Roche under fire from Ethos over its top salaries

Severin Schwann, chief executive, Roche: paid too much? Ethos says yes

ZURICH, SWITZERLAND – One week before the Swiss vote on whether to limit executive and board salaries and mandates, pharmaceutical company Roche in Basel has come under attack. Dominique Biedermann, president of the Swiss investors’ foundation Ethos told German language Sonntag Zeitung Sunday that the company’s leaders are overpaid and that it is recommending that […]

Novartis jumps from Prangins shutdown plans to Zurich area growth

Five months ago the company was cutting jobs; today it is expanding its Swiss base BASEL / GENEVA, SWITZERLAND – Novartis is pumping CHF500 million into a new plant in Stein, canton Aargau, near Zurich, to replace an older one with a state of the art production facility. Stein will become a platform for launching […]

Novartis to close Nyon site, 1100 jobs to go in Switzerland

NYON, SWITZERLAND – Pharmaceutical company Novartis is closing its site in Nyon as part of a restructuration that will involve eliminating 1,100 jobs in Switzerland. The company is cutting a total of 2,000 jobs, with most of the rest in the US. The Nyon site employs 320 persons and 770 jobs will also go in […]

Nestlé buys kiwi anti-constipation line


VEVEY, SWITZERLAND – Nestlé’s move into nutritional solutions for health problems is being given a boost this week with Nestlé Health Science taking a minority stake in a New Zealand company that specializes in developing kiwi-based products to treat gastrointestinal conditions. Vital Foods, a 20-year-old firm, has two products for treating constipation that are well […]

Novartis profits and mgmt. pay up, but future warnings

Basel, Switzerland (GenevaLunch) – Swiss residents could be forgiven for wondering if Novartis is in relatively good or bad shape Thursday morning, depending on which news sources they follow. The company’s annual report, published Thursday 27 January, shows net sales of $50.6 billion, up from $44.3b a year earlier. Net income was close to $10b, […]

Roche Pharma lays off 770 in Switzerland

Hundreds laid off - Photo Roche

Company will cut back 8,400 jobs in two years for $2.4b annual savings Basel, Switzerland (GenevaLunch) – Roche has been true to its word earlier this year that it would make “significant” job cuts after setbacks in its drug business: Wednesday morning 17 November the company said that it is cutting back 6 percent of […]

Zurich professor’s team wins major health award at EPFL

Lausanne, Switzerland (GenevaLunch) – Jean-Christophe Leroux, an expert in galenic (natural rather than chemical) studies, was given the CHF100,000 Debiopharm Life Sciences Award at EPFL in Lausanne Tuesday 7 September. Leroux and his team at EPH in Zurich, the other Swiss federal polytechnic university EPFL, are noted for their innovative research on polymer chemistry, nanotechnology […]

Pfizer lays off 6,000 in major restructuring

Drug company Pfizer, in what it describes as a major restructuring, will lay off some 6,000 workers worldwide. Ireland’s Pfizer operations will cut 785 jobs. The news comes as 1,200 people marched in Dublin to demand a right-to-work programme, just as the European Commission told Ireland it can expect to be asked to make more […]

Novartis profits up thanks to H1N1

Basel, Switzerland (GenevaLunch) – Profits at multinational Novartis rose 25 percent to $12.1 billion in the first quarter of 2010, well ahead of forecasts. Net income was up 49 percent to $2.1 billion. Government contracts to buy swine flu drugs played a significant role, the company noted 20 April in releasing Q1 results, although it […]

Novartis agrees to buy Nestlé’s Alcon holdings


Basel, Switzerland (GenevaLunch) – Basel-based healthcare products Novartis has agreed to buy out the majority shareholding  in Alcon, eyecare specialists, from Vevey-based Nestlé, for CHF28.1 billion. Novartis paid $10.4 in 2008 for a 25 percent share and it has offered to buy the remaining 23 percent share for an additional $11.2b, bringing the total price […]