Image Source: Zacks Investment Research Last month, it announced plans to spin off Sandoz into a new publicly traded standalone company to separate this business following a strategic review. This was because industrywide price competition among generic pharmaceutical companies and consolidation of buyers caused significant declines in sales and profits of Sandoz, particularly in the United States. The spin-off will be completed by the first half of 2023. Sandoz generated $9.6 billion in sales in 2021. Upon separation, the standalone Sandoz would be headquartered in Switzerland and listed on the SIX Swiss Exchange, with an American Depositary Receipt (ADR) program in the United States. The separation will enable Novartis to focus better on its legacy pharmaceutical business. Novartis had earlier spun off its eye care division Alcon into a new company.