Novartis Announces Share Buyback as Dollar Hits Earnings
25 January 2017 - 5:51PM
Dow Jones News
By Denise Roland
Novartis AG announced a $5 billion share buyback as it said
earnings dipped in the fourth quarter of the year, largely due to
the effect of the strong dollar.
The Swiss pharmaceutical giant said net income fell 11% to $936
million in the three months to Dec. 31, compared with $1.05 billion
in the same period a year earlier, while revenue declined 2% to
$12.32 billion.
Adjusting for the strength of the dollar, revenue and net income
were flat, as falling sales from old cancer medicine Gleevec offset
growth of some of Novartis's newer drugs.
Write to Denise Roland at Denise.Roland@wsj.com
(END) Dow Jones Newswires
January 25, 2017 01:36 ET (06:36 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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