Novartis AG Chief Executive Officer Vas Narasimhan’s compensation almost doubled to 16.25 million Swiss francs ($18.8 million) last year, even as the Swiss drugmaker tries to convince investors it has finally recovered from some strategic missteps.

The company, whose shares slumped earlier on Wednesday after it reported weaker-than-expected revenue from a new prostate cancer drug, said the increase was largely a result of various performance-linked incentive payouts.

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