Teva Pharmaceuticals, under the leadership of its CEO Richard Francis, continues its transformation with the appointment of Christine Fox as the new head of its US commercial business, replacing Teva veteran Sven Dethlefs, who will depart on November 17th.
Christine Fox joins Teva from Novartis, where she served as the global president of gene therapies for nearly two years. Prior to her role at Novartis, Fox spent six years at Amgen, where she held various vice president positions, including leading sales and later overseeing the cardiometabolic, bone, and nephrology unit.
Sven Dethlefs, a key figure at Teva for 15 years, including a stint as head of global operations and global marketing and portfolio, will be stepping down.
Fox’s appointment follows the recent hiring of Angus Grant, Ph.D., as Teva’s head of business development, who previously held a similar role at BeiGene and orchestrated significant deals with Novartis.
Richard Francis took the helm as CEO of Teva Pharmaceuticals at the beginning of the year, succeeding Kare Schultz. Schultz witnessed a significant decline in Teva’s annual revenue during his five-year tenure, from $22.4 billion in 2017 to $14.9 billion in 2022. Francis, who previously served as the CEO of Teva’s rival, Sandoz, from 2014 to 2019, faces the challenging task of finding new avenues for growth.
In May, Francis outlined Teva’s “pivot to growth” strategy, focusing on pipeline and business development while reducing the company’s reliance on generics. Reports in July indicated Teva’s intention to sell its active pharmaceutical ingredients business, signaling a strategic shift away from generics.
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Teva is poised to reverse its revenue decline this year, with projections indicating a modest increase to a range of $15 billion to $15.4 billion, as reported during its second-quarter earnings announcement.
A significant contributor to this reversal is Austedo, a treatment for Huntington’s disease, which saw a remarkable 51% increase in sales in the US during the period and is on track to achieve blockbuster status this year. Teva anticipates Austedo’s sales to reach $2.5 billion by 2027.
Under the leadership of Richard Francis, Teva Pharmaceuticals is navigating a path toward renewed growth and diversification, with promising developments in its portfolio and leadership team changes to drive the company forward.