Novartis to Buy Back Shares Worth up to CHF4B

Pharmaceutical company Novartis AG (NVS) has said it will launch a new share-buyback program valued at up to CHF4 billion, but stressed that it will maintain strategic flexibility despite the cash outflow. Novartis, which is based in Basel, Switzerland, said the new buyback plan is in line with its strategy of compensating shareholders with around 50 percent of the company's annual free operational cash flow. This stood at $7.7 billion in 2004.

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