Novartis AG Reveals $5 Billion Share Buyback; Outlines New Pharmaceutical Biz Segments

Novartis AG (NOVN) plans to buy back $5 billion in stock over two years and said it will expand in faster-growing areas of health care such as treatments for skin and heart diseases. The shares rose the most in a month.

The repurchases will begin immediately, the Basel, Switzerland-based company said in a statement before the company’s annual investor day in London today. Novartis will develop new business segments in dermatology, heart failure, respiratory illnesses and cell therapy, it said.

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