Swiss pharma’s global success meets worries at home

Last year was a good year for Swiss pharma. Roche’s sales rose 7% (at constant exchange rates) to CHF61.5 billion ($79.8 billion), driven by strong demand for drugs for multiple sclerosis, eye diseases and Haemophilia A. With ten new molecules entering late-stage clinical trials, 2025 was “very much a record year for Roche”, said CEO Thomas Schinecker at the company’s annual results media conference in January.
Its cross-town rival, Novartis, was also upbeat about 2025, with sales of key brands “well above expectations”, according to its annual reportExternal link, enough to boost CEO Vas Narasimhan’s compensation by 30%. Even with generic competition expected to dent sales in 2026, Novartis’ US shares were trading at all-time highs in early February.
They are now the two most valuable companies in Switzerland, according to a global ranking by consulting firmExternal link EY. Roche rose to 31st from 46th with a market capitalisation of $353.4 billion, up more than 50% on the previous year. Novartis rose from 66th to 53rd with $265.2 billion, replacing food giant Nestlé as the second-most valuable Swiss company.
One would assume all this good news for Switzerland’s largest companies would be good news for Switzerland. The two companies are among the country’s biggest taxpayers, employ some 25,000 people in the country and support thousands of jobs indirectly.
The biopharma industry as a whole, which includes thousands of smaller companies, was responsibleExternal link for 40% of the country’s economic growth over the last decade. It generates around 7% of GDP, and over 40% of Swiss exports, making it the most important export sector.
But instead of celebration, Swiss politicians and industry leaders are racing to enact what they see as urgent reforms to retain Switzerland’s reputation as a pharma powerhouse.