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...secret? An aggressive expansion in the U.S. and an innovative approach to R. and D. Novartis has launched nine groundbreaking drugs since 2000--three times as many as its nearest competitor--and plans to launch 12 more by 2006. The company's relatively low debt and ample cash reserves have earned it a credit rating of AAA from Moody's. Morningstar analyst Todd Lebor praises the company's "excellent financial disclosure and conservative accounting" and notes that it has no unconsolidated debt. Pfizer's announcement last week that it will merge with Pharmacia sent several drugmakers looking for partners...
Vasella came up with the name Novartis, from novae artis, Latin for "new skills." But he found it much harder to forge a dynamic culture for the merged company. Ciba's approach was almost academic and plagued by indecision. Sandoz had a command-and-control ethos that Vasella felt discouraged initiative. And there was the matter of strategic focus. Both companies were old chemical manufacturers that had sprouted pharmaceutical arms. Vasella knew his company's future was in pharmaceuticals. Sandoz had already divested most of its chemicals business; Ciba would be required to do the same...
...about 10 times that rate. Looking for a unifying vision for his new company, Vasella championed "life sciences," the idea that biotechnology would unite nutritional, agricultural and pharmaceutical businesses. But the expected synergies did not materialize for Novartis, or for any other company that tried the life-sciences approach. Once he saw his vision wasn't working, Vasella was quick to abandon it. He divested Novartis of its agribusiness unit...
...where iconoclastic chef Martin Picard throws coronary caution to the wind with his heavy and delectable pork, venison, lamb, poultry and fish dishes in seasonal dress. His foie gras-poutine appetizer (pate atop a version of the Quebecois snack of fries, cheese curd and gravy) typifies his highbrow-lowbrow approach...
...York Observer last month that “the whole point [is] to not be too in-your-face or condescending”—to present your argument simply, without over-simplifying.Ross manages the spectacular feat of making this crazy music seem logical by taking a modular approach. Rather than trying to pack every opera, symphony, and concert into one narrative, he subdivides relentlessly and then assembles and reassembles the pieces to suit his arguments. (For music theorists, the technique is similar to twelve-tone composition.) Thus, he tracks simultaneous developments like Arnold Schoenberg’s atonal school...