Roche loses money in Russia, chief executive says
Reuters
Published Mar 29, 2022 01:32AM ET
ZURICH (Reuters) - Roche is "losing money in Russia", Chief Executive Severin Schwan said in an interview published on Tuesday, but remains committed to providing medication to patients there.
"We can't just withhold life-saving cancer drugs from Russian patients. There is international consensus that medicines are exempt from sanctions," Schwan told Swiss newspaper TagesAnzeiger, adding that prices being fixed in Russian roubles meant the pharmaceutical giant was currently losing money on Russian sales.
The statement echoed other pharmaceutical giants, who have said they will supply essential medicines in Russia but halt some other activities in response to Russia's invasion of Ukraine.
Roche has 800 sales staff in Russia, he said.
Speaking about his upcoming exit from the board of big bank Credit Suisse (SIX:CSGN), Schwan said he had already considered resigning a year ago but it had become opportune after a twin set of scandals hammered the bank last March.
The bank was now in "good hands" under new Chairman Axel Lehmann, the outgoing vice-chair said.
Asked whether larger Swiss rival UBS or a foreign bank might take over Credit Suisse since its share price had been battered, Schwan said he hoped the bank would remain independent.
"It would be a huge loss for Switzerland if there were only one major Swiss bank. That's why it's important that CS stabilises its business, rebuilds trust and seizes its opportunities," he said.
He said he would be willing to take on another board role in the future.
"In principle, I think it is feasible to sit on the board of a bank alongside my job as CEO at Roche," he said.
"The fact that I'm stepping down now doesn't mean that I don't think it's important for an active CEO to take on such a task. We need banks, they are like the oil in the gears. And for some things we need specifically Swiss banks."
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.