Day: October 4, 2023

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Sandoz enters new era as standalone global leader and European champion in generic and biosimilar medicines

  • Spin-off from Novartis successfully completed with first trading day today on SIX Swiss Exchange; Sandoz shares included in key market indices
  • Standalone Sandoz committed to extend leadership in stable and growing market via purpose-driven strategy with focus on sustainable access
  • Differentiating investment grade credit profile and six strategic levers to drive long-term value

Basel, October 4, 2023 – Sandoz, the global leader in generic and biosimilar medicines, today celebrates the start of share trading on the SIX Swiss Exchange as an independent company.

The new company is included in key SIX market indices and has an investment-grade credit rating that gives it a strong competitive position. It is well placed for continued profitable growth as a standalone global leader and European champion in generic and biosimilar medicines.

The opening bell-ringing ceremony at SIX headquarters this morning marks the successful completion of the 100% spin-off from former parent company Novartis and the start of trading in Sandoz Group AG shares. The shares are included in the Swiss Performance Index (SPI®), the Swiss Leader Index (SLI®) and other relevant Swiss indices; Sandoz ADRs (American Depositary Receipts) will also be traded as of today on the US OTCQX®.

Sandoz Board Chairman Gilbert Ghostine says: “Today marks the dawn of a new era for Sandoz as an independent company, but our Purpose is unchanged: pioneering access for patients. It’s what we do best, have always done best, and will always do best: making quality medicines available to more people, in more places, in more and novel ways.”

The Sandoz Purpose and brand are deeply rooted in its scientific heritage and legacy of medical firsts since the foundation of chemical pioneer Kern & Sandoz back in 1886: from the development of Calcium Sandoz in 1929, via the world’s first oral penicillin in 1951, to the launch of the world’s first biosimilar in 2006.

As outlined at the Sandoz Capital Markets Day in June, six strategic levers should drive long-term value: attractive market fundamentals, leadership and scale, multiple growth drivers, margin improvement, accelerated cash generation, and a compelling sustainability story.

CEO Richard Saynor says: “As an independent company, Sandoz will be fully enabled to deliver on its purpose-driven strategy, which targets sustainable leadership in the growing and critical generics and biosimilars industry.”

“We already actively pioneer access for patients by shaping the global healthcare environment. We strengthen healthcare systems worldwide by delivering over USD 17 billion in annual savings in Europe and the US alone and we reach some 500 million patients a year in over 100 countries. In doing so, we generate a total social impact estimated to be USD 180 billion annually. And we intend to make an even greater impact going forward.”

Generics and biosimilars account for an estimated 80% of medicines used worldwide by volume, at about 25% of the total cost. Despite strong competitive pressures, the industry is set to grow steadily over the next decade, driven by underlying demand for these system-critical medicines.

The Sandoz listing prospectus and related documents can be found here:
www.sandoz.com/sandoz-spin

Disclaimer
This Media Release contains forward-looking statements, which offer no guarantee with regard to future performance. These statements are made on the basis of management’s views and assumptions regarding future events and business performance at the time the statements are made. They are subject to risks and uncertainties including, but not confined to, future global economic conditions, exchange rates, legal provisions, market conditions, activities by competitors and other factors outside of the control of Sandoz. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. Each forward-looking statement speaks only as of the date of the particular statement, and Sandoz undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.

About Sandoz
Sandoz (SIX: SDZ; OTCQX: SDZNY) is the global leader in generic and biosimilar medicines, with a growth strategy driven by its Purpose: pioneering access for patients. 22,000 people of more than 100 nationalities work together to bring Sandoz medicines to some 500 million patients worldwide, generating substantial global healthcare savings and an even larger total social impact. Its leading portfolio of more than 1500 products addresses diseases from the common cold to cancer. Headquartered in Basel, Switzerland, Sandoz traces its heritage back to the year 1886. Its history of breakthroughs includes Calcium Sandoz in 1929, the world’s first oral penicillin in 1951, and the world’s first biosimilar in 2006. In 2022, Sandoz achieved sales of USD 9.1 billion and core EBITDA of USD 1.9 billion.

Global Media Relations contacts Investor Relations contacts
Global.MediaRelations@sandoz.com Investor.Relations@sandoz.com
Joerg E. Allgaeuer
+49 171 838 4838		 Karen M. King
+1 609 722 0982
Chris Lewis
+49 174 244 9501		 Laurent de Weck
+41 79 795 7364
Sandoz on social media
LinkedIn
X (Twitter)
Instagram
Facebook		 https://www.linkedin.com/company/sandoz
https://twitter.com/sandoz_global
https://www.instagram.com/sandozglobal
https://www.facebook.com/sandozglobal
CEO Richard Saynor on LinkedIn https://www.linkedin.com/in/richard-saynor

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New IBFD Singapore Masterclass on the Latest Global Developments in Transfer Pricing

IBFD Singapore Masterclass on the Latest Global Developments in Transfer Pricing

Navigate the rapidly changing landscape of transfer pricing

AMSTERDAM, Oct. 04, 2023 (GLOBE NEWSWIRE) — IBFD is delighted to announce its upcoming Singapore Masterclass, scheduled for 20-22 November 2023, at the prestigious Hilton Singapore Orchard. This immersive 3-day course is designed to equip tax professionals with the knowledge and insights needed to navigate the rapidly changing landscape of transfer pricing.

The global tax landscape is evolving at an unprecedented pace, driven by initiatives like the OECD Base Erosion and Profit Shifting (BEPS) Project 2.0, increased compliance requirements, data sharing among tax authorities and shifting geopolitical dynamics. Multinationals are re-evaluating their supply chains in response to these challenges, all while environmental, social and governance (ESG) issues take centre stage. The IBFD Singapore Masterclass will address these transformations and provide valuable insights into their implications.

Key Questions Addressed at the Masterclass:

  • How do OECD’s Pillar One and Two impact transfer pricing policies and processes?
  • What is the influence of ESG transformations on value creation?
  • How can technology empower organizations to meet compliance requirements and perform risk assessments effectively?
  • How can one prepare for transfer pricing disputes in these turbulent times?

Real-World Scenarios and Best Practices

Through case studies that apply principles to real-world scenarios and the sharing of best practices, attendees will gain insights into specific transfer pricing transactions, including services, intra-group financing and intangibles.

IBFD’s Singapore Masterclass promises to be an invaluable opportunity for professionals seeking to stay ahead in the dynamic world of transfer pricing. Secure your spot today to gain essential insights and practical knowledge that will drive success in your organization.

Participants can benefit from a 10% discount if they register before 15 October 2023. Find more details at https://www.ibfd.org/shop/training/transfer-pricing-and-global-transformation.

Contact information: Phil Windus, Senior Marketing Coordinator: p.windus@ibfd.org.

About IBFD

IBFD is a leading international provider of cross-border tax expertise, with a long-standing history of supporting and contributing to tax research and academic activities. As an independent foundation, IBFD utilizes its global network of tax experts and its Knowledge Centre to serve Fortune 500 companies, governments, international consultancy firms and tax advisers.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/244647a2-8858-4f4d-ac6f-55b281fa1a17

GlobeNewswire Distribution ID 8943400

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Policane® Natural Sweetener Found to Have Low Glycemic Index

Policane® Natural Sweetener

Delicious & Healthy Policane®

OCALA, Fla., Oct. 03, 2023 (GLOBE NEWSWIRE) — Policane®, a natural sweetener made from sugar cane juice in a patented process, has been found to have a low glycemic index (GI) in a study by IFP Suisse SA. According to the study Policane® has a GI of 51.7+/- 3.66. The study also found that Policane® had a 42% lower GI than white sugar. In its conclusion, the study recommends for Policane® a low glycaemic index product classification under International Standard ISO26642.

“We are excited to share the results of this study, providing that Policane® is a low-GI sweetener,” said Jorge Enrique Gonzalez, Manager and CEO at PoliCane Co., LLC. “Policane® retains the best parts of the sugar cane stripped away in refined sugar. Policane® is a natural and sustainable sweetener that the world needs.”

Policane® is currently produced under license in Costa Rica and can be used in recipes for all sweetened food and beverages, including baked goods, coffee, tea, colas, sauces, ketchup and desserts.

For more information about Policane®, see www.policane.net. For information concerning licensing, production and order contact: marianaagonzalez@policane.net

Contact:

Mariana Gonzalez,
Chief Operations Officer
PoliCane Co., LLC
marianaagonzalez@policane.net

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Prime Minister praises Hanoi-Vientiane cooperation

Prime Minister Pham Minh Chinh on October 4 affirmed that the outcomes of cooperation between Hanoi and Vientiane vividly demonstrated the traditional, special friendship between Vietnam and Laos.

 

At a reception for Vientiane’s Mayor Atsaphangthong Siphandone, who is in Hanoi on the occasion of the 69th anniversary of Hanoi’s Liberation Day (October 10, 1954-2023), the PM lauded significant contributions by Vientiane to achievements Laos has recorded over the past nearly four decades of reform.

 

The Vietnamese Party and State always give the highest priority to maintaining and promoting the unique fraternal relations and friendship between the two countries, and support and facilitate cooperation between their localities, including the capital cities, the leader stressed.

 

He suggested the Party Organisations, authorities and people of Hanoi and Vientiane coordinate to build a specific plan in order to concretise high-level agreements reached by the two countries, and other cooperation documents.

 

The two sides should continue with the exchange of delegations and experience in city management, and people-to-people exchanges, enhance activities between women and youth associations, and intensify strategic infrastructure connectivity, he said.

 

At the same time, they should foster collaboration in the areas in which both have strengths and potential like high-tech agriculture and tourism, while boosting trade and investment ties, he said, noting that Hanoi investors should invest in Laos’s priority fields such as bio-technology, health care and logistics.

 

The PM also mentioned cooperation in high-quality personnel training, especially in new spheres, cultural exchanges, and the information work to raise public awareness of the great relations between the two countries and their capital cities.

 

Hanoi and Vientiane should cooperate and support each other to complete institutions and spur socio-economic development, he said.

 

For his part, Atsaphangthong shared the PM’s views, saying the two capital cities will increase all-level delegation exchanges, and effectively implement cooperation programmes in various areas, including transport infrastructure, education-training, investment, trade, culture and tourism, as well as exchanges between residents.

 

He conveyed regards from Lao Prime Minister Sonexay Siphandone to PM Chinh.

 

PM Chinh also asked the Mayor to convey his regards to Party General Secretary and President of Laos Thongloun Sisoulith, PM Sonexay Siphandone, National Assembly Chairman Saysomphone Phomvihane, and other incumbent and former Party, State and NA leaders of the neighbouring country./.

 

Source: Vietnam News Agency

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Sluggish spending affects Thailand’s tourism recovery

Despite welcoming 20 million foreign tourists in the first nine months of the year, Thailand’s tourism industry has not seen a significant economic boost, due to global economic concerns and a high level of household debt.

 

Chamnan Srisawat, President of the Tourism Council of Thailand (TCT), said the high level of household debt was the most significant factor affecting domestic tourism in the third quarter, which was reflected via the tourism confidence index of 69, dropping from 91 in the same period of 2019, and 74 and 72 in the first and second quarters of this year, respectively.

 

As of October 1, the number of foreign visitors topped about 20 million, a year-on-year rise of 250%, with Malaysia claiming the top spot with 3.28 million, followed by China (2.5 million) and the Republic of Korea (1.19 million).

 

In the third quarter, operators had a recovery rate of revenue at only 54% of the 2019 level. The majority (76%) said their income was still worse than 2019.

 

According to Chamman, the slow economic recovery in China has affected overseas spending.

 

A TCT survey showed that only a quarter of Chinese visitors had high purchasing power with an average spending of over 70,000 THB (about 1,900 USD) per trip, with most of them spending less than 70,000 THB.

 

Some of high spenders paid around 3 million THB, or over 100,000 THB per trip, as they purchased assets like condos or luxury brand items to diversify and mitigate economic risks they encountered in China.

 

To effectively attract high purchasing power from China and other countries, TCT suggested the government consider other measures on top of the visa-free scheme, such as special tax incentives for foreigners who want to buy properties or luxury items in Thailand./.

 

Source: Vietnam News Agency

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Thailand vows efforts to restore tourist confidence after mall shooting

Thailand will restore confidence in its critical tourism sector, officials said on October 4, a day after a shooting spree at a luxury shopping mall killed two people and ịnjured five others.

 

Thapanee Kiatphaibool, governor of the Tourism Authority of Thailand, said government agencies would do even more to restore confidence, saying they need to improve security in all areas for Thai and foreign tourists.

 

Prime Minister Srettha Thavisin on October 3 also pledged to implement measures to ensure the highest safety for foreign tourists after the fatal shooting at Siam Paragon in Bangkok.

 

Pol. Lt. Gen. Archayon Kraithong, spokesperson for the Royal Thai Police, has appealed to the public to refrain from sharing images and video clips related to violent incidents involving minors.

 

Archayon expressed condolences to the families of the victims who lost their lives and those who are injured. He also warned users of online social platforms not to share images or video clips related to the incident, including footage of the event itself, as well as images of the deceased and the injured. He emphasised the importance of understanding the impact that such content can have on the affected families./.

 

Source: Vietnam News Agency

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Vietnamese, Lao capital cities eye stronger cooperation

Chairman of the Hanoi People’s Committee Tran Sy Thanh and Mayor of Vientiane (Laos) Atsaphangthong Siphandone discussed measures to forge cooperation between the two capital cities in the time ahead at their talks in Hanoi on October 4.

 

Thanh described the relationship between the capital cities as a bright spot contributing to the Vietnam-Laos relations, stressing the cooperation agreement between the Hanoi Party Organisation and administration and their Vientiane counterparts for the 2022-2025 has created a framework and momentum for cooperation between the two cities to grow further in the time ahead.

 

He suggested the two sides enhance collaboration in digital transformation, e-administration, cyberspace management and cybercrime combat.

 

The official briefed his guest on Vietnam’s socio-economic situation, as well as remarkable achievements Hanoi made in the first nine months of this year, and noted his hope that he and the Vientiane Mayor will reach consensus on coordination formats at different levels in order to raise capacity in some new technology areas.

 

For his part, Athsaphangthong suggested promoting cooperation activities to build a democratic political system at the district level, and expressed his hope for closer, and more intensive, extensive and practical cooperation between Hanoi and Vientiane./.

 

Source: Vietnam News Agency