It will repurchase more than 20,000 million in own shares until 2024
MADRID, 29 Nov. (EUROPA PRESS) –
The Swiss food group Nestlé has revised upwards its forecast for organic annual revenue growth, which it now expects to be between 8% and 8.5%, the company has announced, which will take place between 2022 and 2024. a program to repurchase own shares for an amount of up to 20,000 million Swiss francs (20,347 million euros).
Last October, the multinational had already revised upwards its organic revenue growth forecast for the whole of the 2022 financial year, raising it then to around 8% from a previous range of between 7% and 8%.
Likewise, Nestlé has announced this Tuesday that it expects to return to an underlying operating profit margin range of 17.5% to 18.5% by 2025, after the impact of the sharp increase in costs between 2021 and 2022.
In terms of underlying earnings per share, the company is confident of achieving 6-10% annual growth in constant currency over the period 2022-2025.
“Today, we outline our value creation model and targets for 2025, as we aim to consistently deliver in turbulent times,” said Mark Schneider, Nestle’s CEO.
On the other hand, Nestlé has reported that it has decided to explore strategic options for Palforzia, the treatment for peanut allergy, after a slower than expected adoption by patients and health professionals.
In this sense, it has specified that it expects to complete the review in the first half of 2023, adding that, in the future, Nestlé Health Science will intensify its focus on consumer care and medical nutrition.
Likewise, the multinational has confirmed its ongoing program to buy back up to 20,000 million Swiss francs in its own shares during the period from 2022 to 2024.
Nestlé already acquired in 2022 its own shares worth 9,700 million Swiss francs (9,868 million euros) in 2022.
In addition, the company has stressed that it aims to maintain its policy of increasing the dividend year after year.
