One likely reason why Novartis’ stock didn’t tank any worse was because investors had come to expect the magnitude of the layoffs—part of a global restructuring that is intended to save the pharma giant at least $1 billion by 2024. When the outlines of the restructuring were first announced by Novartis in April, CEO Vas Narasimhan quantified the expected job loss by saying it would be “a number in the single-digit thousands . . .

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