FRANKFURT: Novartis said it was targeting annual sales growth of 5% per year until 2027 and a core operating income margin of about 40% by 2027, driven by innovative drugs on the market, after it severed ownership ties to its generic-drugs business.

The Swiss company, which had a core operating margin of 35% last year, reiterate a focus of its drug development on the four therapy areas cardio-renal care, immunology, neuroscience, oncology and haematology, according to a statement on Tuesday.

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Last month, the Basel-based drugmaker spun off and listed generic drugs business Sandoz and it also raised its 2023 earnings forecast for the third time, citing cost cuts and higher-than-forecast prices for a multiple sclerosis (MS) drug.