Novartis outlines 2012 strategic objectives at AGM

Novartis has held its annual general meeting (AGM), during which the pharmaceutical company's business strategies for 2012 were outlined.

The group states that the coming 12 months are expected to be characterised by improved innovation, growth and productivity across its businesses, with constant currency net sales expected to be in line with 2011.

Rising sales of recently introduced products will help to counterbalance the impact of generic competition on other areas of the business, while further efforts to improve quality standards across all Novartis divisions will be undertaken.

Joseph Jiminez, chief executive officer of Novartis, said: "We need to continue to improve the quality standards at some of our manufacturing sites and we are demonstrating this commitment by making the necessary investments and changes to meet this goal."

Last year, Novartis generated annual sales of $58.6 billion (37 million pounds), which was up by 16 percent compared to 2010.

This allowed the company's shareholders to approve its fifteenth consecutive dividend increase at the recent AGM.