Novartis to Buy Back Up to $15 Billion of Its Shares
December 16 2021 - 1:50AM
Dow Jones News
By Cristina Roca
Novartis AG said Thursday that it will use the proceeds from the
recent sale of its stake in Roche Holding AG to buy back up to $15
billion of its shares by the end of 2023.
The Swiss pharmaceutical company said it is confident in its
growth prospects. Its pipeline has up to 20 assets with significant
sales potential, and sales are expected to increase at a compound
annual growth rate of 4% or more through 2026, the company
said.
Novartis in November agreed to sell its stake in Roche back to
its rival for $20.7 billion.
The proceeds allow it to return value to shareholders without
compromising its ability to engage in mergers and acquisitions, it
said.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
December 16, 2021 01:35 ET (06:35 GMT)
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