Novartis is a Swiss-based pharmaceutical company formed by the merger of Basel-based Sandoz and Ciba-Geigy. It is strong in oncology, diabetes, multiple sclerosis, and asthma. The company spun off its lower margin Alcon eyecare and Sandoz generic drug businesses to shareholders in 2020 and 2023 respectively and finished reshaping its portfolio by selling its stake in crosstown rival Hoffman La Roche last year and using the proceeds to fund a $15 billion share buyback.