After almost 140 years of reinvention, the Swiss company Sandoz is standing alone once again, this time as an independent generic drugmaker.

经过近140年的改造，瑞士公司Sandoz再次独自一人，这次是一名独立的仿制药制造商。

Novartis on Wednesday completed its spinoff of Sandoz, which began trading on the SIX Swiss Exchange under the symbol SDZ. Investors received one share of Sandoz for every five Novartis shares or one Sandoz American depositary receipt for every five held in Novartis at the end of the business day Tuesday..

诺华在周三完成了Sandoz的分拆，Sandoz开始在标志SDZ的六个瑞士交易所进行交易。在工作日星期二结束时，投资者每五只诺华股份收到一股Sandoz股份，或每五只在诺华持有一份Sandoz美国存款收据。。

Sandoz immediately becomes one of the largest standalone generic drugmakers in the world, competing with the likes of Teva Pharmaceutical and Viatris. Last year, Sandoz brought in more than $9 billion in revenue, with about one-fifth coming from biosimilars, or copycat versions of biologic drugs.

Sandoz立即成为世界上最大的独立仿制药制造商之一，与Teva Pharmaceutical和Viatris等竞争。去年，桑多兹带来了超过90亿美元的收入，其中约五分之一来自生物仿制药或生物药物的仿制版本。

For Novartis, the spinoff marks the final step in a years-long transformation from a sprawling conglomerate to a company focused on high-margin pharmaceuticals. On Wednesday, Novartis reiterated its guidance for sales growth in the high single digits for 2023 and a percentage increase in core operating income as high as the mid-teens..

对于诺华而言，分拆标志着长达数年的从庞大的综合企业转变为专注于高利润制药的公司的最后一步。周三，诺华重申了2023年高单位数销售增长的指导，核心经营收入增长率高达十几岁。。

CEO Vas Narasimhan has overseen a transformation that included more than $100 billion in transactions over the last several years. In March 2018, Novartis agreed to sell its consumer business to GlaxoSmithKline for $13 billion. Soon after, the Swiss drugmaker announced plans to spin out its Alcon eye business..

首席执行官Vas Narasimhan监督了一项转型，其中包括过去几年超过1000亿美元的交易。2018年3月，诺华同意将其消费者业务以130亿美元的价格出售给葛兰素史克。不久之后，瑞士药剂师宣布计划分拆其Alcon眼科业务。。

The company brought in almost $21 billion in cash in 2021 by selling its stake in Roche back to its rival and then undertook a number of moves to restructure its business. In 2022, three top Novartis executives departed as the company reshuffled its business units. A year later, Novartis trimmed 10% of its drug pipeline and then sold off more eye-care assets to Bausch + Lomb..

该公司于2021年通过将罗氏的股份出售回竞争对手，带来近210亿美元的现金，然后采取了多项措施重组业务。2022年，随着公司重组业务部门，三位诺华高层高管离开。一年后，诺华修剪了10%的药品管道，然后将更多的眼保健资产出售给了博士伦。。

On the other side of the business development ledger, Novartis has brought in new prescription medicines via acquisitions of companies like Endocyte, The Medicines Company and Chinook Therapeutics.

另一方面，诺华通过收购Endocyte，medicines Company和Chinook Therapeutics等公司推出了新的处方药。

The company’s transformation matches a broader trend in the pharmaceutical business, as companies including Johnson & Johnson, Pfizer and Merck & Co. have slimmed down their businesses. Novartis says the switch will allow it to offer investors sustained sales and profit growth and continued growth in dividends..

由于强生公司，辉瑞公司和默克公司等公司已经缩减业务，公司转型与制药业务的更广泛趋势相匹配。诺华表示，这一转变将使其能够为投资者提供持续的销售和利润增长以及股息的持续增长。。

Sandoz began in 1886 as a small chemical company focused on dye production that operated under the name Kern & Sandoz in Basel, Switzerland. As it moved into pharmaceuticals, Sandoz notched milestones including the first oral penicillin in 1951 and the introduction of the first recombinant interferon-alfa in 1980..

Sandoz于1886年开始是一家专注于染料生产的小型化学公司，该公司以瑞士巴塞尔的Kern＆Sandoz为名。随着它进入制药领域，Sandoz取得了里程碑式的成就，包括1951年的第一个口服青霉素和1980年引入的第一个重组干扰素α。。

The company combined with Ciba-Geigy in 1996 to create Novartis, and the Sandoz brand was briefly sidelined. But in 2003, Novartis organized its generic business under the name Sandoz. In 2006, the unit reached another milestone with the introduction of the first biosimilar.

该公司于1996年与Ciba-Geigy合并创建诺华，Sandoz品牌短暂停产。但在2003年，诺华以Sandoz的名义组织了其通用业务。2006年，该部门推出了第一个生物仿制药，达到了另一个里程碑。