Novartis mulls Alcon sale as it reports 4th-qtr income and sales that miss analysts' expectations

Swiss pharma giant Novartis (NOVN: VX) saw its shares edge 2.3% higher to 71.15 Swiss francs, despite posting disappointing fourth-quarter and full-year 2016 financial results, as it also talked of divesting its ailing eye care business and announced a $5 billion share buy-back program.

Group sales for the quarter were down 2% at $12.32 billion, short of the average forecast of $12.5 billion, while core net income was unchanged at $2.66 billion, but missing the $2.72 billion expected on average by analysts polled by Reuters. Earnings per share fell 2% to $1.12.

For the full year, sales hit $49.41 billion, down 2%, with net income at $11.31 billion, a decline of 6%. EPS was down 5% at $4.75