Swiss Pharma Giants Who Missed Boat on Obesity Fight to Stay Relevant

In the Swiss city of Basel, two pharmaceutical giants face off on opposite banks of the Rhine River. But managers located just a few miles apart look to be on vastly different paths as they seek to rebuild their stature.

Roche Holding AG and Novartis AG, dealing with individual scientific, corporate and management issues, embody opposing approaches to solving a fundamental puzzle: how to placate shareholders and keep growing in an industry where the hunt for the next blockbuster drug — often long and expensive — is paramount.