1、Annual Report 2022 Annual Report 2022 IChairs letterMedical progress and innovation are evolving with impres-sive speed even in aworld of increasing volatility and uncertainty.In 2022,we initiated a major transformation of our organization to further improve our innovation capa-bilities and align wi
2、th our growth strategy as a pure-play medicines company.We expect these changes to simplify our business,enhance accountabilities and strengthen our commer-cial activities by enabling us to better focus on our in-mar-ket products and high-value pipeline assets.Overall,our efforts are set to support
3、our long-term sales and profit growth and help us create sustainable shareholder value.As part of this transformation,which includes our inten-tion to spin off our Sandoz generics and biosimilars Divi-sion,we merged our Oncology and Pharmaceuticals com-mercial organizations and created a new Operati
4、ons organization that combines our manufacturing and ser-vices activities.Besides sub stantial cost savings,we expect these steps to increase our operational agility and strengthen our business in key markets such as the United States and China.The organizational changes,which we expect to finalize
5、in 2023,complete the portfolio shift we started in 2014.Over this time,we have divested several non-core busi-nesses and spun off our eye-care division Alcon.With a view to boosting our innovation power,we have also made substantial investments in cutting-edge technology plat-forms,including gene an
6、dcell therapy,radioligand ther-apy and RNAtechnology.Novartis delivered on its sales and operating profit tar-gets in 2022 despite the challenges of a volatile macro-economic environment and while executing on our ongo-ing transformation,which entailed jobreductions due to structural changes.This pe