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Novartis Initiates Share Buyback Of Up To $2.5 Bln

Novartis (NVS) said that it is initiating a share buyback of up to $2.5 billion, reflecting its confidence in future growth and success of its pipeline.

The share buyback will be executed under the existing annual general meeting authority, starts immediately and will last into the first half of 2021, the company said in a statement.

The company noted that it commits to driving constant margin expansion and is on track to deliver $2 billion cost savings by year-end across Novartis Technical Operations and Novartis Business Services.

Novartis Technical Operations also has productivity programs in place that are set to further generate around $2 billion in cost reduction in the mid-term, the company said.

In the Pharmaceuticals business unit, the company has highlighted multiple mid- to late-stage assets with key milestones expected in 2021 and 2022.

In the Oncology business unit, the company has highlighting five mid- to late-stage assets with key milestones expected in 2021.

According to the company, Sandoz division continues to target sustained industry leadership, with growth driven primarily by biosimilars, based on a strong pipeline of more than 15 molecules, and a goal to achieve margins in the mid to high 20s range.

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