Novartis lifts guidance after strong half, announces $15 billion buyback plan
By Cecilia Butini Novartis on Tuesday raised its full-year guidance based on a strong first half, and said it is starting a share buyback for up to $15 billion.For the current year, it expects sales growth in the high single digits, from a previous expectation of mid-single-digit growth. Group core operating income is expected to grow in the low double digits from a previous expectation of high-single-digit growth.
Novartis said the board has endorsed the separation of the generics unit Sandoz by way of a 100% spinoff that will happen in the fourth quarter of this year. Meanwhile, the company's net profit for the second quarter grew to $2.32 billion from $1.70 billion the year prior, on sales that increased to $13.62 billion from $12.78 billion, it said. Operating income increased to $2.92 billion from $2.23 billion, while core earnings per share rose to $1.83 from $1.56, according to company figures.
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