Swiss drugmaker Novartis last month became the first drugmaker to present the FDA with an application for a biosimilar, kicking off a new era in the U.S. that many believe will be a game changer for the industry. But from where CEO Joe Jimenez sits, it looks like no big deal for now.
Long dominated by global behemoths like Johnson & Johnson and Pfizer, this executive-pay ranking now includes almost as many biotechs as pharma companies.
Remember how Novartis CEO Joe Jimenez vowed to improve the Swiss drugmaker's margins? Would have been there and done that, if the company's recent spate of deals had been done last year--by 2.5 percentage points, Novartis now says.
Usually, it's the smaller drugmakers that take advantage of opportunities that present themselves when manufacturing problems arise at another company. But Novartis CEO Joe Jimenez is not above trying to drum up some business for his Sandoz generic drug unit by pointing out problems with some of the big drugmakers in India.
Novartis may have a long way to go before it's done cutting its blockbuster R&D budget. With a major strategic review underway, Novartis CEO Joe Jimenez told analysts that its massive drug research operation still offers a fresh source of spending cuts--even after a number of moves aimed at concentrating more of its R&D operations in the company's main research hubs in the U.S., Europe and Asia.
Want the latest on Novartis' should-we-or-shouldn't-we asset review? Leerink Partners analysts met with CEO Joe Jimenez recently, so they can deliver that and more, including some hints at cost-cutting targets.
Novartis' productivity program saved the company $2.8 billion last year, CEO Joe Jimenez said Wednesday as he discussed the company's tepid fourth quarter and 2013 financial results. The most recent target for manufacturing cuts, he said, is a plant in Suffern, NY, which produces Diovan for the U.S.
Should Novartis sell off its Roche stock, and soon? That's the question Bloomberg poses, now that Roche's voting shares are selling at a big discount to its nonvoting stock. With Novartis weighing all its operations for sale, spinoff, joint venture--what have you--the bet is that CEO Joe Jimenez will liquidate the Roche shares, too.
Novartis Chairman Joerg Reinhardt and CEO Joe Jimenez were once in competition for the chief executive post. Jimenez won out; Reinhardt left to run Bayer Healthcare. Now, Reinhardt's back--but rather than wrest power away from Jimenez, he plans to give Jimenez more.
Novartis CEO Joe Jimenez says the pharma giant easily has enough cash on hand to keep the dividends flowing to investors while reserving up to $6 billion for new bolt-on buyouts. In an interview with the Swiss newspaper Schweiz am Sonntag, which was picked up by Reuters, Jimenez says that the sweet spot for deals lies in the $2 billion to $4 billion arena--modest for a company of that size.