Former Genentech product manager Teresa Graham has been named CEO of Roche's pharmaceuticals business and Chief Medical Officer Dr. Levi Garraway has been added as a member of an enlarged corporate executive committee.
is a great leader with strong followership," Schinecker said in a statement."She brings strategic and scientific acumen with an excellent track record of performance."
Garraway, 54, was named chief medical officer of Roche and Genentech in October 2019. He had been director of the Joint Center for Cancer Precision Medicine in Boston and taught at Dana-Farber Cancer Institute, Harvard Medical School and the Broad Institute of MIT. Graham, Garraway and Schinecker assume their new posts as Roche finds itself in the odd position of negative results from a handful of clinical trials, declining Covid-19 product revenue and anticipated sales losses due to competition from lookalike, lower-cost biosimilar drugs.
In pharma, where Actemra has been used for hospitalized Covid patients, and through Roche's diagnostics business, which has played a critical role in testing for the viral disease, Roche expects to lose the equivalent of $5.5 billion, or 8% of its overall 2022 sales,Meanwhile, biosimilar competition is expected to eat away the equivalent of about $2 billion in 2023, particularly from Rituxan and the Genentech-developed cancer drugs Avastin and Herceptin.
Replacements for those drugs have had trouble showing success in clinical trials, including the experimental Alzheimer's Disease drug gantenerumab and the lung cancer drug tiragolumab."We achieved good results in 2022, even though the demand for Covid-19 products declined, as expected," outgoing Roche CEO
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