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More on Novartis (NVS) Q4: Chairman Daniel Vasella will resign and will be replaced by senior...

More on Novartis (NVS) Q4: Chairman Daniel Vasella will resign and will be replaced by senior Bayer health-care executive Joerg Reinhardt, who was formerly COO at Novartis. Provides mid-term guidance for the first time, forecasting mid-single-digit percentage fall in core earnings this year; sales to be in line with 2012, excluding currency swings, although generic competition will eat into revenue by up to $3.5B. Sales growth to resume in 2014 and 2015.

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