Novartis AG said Thursday that it will use the proceeds from the recent sale of its stake in Roche Holding AG to buy back up to $15 billion of its shares by the end of 2023.
The Swiss pharmaceutical company said it is confident in its growth prospects. Its pipeline has up to 20 assets with significant sales potential, and sales are expected to increase at a compound annual growth rate of 4% or more through 2026, the company said.
Novartis in November agreed to sell its stake in Roche back to its rival for $20.7 billion.
The proceeds allow it to return value to shareholders without compromising its ability to engage in mergers and acquisitions, it said.