Swiss pharma Novartis announces $10 billion share buyback

Europe’s largest private equity EQT said it had divested 13 billion euros’ ($15.05 billion) worth of investments in the first half of the year — three times as much as in the same period of last year.

The Sweden listed fund said it sold down stakes in Swiss dermatological products maker Galderma and exited a position through the IPO of mortgage provider Enity on the Stockholm exchange.

Headwinds from geopolitical tension, volatility in public markets and uncertain macroeconomic indicators had led to a steep drop in exits for PE firms worldwide in 2024 and the early part of this year.

Pitchbook data for the first three months of 2025 showed exit values in Europe dropped 19% quarter-on-quarter, as exit count fell 25.2%.

“Following a difficult start to the year, global markets have regained strength – yet the outlook remains uncertain. Against this backdrop, EQT continues to deliver across all fronts: performance, exits and fundraising,” said EQT’s CEO Per Franzen. “Year-to-date, we announced realizations of €13 billion – more than triple the volume from a year earlier.”

The PE firm also said management fees rose by 10% with carried interest and investment rising more than threefold for the first half of this year to 191 million euros, compared to the 41 million euros recorded for the same period last year.

Earnings per share are up 23% to 0.293​‌ euros. The stock is up 11% year-to-date.

— Ganesh Rao

Swiss pharmaceutical giant Novartis beat profit expectations for the second quarter and announced the start of a $10 billion share buyback programme.

The company’s net income grew 26%, excluding changes in currency fluctuations, to $4.02 billion for the second quarter of 2025. Analysts had expected $3.72 billion, according to FactSet.

Novartis also raised its full-year core operating income from the previously guided “low double-digit” to “low teens.”

The company announced plans to return $10 billion to investors through a share buyback programme that is expected to be completed by 2027.

“Our robust balance sheet and confidence in our mid and long-term growth enable us to initiate an up-to USD 10 billion share buyback as part of our commitment to balanced capital allocation,” said Vas Narasimhan, CEO of Novartis.

The stock is up 7.2% year-to-date.

— Ganesh Rao

The London-listed specialty chemicals giant named Johnson Matthey named Andrew Cosslett as its new chairman following a period of pressure from an activist investor.

Cosslett is currently chair of British broadcaster ITV and previously served as the chair of DIY and home improvements group Kingfisher.

It comes after U.S.-based activist investor Standard Investments halved its stake in Johnson Matthey following a six-month campaign that forced the British specialty chemicals company into a major overhaul.

The company had announced in February that outgoing chair Patrick Thomas, who was singled out for criticism by Standard, was set to leave in July.

Good morning from London, and welcome to CNBC’s live blog covering all the action and business news in European financial markets on Thursday.

Futures data from IG suggest a higher open for European bourses, with London’s FTSE 100 seen 0.4% higher, France’s CAC 40 and Germany’s DAX up 0.5%, and Italy’s FTSE MIB 0.9% higher.

European markets have been on tenterhooks since U.S. President Donald Trump announced last weekend that he would impose a 30% tariff on goods imported from the EU starting Aug. 1. The EU has said it hopes to strike a trade deal before then.

Overnight, U.S. stock futures ticked lower following a winning day for U.S. markets after Trump denied that he was planning to fire Jerome Powell from his position as Federal Reserve chairman.

Asia-Pacific markets mostly fell Thursday as investors assessed the fall in Japan’s exports for the second consecutive month.

— Holly Ellyatt