# Novartis launches new $11 billion share buyback
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-03-13
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Novartis Launches £10 Billion Share Buyback Programme
Meta Description: Novartis unveils plan to repurchase up to 10% of own stock, proposing capital reductions and rolling over remaining authorisation for buybacks.
URL: https://financedigest.com/novartis-launches-new-11-billion-share-buybackhtml

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ZURICH (Reuters) -Novartis has formally launched its new share buyback programme where it could spend up to 10 billion Swiss francs ($10.90 billion) repurchasing its shares over the next three years.

The Swiss company said it will buy a maximum of 10% of its own stock over the period from its last Annual General Meeting, which took place on March 7, up to the AGM in 2026.

Capital reductions of the registered shares repurchased under the scheme will be proposed at future AGMs, Novartis said.

Shareholders approved rolling over the remaining authorisation of 6.5 [billion francs for buybacks](https://www.financedigest.com/abb-to-launch-1-billion-share-buyback-on-april-3.html "ABB to launch  billion share buyback on April 3") at their AGM last week. The amount was topped up to 10 [billion francs in total](https://www.financedigest.com/simalliance-members-report-shipments-of-4-9-billion-sims-in-2017-while-estimated-total-available-sim-market-in-2017-increases-2-75-to-5-6-billion-units.html "SIMalliance Members Report Shipments of 4.9 Billion SIMs in 2017, while Estimated Total Available SIM Market in 2017 Increases 2.75% to 5.6 Billion Units   ").

Novartis has just completed the repurchase of 213 million of its shares in the period between March 2020 and March 10 2023.

This amounted to 8.9% of its shares, which have either been cancelled or will be proposed for cancellation at AGMs.

($1 = 0.9162 [Swiss francs)](https://www.financedigest.com/swiss-franc-grapples-with-safe-haven-identity-crisis-after-credit-suisse.html "Swiss franc grapples with safe-haven identity crisis after Credit Suisse")

($1 = 0.9171 Swiss francs)

(Reporting by John RevillEditing by Paul Carrel)


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