Novartis Sets $5 Billion Buyback, Adds Business Segments

Novartis AG plans to buy back $5 billion in stock over two years and said it will expand in faster-growing areas of health care such as treatments for skin and heart diseases.

The repurchases will begin immediately, the Basel, Switzerland-based company said in a statement before the company’s annual investor day in London today. Novartis will develop new business segments in dermatology, heart failure, respiratory illnesses and cell therapy, it said.