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Novartis launches new $11 billion share buyback

The Swiss company said it will buy a maximum of 10% of its own stock over the period from its last Annual General Meeting, which took place on March 7, up to the AGM in 2026.

March 13, 2023 / 14:54 IST
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Representative picture (Image: Reuters)

Novartis has formally launched its new share buyback programme where it could spend up to 10 billion Swiss francs ($10.90 billion) repurchasing its shares over the next three years.

The Swiss company said it will buy a maximum of 10% of its own stock over the period from its last Annual General Meeting, which took place on March 7, up to the AGM in 2026.

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Capital reductions of the registered shares repurchased under the scheme will be proposed at future AGMs, Novartis said.

Shareholders approved rolling over the remaining authorisation of 6.5 billion francs for buybacks at their AGM last week. The amount was topped up to 10 billion francs in total.