Return on net sales (%) 18.8 22.8 Net income 9 245 9 969 140 Basic earnings per share 1 (USD) 3.83 4.28 Core 2 120 Operating income 15 909 14 006 Core return on net sales (%) 27.2 27.7 100 Net income 13 490 12 029 Basic earnings per share 1 (USD) 5.57 5.15 80 Research & Development 9 239 8 080 2006 2007 2008 2009 2010 2011 As a % of net sales 15.8 16.0 3 Number of associates (FTE) 123 686 119 418 Net sales Core operating income Return on average equity (%) 13.6 15.7 Operating income Core net income Group free cash flow 12 503 12 346 Net income SHARE INFORMATION 2011 NET SALES BY REGION (% and in USD millions) 2011 2010 Share price at year-end (CHF) 53.70 54.95 United States 33 19 225 ADS price at year-end (USD) 57.17 58.95 Europe 37 21 507 Dividend 5 (CHF) 2.25 2.20 Payout ratio 6 63 55 Asia/Africa/Australasia 21 12 354 Canada and Latin America 9 5 480 Total 58 566 1 2011 average number of shares outstanding: 2 382.5 million (2010: 2 285.7 million) 4 To ease comparability, all figures for 2006 and 2007 exclude the Consumer Health Nutrition 2 Core results for operating income, net income, earnings per share (EPS) and R&D eliminate the operations divested in 2007 impact of acquisition-related factors and other significant exceptional items. These adjustments 5 Dividend payment for 2011: proposal to 2012 Annual General Meeting are explained in detail starting on page 179. 6 Payout ratio is calculated based on net income attributable to shareholders of Novartis AG. 2011 3 Full-time equivalent positions at year end based on estimated number of shares outstanding on dividend payment date. 2 NOVA R TIS GRO UP A NNU AL REP ORT 2011 NEWS IN 2011 PERFORMANCE Net sales rise 16% (+12% in constant currencies) to USD 58.6 billion. Operating income down 5% (+1% cc) to USD 11.0 billion, following a net exceptional charge of USD 1.9 billion. Core operating income increases 14% (+16% cc) to USD 15.9 billion. Net income of USD 9.2 billion declines 7% (-2% cc) in line with operating income. Core net income up 12% (+15% cc) to USD 13.5 billion. Recently launched products fuel growth across the broad healthcare portfolio, with products launched since 20071 accounting for 25% of Group sales, up from 19% in 2010. PRODUCTS Products launched since 20071 grow 38% to USD 14.4 billion. Continuing to rejuvenate the portfolio, Pharmaceuticals sees 15 major regulatory approvals in 2011 in the US, EU and Japan. Approvals include new indications for everolimus (Afi nitor/Votubia) in the EU and US, our breakthrough multiple sclerosis therapy Gilenya in Europe and Japan, two new indications for Lucentis in the EU, and Arcapta Neohaler, for treatment of chronic obstructive pulmonary disease, in the US. In the Alcon Division, Dailies Total 1, a daily disposable contact lens that uses silicone hydrogel technology, receives approval in the EU, and WaveLight EX500 Excimer Laser is approved in the US. PIPELINE One of the industry’s leading pharmaceuticals pipelines with more than 130 projects in development. Milestones in development include late-stage studies showing Afi nitor, in combination with exemestane, signifi cantly lengthens amount of time women with advanced breast cancer live without disease progression. In Vaccines, two pivotal studies of candidate Bexsero show promise for protecting infants against meningococcal sero- group B. Sandoz starts recruitment for a Phase II trial in rheumatoid arthritis patients for biosimilar rituximab (generic Rituxan®/MabThera®). RESEARCH Significant investment, focusing on areas of greatest patient need and scientific promise at Novartis Institutes for BioMedical Research, aims to discover novel therapies. Biologics account for an increasing proportion of the exploratory pipeline. PORTFOLIO The Group establishes Alcon, the world leader in eye care, as the newest and second- largest division in our diversifi ed healthcare portfolio after securing 100% ownership of Alcon, Inc., on April 8, 2011. Pharmaceuticals acquires oncology laboratory Genoptix, bolstering its Molecular Diagnostics unit, and Vaccines and Diagnostics completes its acquisition of an 85% stake in Zhejiang Tianyuan, one of China’s largest privately held vaccine companies. CORPORATE CITIZENSHIP Engaging with society to improve healthcare is integral to how Novartis operates. Access- to-medicine programs for those in need reach more than 89 million patients in 2011 and, together with our R&D institutes for diseases in developing countries, are valued at USD 1.7 billion, or 3% of net sales. DIVIDEND 15th consecutive dividend increase with 2% raise is proposed for 2011 to CHF 2.25 per share (2010: CHF 2.20 per share), a dividend yield of 4.2%. 1 Excluding A (H1N1) vaccines; including Alcon on a pro forma basis for 2010 2 | GROUP REVIEW 16 | HEALTHCARE PORTFOLIO 60 | CORPORATE CITIZENSHIP 86 | CORPORATE GOVERNANCE 114 | COMPENSATION REPORT 138 | FINANCIAL REPORT 3 Financial Highlights News in 2011 DEAR SHAREHOLDER Innovation, quality and productivity are a prerequisite for all divisions to remain com- petitive. Innovative strength is especially crucial for Pharmaceuticals. We therefore invested over 20% of Pharmaceuticals sales in R&D last year, consistent with previous What started with a banking crisis in 2008 years. Our robust pipeline includes products grew into a debt crisis for a number of for the treatment of certain cancers, res- industrialized nations last year. So far there piratory diseases, metabolic disorders, has been a distinct lack of credible propos- infections, as well as autoimmune and oph- als for a short-term solution to tackling the thalmic diseases. Daniel Vasella, M.D. budget deficits and reducing the debt, let alone any long-term solution. It now appears Novartis has successfully established itself unlikely that all the institutions of social wel- in new therapeutic areas and expanded its fare that have been built up over the past product portfolio of highly specialized medi- decades can be maintained in the long term. cines. New discovery approaches could also Expansion of the money supply may paper enable us to tackle previously untreatable over problems in the short term, but there diseases of genetic origin. can be no doubt that the consequences of debt and money supply policies will catch The launch of Gilenya, the fi rst oral therapy up with us one day. for multiple sclerosis is a success. Afi nitor/ Votubia has proven to be a new and valuable Despite the uncertainties that are shaping cancer therapy. In addition to previously the current mood, Novartis again succeeded approved indications, the results of clinical in posting record sales of USD 58.6 billion studies confirm that it also has consider- and a net income of USD 9.2 billion in able potential in the treatment of estrogen 2011, as well as gained market share in receptor-positive, metastatic breast cancer most divisions. in combination with the aromatase inhibitor exemestane. Tasigna is an even more effec- The strategy of focusing on the healthcare tive treatment for chronic myeloid leukemia sector, which we have pursued over the than Glivec, which already set a very high last 15 years, has proven successful. Our standard in this treatment. Just before the activities include preventive healthcare, end of the year, we received marketing diagnostics and above all drug therapy. This authorization for Lucentis in China. In the opens up multiple opportunities for expan- key countries, Lucentis is approved not only sion both geographically and also in terms for wet macular degeneration, but also for of new products, and it allows knowledge the treatment of diabetic macular edema and experience to be successfully leveraged and retinal vein occlusion.
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