BASEL (Reuters) – Swiss drugmaker Novartis’s (NOVN.VX: Quote, Profile, Research, Stock Buzz) outgoing chairman Daniel Vasella told shareholders on Friday he had made a mistake in negotiating a $78 million pay-off, as he tried to quell public outrage ahead of a national vote on whether to impose strict limits on corporate pay.
The Basel-based drugmaker scrapped plans this week to pay Vasella 12 million Swiss francs ($13 million) annually for six years to stop him working for rivals, after news of the package sparked a fury of criticism by politicians and investors.
ZURICH, Feb 21 (Reuters) – The year is 2026. Switzerland is
in a state of anarchy. Droves of refugees are fleeing the
war-torn country; the once affluent nation brought to its knees
because in 2013 its people voted to impose the world’s tightest
limits on executive pay.
It is an extreme vision made into a short film commissioned
by leading Swiss business lobby Economiesuisse to try to
persuade people to vote “no” in on an upcoming referendum on
whether to allow shareholders a final veto on executive pay.
ZURICH, Feb 21 (Reuters) – Straumann, the world’s
largest maker of dental implants, sees little prospect of
recovery in the European dental market this year, after profit
almost halved in 2012 hit by a one off-charge.
The Swiss company and local rival Nobel Biocare
are suffering from weak demand in their main market, Europe, as
cash-strapped customers cut back on non-essential dental
ZURICH (Reuters) – Switzerland’s ABB Ltd (ABBN.VX: Quote, Profile, Research, Stock Buzz) beat forecasts for net profit and order intake and said business was improving in China, sending its shares to their highest in a year and a half.
The world’s biggest supplier of industrial motors and power grids, sensitive to cyclical swings in the global economy, said it would focus on cutting costs to offset near-term uncertainty about growth in Europe and the United States.
ZURICH, Feb 14 (Reuters) – Switzerland’s Actelion Ltd
has raised its dividend by a quarter, giving a
positive signal on prospects as it awaits a U.S. regulatory
decision on a new drug it hopes will cut its dependency on
Europe’s largest biotech company has seen its outlook
brighten over the past year after heart and lung drug Opsumit,
its replacement treatment for top-seller Tracleer, beat
expectations in a clinical trial, giving a much-needed boost to
its drug pipeline.
ZURICH, Feb 6 (Reuters) – Swiss group Syngenta
forecast another year of record sales as high crop prices and
erratic weather spur farmers to use more of its pesticides,
fertilisers and advanced seeds to boost yields.
The world’s biggest farm chemicals maker said on Wednesday
it would raise its dividend by 19 percent after full-year net
profit beat expectations. But its shares fell, with several
analysts saying profits were flattered by a lower tax rate.
ZURICH, Feb 5 (Reuters) – Swiss exports fell in December,
data showed on Tuesday, dragged down by weak demand from the
country’s top trading partner Europe.
Exports adjusted for the number of working days fell by 4.2
percent to 14.049 billion Swiss francs ($15.46 billion), the
Federal Customs Office said on Tuesday.
BASEL (Reuters) – Swiss drugmaker Roche (ROG.VX: Quote, Profile, Research, Stock Buzz) forecast a rise in sales and profits this year, helped by new cancer medicines it hopes will shield it from the patent expiries ravaging many rivals.
Roche, the world’s largest maker of cancer drugs, said on Wednesday it hoped sales would grow in line with 2012, when they rose 7 percent to 45.5 billion Swiss francs ($49 billion).
ZURICH, Jan 24 (Reuters) – Swiss specialty chemicals and
life sciences group Lonza reported a better than
expected rise in profits on Thursday but dampened expectations
of another big jump this year, taking the edge off a two-month
rally in the share price.
The Basel-based firm, which also produces pharmaceutical
ingredients for drugmakers such as GlaxoSmithKline, is
now aiming for 10 percent growth in earnings before interest and
tax (EBIT) in 2013, Chief Executive Richard Ridinger told
reporters on a conference call.
ZURICH, Jan 23 (Reuters) – Daniel Vasella will step down
next month as chairman of Novartis after 17 years
leading the Swiss drug company which on Wednesday forecast a
return to growth in 2014.
The Basel-based company, grappling like others with a wave
of patent expiries, named Bayer healthcare head and
previous contender for the CEO role at Novartis, Joerg
Reinhardt, as its new chairman from August 1.