By Denise Roland

Novartis AG 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.

The Swiss pharmaceutical giant said net income fell 11% to $936 million in the three months to Dec. 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.

Write to Denise Roland at Denise.Roland@wsj.com

(END) Dow Jones Newswires

January 25, 2017 01:36 ET (06:36 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.