Novartis Unit to Take $120 Million Charge on Recall
As per latest reports, it has been revealed that the consumer health unit of Novartis will be taking a $120 million bump during the fourth quarter following the move in which the Swiss drug manufacturer settled on voluntarily recalling a handful of products in the US and move towards enhancing high standards of quality at its manufacturing locations.
Earlier on Sunday, Novartis claimed in a statement that almost all of its functions and shipments have been stopped for the time being at its Lincoln, Nebraska-based facility known as Novartis Consumer Health (NCH). It claimed that the temporary halt has been introduced so that the think tank of the company can come up with some sort of sure-shot plans for accelerating enhancements at the site.
In its statement released recently, the Swiss drugmaker claimed: "NCH will take a one-time charge currently estimated at $120 million in the fourth quarter of 2011, relating to the recalls and improvement work at the Lincoln facility".
The group is set to summon up almost all packs of its configurations of select bottle packages from its retailers of NoDoz and Excedrin products, especially those bearing expiry date of December 20, 2014, there and thereabout.
A number of products, including Bufferin and Gas-X Prevention, with recently recalled in the US by the drug giant, all those products were also carrying expiry dates of around December 20, 2013 or earlier. Novartis claimed that no case of any sort of adverse consequences of the products has been reported up till now, the recall is more of a precautionary move and the US Food and Drug Administration (FDA) is fully aware of the process going on.
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