Francis Richard (Richard Francis)

Francis Richard (Richard Francis)

Biography

2014-2019

From 2014 to 2019, Richard Francis headed Sandoz, and before that worked for 12 years at Biogen, ending his career as president and head of Biogen US, where Francis led the launch of multiple sclerosis dimethylglutamate Tecfidera.

2022: Appointment as CEO of Teva

In late November 2022, Israeli drugmaker Teva named former Sandoz and Biogen executive Richard Francis as the new CEO to replace Kare Schultz, who is retiring.

Richard Francis, who is CEO of gene therapy company Purespring Therapeutics for November 2022, and cardiovascular drug company Forcefield Therapeutics, is scheduled to take the top post at Teva on Jan. 1, 2023, and will serve as president of the pharmaceutical company. For November 2022, Richard Francis is also a partner in UK investment group Syncona, which holds stakes in Purespring and Forcefield.

Kare Schultz has led Teva since 2017, when he moved to the company from Lundbeck on a mission to turn the business around after a tumultuous period in which the company fought to take over Actavis, Allergan's former generic business, just as price pressures hit the U.S. generic sector.

Teva, at the same time, was facing falling sales of its own glatiramer acetate from MS Copaxone, which has been the driving force behind the business for years. Five years have passed and Teva is still facing significant challenges despite Schultz's best efforts. The company is still burdened with a high level of debt, which accompanied the takeover of Actavis, although it fell from $34 billion to the current level of about $19 billion.

Teva also faces outstanding commitments related to the U.S. opioid crisis, which appear to require more than $4 billion to resolve, as well as fighting accusations of drug price collusion in recent years. Meanwhile, sales growth of new drugs such as Ajovy (fremanezumab) for migraine and Austedo for Huntington's disease movement disorders has not been as impressive, while sales of the drug Copaxone continue to decline. There have been market setbacks, including the U.S. Food and Drug Administration's recent rejection of a long-acting drug to treat schizophrenia risperidone and the failure of a deutetrabenazine trial in Tourette's syndrome.^[1]

Notes