Novartis highlights growth prospects, boasting significant pipeline progress

In an upbeat statement ahead of its annual investor day in London today (November 22), Swiss pharma giant Novartis (NOVN: VX) pleased investors, saying it would buy back $5 billion of its stock and said it will expand in faster-growing areas of health care such as dermatology and cardiovascular treatments, pushing the firm’s shares up 2.3% to 74 Swiss francs in early Zurich trading. The buyback will start immediately and be executed over two years on the 2nd trading line.

"Novartis has reached an inflection point, having fully integrated Alcon and reduced debt," said Joseph Jimenez, chief executive of Novartis, adding: "We are now further sharpening the execution of our strategy to strengthen shareholder value through science-based innovation in high-growth segments of health care where we have the global scale, competitive advantage and the right capabilities to win."