The new phase of Chiesi starts with a manager accustomed to moving between big pharma, biotech, and global business. The Parma group has appointed David Khougazian as the new CEO: he will take office on October 15, taking over from Jean-Marc Bellemin, interim CEO since May 15 and set to continue as chief financial officer. The choice comes as Chiesi accelerates in research, rare diseases, and the United States, to transform innovation into new growth.
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Khougazian brings more than 25 years of experience in healthcare. Before joining Chiesi, he was executive partner, growth and head of global engagement at Flagship Pioneering, the US company that gave rise, among others, to Moderna. Previously, he spent over twenty years at Sanofi, where he led global emerging markets, was CEO of Sanofi Pasteur MSD, a joint venture with Merck, and chief of staff to the CEO, also responsible for the transformation office. Before that, he worked in the mergers and acquisitions department of Aventis and at HSBC. An engineer by training, he graduated from Ensae and holds an MBA from the Collège des Ingénieurs.
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The appointment comes at a time of expansion for the group. In the first half of 2026, Chiesi recorded revenues of 1.89 billion, up 3.6%, with an EBITDA margin of 29.4%. Rare diseases grew by 9.9% and the United States by 9.6%. In the same period, the group invested 426 million in research and development, 22.5% of revenues, and completed the acquisition of KalVista Pharmaceuticals (headquartered in Massachusetts). “David’s appointment reflects our ambition to further accelerate this path,” explains Chairwoman Maria Paola Chiesi.
The new CEO Khougazian already indicates the priorities: “Further strengthen the Group’s innovation capabilities, develop the pipeline and strategic partnerships.” A choice consistent with a company that in 2025 had allocated 885 million to research and development, 24.7% of revenues, a historic record for Chiesi.
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