Nestle May Sell Allergy Unit in Health-Strategy U-Turn (4)

Nestle SA put its Palforzia peanut-allergy treatment up for sale only two years after buying it, as Chief Executive Officer Mark Schneider reverses course on one of his biggest acquisitions beyond the Swiss company’s traditional food and beverage operations.

Schneider told investors Tuesday that Nestle is trying to correct mistakes quickly and aims for consistent results in the coming years even as the market becomes more volatile. He set new targets for earnings growth and profitability through 2025.

“We did have high hopes for this business,” the CEO said, speaking at a strategy seminar in Barcelona. “Instead of a blockbuster, ...