Novartis to Repurchase Up to $2.5 Billion in Shares

   By Cecilia Butini

Novartis AG said Tuesday it is initiating a share-buyback program of up to $2.5 billion that will start immediately and last into the first half of 2021.

The Swiss pharmaceutical major also said it will deliver $2 billion in cost savings by the end of the year through its Novartis Technical Operations and Novartis Business Services units.

Novartis's Technical Operations unit has productivity programs in place that are set to generate a further $2 billion in mid-term cost reductions, the company said.

The company said that it expects its pipeline to fuel growth in the mid- to long term, and that it expects key milestones from mid- to late-stage assets from its pharmaceutical business to come through in 2021 and 2022.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

November 24, 2020 01:46 ET (06:46 GMT)

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