Logistics of pharmaceuticals & healthcare.
Novolog enters 2026 with a sharper strategic direction, but without proof that logistics has recovered and without a clear return to cash generation. Healthcare Services and Digital are improving, yet they are still not large enough to carry the group on their own if the distrib…
Novolog ended 2025 with much tighter cash flexibility: operating activities barely generated cash, investment stayed high, and financing continued to drain the balance before any new growth step is even considered.
The Novohale transaction is not a sale of Novolog’s healthcare segment, but a narrowing of its perimeter. The ventilators business leaves, carved-out activities stay in the group, and the decisive question is whether the remaining healthcare segment is genuinely more focused and…
Novolog’s SAP transition turned into a broader logistics execution failure, not just an expensive IT rollout. Even after the system was stabilized in April, the damage remained visible in revenue, mix, commercial settlements, and year-end profitability.
