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Novartis Cuts Needed to Ensure Future, CEO Jimenez Tells Blick

Novartis AG is healthy at the moment and job cuts decided on are necessary to ensure the company’s long-term well-being, Chief Executive Officer Joe Jimenez told Blick in an interview.

He added that the cuts are intended to strengthen Novartis “so that it will exist more than 100 years” and that by acting “while the performance is still good, one can avoid more drastic measures in a crisis,” the newspaper reported.

Price cuts in Switzerland have cost Novartis about 120 million Swiss francs ($137 million) in the past three years, Jimenez told Blick.

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