Lonza looking to hire a drug industry veteran as its chief executive

Lonza looking to hire a drug industry veteran as its chief executive

By the end of May, Lonza intends to recruit a drug industry veteran as its chief executive in a move to direct its attention to its continuously expanding pharmaceuticals business and off of its declining chemical unit, according to a statement by the Chairman of the Swiss firm, Albert Baehny, on Tuesday.

Following Lonza’s release of its figures displaying increased 2019 sales and revenue, the shares increased by almost 6%, raising the company’s market cap to nearly $27.5 billion Swiss francs. This was the highest amount reached ever since Lonza was listed back in 1999.

According to the Basel-based firm, in 2019, the net profit was 646 million francs relative to 2018’s 563 million.

Sales increased by 6.8% to reach 5.92 billion francs, relative to the 5.89-billion-franc average approximation in a survey of 20 experts provided by Lonza.

When speaking to reporters, Albert Baehny stated how he had narrowed down the list of candidates for the chief executive officer to 6 individuals. All of them are from outside the firm. He stated that their interviews are set to begin in a short while.

He stated that a significant criterion is over 20 years of experience in the pharma industry. Baehny added that pharma may be expanded to bioproducts or bioprocesses however, in this region, they will aim to direct attention to biotech and pharma.

Within only 8 months of each other, the 2 ex-CEOs of Lonza, Richard Ridinger and Marc Funk, left the firm the previous year.

The company’s declining chemical division, Lonza Specialty Ingredients is being separated into a solo establishment. This move began in 2019’s June. According to some experts, it presages its disposal.

The previous year, Lonza Specialty Ingredients declined by 3.2% to reach 1.7 billion francs.