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CEOs In Transition: Internal The Norm, But External Delivers Strong Returns

 
• By Jessica Merrill

CEO changes are underway across big pharma and biotech, marking a time of substantial leadership transition for the industry. New CEOs are usually insiders, but external hires appear to be more willing to implement change to improve shareholder returns, according to an analysis from Leerink.

CEO changes among large cap pharma are relatively rare, but several transitions at the top are currently underway across the biopharma industry, most notably at GlaxoSmithKline PLC, Eli Lilly & Co., Biogen, Gilead Sciences Inc. Valeant Pharmaceuticals International Inc. and Novo Nordisk AS, marking a time of important leadership transition for the industry.

Whether a CEO is appointed from inside the company or outside may impact how a stock performs over the 12 months post transition, and investors might want to pay

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