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 email@example.com
(END) Dow Jones Newswires
November 24, 2020 01:46 ET (06:46 GMT)
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