Novartis Launches New $10.9 Billion Share Buyback Program

Intelligent Finance APP learned that Novartis (NVS.US) has launched a new round of stock repurchases, planning to spend up to 10 billion Swiss francs (approximately 10.9 billion US dollars) to repurchase up to 10% of its shares over the next three years.

At last week's annual general meeting, shareholders of Novartis AG approved the extension of the remaining CHF 6.5 billion authorization for share repurchases, bringing the total remaining authorization for share repurchases to CHF 10 billion. The company has just completed its plan to repurchase 213 million shares between March 2020 and March 10, 2023, equivalent to 8.9% of the company’s shares. These shares have either already been canceled or are proposed to be canceled at the annual general meeting.