MNCs Report Strong H1 2024 Growth Amid Leadership Shuffles: Merck, Pfizer, Johnson & Johnson, and AstraZeneca Lead the Way

Jul 31, 2024 19:33 CST Updated 19:33

Johnson & Johnson

Medical Device R&D and Manufacturer

AstraZeneca

Pharmaceutical Technology Research and Development Provider

GSK

Pharmaceutical R&D Manufacturer

After a series of strategic adjustments at the beginning of the year, the overall performance of multinational pharmaceutical giants still shows a growth trend.

In the past month, multinational corporations (MNCs) have successively announced their financial results for the first half of 2024.

On July 30, Merck released its Q2 2024 financial report. During the reporting period, the company's revenue reached $16.1 billion, a year-on-year increase of 7%. The full-year revenue is expected to be between $63.4 billion and $64.4 billion, representing a year-on-year growth of 5%-7%.

On the same day, Pfizer also released its Q2 2024 financial report. During the reporting period, the company's revenue was $13.3 billion, an increase from $12.73 billion in the same period last year. Pfizer expects its annual revenue to be between $59.5 billion and $62.5 billion.

Johnson & Johnson's Q2 Earnings Report: Revenue of $22.4 Billion, Up 4.3% Year-over-Year, Exceeding Market Expectations, Including: Innovative Pharmaceuticals Revenue of $14.49 Billion, Up 5.5% Year-over-Year; Medical Technology Revenue of $7.957 Billion, Up 2.2% Year-over-Year. For the First Half of the Year, Total Revenue Reached $43.83 Billion, Up 3.3% Year-over-Year, with Innovative Pharmaceuticals Revenue at $28.052 Billion, Up 3.3% Year-over-Year.

The oncology and autoimmune fields are important performance pillars for Johnson & Johnson, accounting for nearly 70% of its new drug business revenue and serving as the main determinants of its performance: BCMA CAR-T therapy Carvykti achieved sales of $343 million (approximately 2.5 billion yuan) in the first half of the year, a year-on-year increase of 81.5%; the bispecific antibody product Tecvayli generated sales of $268 million, a year-on-year increase of 70.2%.

In addition, AstraZeneca achieved a total revenue of 25.617 billion yuan in the first half of the year, representing an 18% increase year-on-year at constant exchange rates; Sanofi achieved a revenue of 21.209 billion euros (approximately 23.02 billion US dollars) in the first half of the year, marking an 8.4% year-on-year increase; Novartis reported a revenue of 24.3 billion US dollars in the first half of the year, up 11% year-on-year, with a net profit of 5.9 billion US dollars, surging 43% year-on-year.

AstraZeneca

Sanofi

Novartis

Amid frequent strategic adjustments and personnel changes, the second half of 2024 is evidently full of opportunities and challenges. Facing the new situation presented by the global healthcare industry, whoever can quickly adapt to the changing environment will successfully seize market opportunities and build the next engine to support sustained performance growth.

Multinational pharmaceutical companies

Philips Replaces Greater China President

On July 3, Frans van Houten, Philips' global CEO, announced that Liu Ling has been appointed as President of Philips Greater China and will become a member of the Philips Global Executive Committee, reporting directly to Philips' global CEO Frans van Houten, effective immediately.

At the same time, Philips announced the retirement of its former Greater China president, George He, and stated that Ling Liu will work with Mr. He for a period to ensure a smooth transition.

George He, former President of Philips Greater China, joined Philips in August 2015 as Global Executive Vice President. In November 2015, George He took over the position of President of Philips Greater China, and in July 2016, he became a member of the Philips Global Executive Committee.

Head of GSK China Vaccines Business to Step Down

GSK Vice President and General Manager of China, Sherman Yu (Yu Huiming), announced a significant personnel change to employees. Peggy Fung (Feng Bixia), GSK Vice President and Head of China Vaccines, has decided to leave GSK, with her last working day being August 9, 2024.

In September 2019, Feng Bixia joined GSK as the General Manager of Hong Kong and Macao in Greater China and Intercontinental Region. In June 2021, Feng Bixia was transferred to take charge of GSK's vaccine business in China. The announcement revealed that Feng Bixia decided to leave GSK for personal reasons, in order to accompany her family in Hong Kong and achieve a better work-life balance.

Bayer China Business Restructuring

Bayer Group's Global Executive Vice President of the Prescription Medicine Division and President of China, as well as President of Greater China, Zhou Xiaolan, announced a major operational initiative to employees. Under Bayer’s newly promoted DSO operational model, Bayer China will form five business units and six functional departments to accelerate business development.

From the adjustments, this appears to be part of Bayer's organizational transformation under the DSO operational model that has been advancing since the end of last year. It is understood that Bayer China began the adjustments in June, and the new organizational structure has now been announced. The selection results for relevant personnel at all levels across various business departments will be gradually disclosed, with full completion expected by the end of September this year.

Thermo Fisher Scientific Appoints New President for China Region

Thermo Fisher Scientific announced that, effective August 1, Miguel Faustino will succeed Hann Pang as President of Thermo Fisher China. Faustino will relocate to Shanghai with his family in the near future to lead the company’s operations in China.

Miguel Faustino is currently the President of Chemical Analysis Business at Thermo Fisher's Analytical Instruments Division. He graduated in Finance and Financial Management from Boston College. Before joining Thermo Fisher, he served as Manager of Financial Planning and Analysis at PerkinElmer and later as a Consultant at Bain & Company.

In April 2013, Miguel Faustino joined Thermo Fisher Scientific, embarking on an 11-year professional journey within the company. He held various positions, including Senior Director of Strategy and Business Development, General Manager of TEA Business in Germany, Head of the CDMO Business Plant in Ohio, and President of the Chemical Analysis Business within the Analytical Instruments Division.

Zhou Mintao Returns to Johnson & Johnson, Appointed President of Johnson & Johnson Medical Technology China

Johnson & Johnson China officially announced the successor to the President of Johnson & Johnson Medical Technology China, with Edward Zhou (Zhou Mintao), former President of Cytiva China, returning to Johnson & Johnson. He will assume the position starting from the 25th of this month and become a member of the Johnson & Johnson Medical Technology Asia-Pacific leadership team.

In this position, Zhou Mintao directly reports to Vishnu Karla, Chairman of Johnson & Johnson Medical Technology Asia-Pacific.

Zhou Mintao is also a veteran in the pharmaceutical industry. He graduated from the Biochemistry program at Fudan University and, two years after graduation, joined Johnson & Johnson in 1992 as a sales representative in its consumer goods division. He advanced steadily, was later sent to the UK to participate in Johnson & Johnson’s Global Talent Development Program, and in February 2007, he became the General Manager of Johnson & Johnson's consumer goods business in Singapore.
Not long after, Zhou Mintao returned to China. On July 30, 2008, Johnson & Johnson completed the acquisition of Beijing Dabao Cosmetics Co., Ltd. In February of the following year, Zhou Mintao became the General Manager of Beijing Dabao Cosmetics Co., Ltd.

In 2012, Zhou Mintao became the General Manager of Johnson & Johnson Consumer Business in China. Three years later, Zhou Mintao was transferred to Johnson & Johnson Medical, serving as the Vice President of Ethicon Division's Surgical Business, and in 2016, was appointed as the General Manager of Ethicon Division in China.

At the end of 2021, Zhou Mintao left Johnson & Johnson and subsequently joined another medical giant, Danaher, taking up the position of President of China at Cytiva, a biotechnology company under the Danaher Group. On February 21 this year, Danaher announced the change of Cytiva's China President, with Li Lei (Allen Li), President of Danaher’s China Life Sciences Platform, assuming the role, and Zhou Mintao stepping down.

Changes in Novartis China Management Team Again

Novartis' New China President and Managing Director, Leo Lee, Announces Leadership Change in International Business Unit’s China Management Team

GSK Expands Respiratory Business, Personnel Changes Announced

GSK has newly established the position of National Sales Director for Nucala (Mepolizumab), which will be held by Grace Hong. At the same time, a new Greater Respiratory Marketing Department has been formed, with Cao Xueyan serving as the Head of the Respiratory Marketing Department. Both individuals will report directly to Yu Jinyi, Head of the Respiratory Business Unit.

In addition, GSK has established a launch leader position for its long-acting IL-5 inhibitor, mepolizumab, to ensure an excellent market entry.

Pfizer Restructures, Song Faxian Joins Merck

Pfizer China announced an organizational restructuring and personnel changes. Song Faxian, General Manager of Pfizer China's Hematology and Rare Diseases Division, will leave Pfizer to pursue external development opportunities, with the last working day being July 26.

At the same time, Pfizer China announced that it would merge its hematology oncology and rare disease team into the Hospital Emergency Business Unit (HBU). While maintaining the current team and organizational structure, the head of this team will report directly to Li Jinhui, General Manager of Pfizer China's Hospital Emergency Business Unit. This adjustment will take effect on July 26.

According to industry media reports, Merck announced that Song Faxian will join Merck on August 1, 2024, as Vice President of Merck's China pharmaceuticals and healthcare business and Head of the Oncology Division.

Local pharmaceutical enterprises

Nine Senior Executives of Walvax Bio Resign on the Same Day

On July 23, Walvax Biotechnology released the "Announcement on Changes in Some Senior Management Personnel of the Company." The board received written resignation reports from nine management personnel, including the BD Director, Production Director, Engineering and Technical Director Qingtang Duan, Quality Director Guoliang Fang, Technical Director Lin Yuan, R&D Director, Operations Director, and Financial Director.

In fact, Walvax Biotechnology's intensive adjustments to its personnel began in June this year.

These nine management personnel are: Chief Financial Officer Zhou Hua, BD Director Wang Zilong, Production Director Shi Jing, Engineering Technology Director Duan Qingtang, Quality Director Fang Guoliang, Investment Director Zhao Jinlong, Technology Director Yuan Lin, R&D Director Tong Xin, and Operations Director Wu Yunyan.

According to the announcement by Walvax Biotechnology, the original terms of the above personnel were set to end on October 12, 2025. This adjustment has been made based on the comprehensive optimization of the company's organizational structure and the needs of management reform. The resignation of the above nine individuals will not impact the normal production and operation of the company.

The specific positions of the above nine individuals will be appointed by the company after the competitive recruitment process.

BeiGene Replaces Chief Financial Officer

On July 19, BeiGene announced the "Notice Regarding the Change of Senior Management" on the Shanghai Stock Exchange, stating that BeiGene's Chief Financial Officer, Julia Wang (Julia), will leave the company to pursue external development opportunities. She has recently submitted her resignation application to the company.

The announcement shows that Wang Aijun will officially resign as the company's Chief Financial Officer on July 19. For the following month, he will continue to provide services to BeiGene as a senior advisor to assist in the transition of the Chief Financial Officer until he leaves the company on August 31.

At the same time, BeiGene announced the appointment of Aaron Rosenberg as the company's Chief Financial Officer, effective from July 22. According to BeiGene's announcement, Aaron Rosenberg served as Senior Vice President and Corporate Treasurer of Merck & Co., Inc. from July 2021 to July 2024, responsible for capital markets, treasury management and operations, pensions, and risk management. Prior to that, since joining Merck & Co., Inc. in June 2003, Rosenberg held various positions including Senior Vice President of Corporate Strategy and Planning, and Vice President and Head of Finance for Merck's Animal Health division.

Yangtze River Pharmaceutical Chairman, General Manager, and Legal Representative Change

Recently, Changjiang Medicine Holding Co., Ltd. announced that on July 1, 2024, the 17th meeting of the Fifth Board of Directors was held, during which the proposals "Election of the Chairman of the Fifth Board of Directors" and "Appointment of the General Manager" were reviewed and approved. Mr. Wang Bo was elected as the Chairman of the Fifth Board of Directors, and Mr. Hu Shihui was appointed as the General Manager.

According to Article 8 of the "Company Articles of Association," which states that "the General Manager is the legal representative of the company," Mr. Hu Shihui, the General Manager of the company, is the legal representative. On July 9, 2024, the company completed the industrial and commercial registration procedures for the aforementioned matters and obtained the renewed "Business License" issued by the Administrative Approval Bureau of Shiyan City, Hubei Province.

Deputy General Manager of Jiangsu Kangyuan Pharmaceutical Resigns

Recently, Jiangsu Kangyuan Pharmaceutical Co., Ltd. announced that the company's board of directors had recently received a written resignation report submitted by Mr. Wu Yun, the company’s vice general manager.

Mr. Wu Yun has applied to resign from his position as the company's vice general manager due to personal reasons. After his resignation, Mr. Wu Yun will no longer hold any position in the company or its holding subsidiaries. According to the relevant provisions of the "Company Law" and the "Articles of Association of the Company," Mr. Wu Yun’s resignation takes effect upon the delivery of the resignation report to the board of directors. The resignation of Mr. Wu Yun will not affect the normal operation of the company's daily production and business activities.

As of the date of this announcement, Mr. Wu Yun holds a total of 105,000 shares in the company, all of which are restricted shares granted under the company's 2022 Restricted Stock Incentive Plan. Among these, 60,000 shares remain subject to restrictions. The company will repurchase and cancel these 60,000 restricted shares that have been granted but not yet released from restrictions according to the provisions of the "2022 Restricted Stock Incentive Plan (Revised)."

Mr. Wu Yun has committed that the 45,000 shares of unlocked stock he holds will be managed in strict accordance with relevant regulations, including the "Interim Measures for the Administration of Shareholding Reduction by Shareholders of Listed Companies," the "Rules for the Administration of Shares Held by Directors, Supervisors, and Senior Management Personnel of Listed Companies and Their Changes," and the "Shanghai Stock Exchange Listing Rules."

Editor: peterparker