Good morning, everyone, and welcome to another working week. We hope the weekend respite was relaxing and invigorating, because that oh-so-familiar routine of meetings, deadlines, and what-not has predictably returned. To cope, we are, not surprisingly, firing up the coffee kettle and quaffing a few cups of needed stimulation. Our choice today is the seasonal pumpkin spice. Feel free to join us. Remember, no prescription is required. So time to get cracking. Here are a few tidbits to help you on your journey. Have a smashing day and do keep in touch …
After running Pfizer (PFE) for the past eight years, Ian Read will step aside as chief executive officer on Jan. 1, 2019, and will be succeeded by Dr. Albert Bourla, who is currently chief operating officer, STAT writes. The drug maker, which has been facing pressure to boost sales amid debate over pricing, says the move was part of a planned transition begun last year. Bourla will take over just as Pfizer will lose U.S. patent protection on the Lyrica painkiller, its biggest-selling drug, which generated $3.9 billion in global sales in 2017, which included $3.5 billion in revenue in the U.S.
Novo Nordisk (NVO) will cut around 250 jobs in the U.S., where the company makes about half its revenue but has seen growth slow due to pricing pressures on diabetes medicines, Reuters tells us. A hundred of the planned staff reductions are from back-office positions in the company’s U.S. headquarters in Princeton, N.J., while the remaining 150 are among diabetes treatment support positions. Last week, the drug maker disclosed plans to lay off 400 staff in Denmark and China to divert funding towards investment in biological and technological innovation.
About the Author Reprints
It’s a CEO replacement day. Ian Read of Pfizer and John Flannery of GE stepping down… https://news.alphastreet.com/pfizer-ceo-ian-read-to-resign-coo-albert-bourla-to-succeed/