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Novartis announced $5 billion buyback

Staff Writer | January 25, 2017
Novartis 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.
Pharma industry   The effect of the strong dollar
The Swiss pharmaceutical giant said net income fell 11% to $936 million in the three months to December 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.