David Khougazian appointed as the new chief executive of Chiesi
The new CEO of the Parma-based group will take up his post on 15 October, taking over from Jean-Marc Bellemin, who is set to continue in his role as CFO
Chiesi’s new chapter begins with a manager who is no stranger to navigating the worlds of big pharma, biotech and global business. The Parma-based group has appointed David Khougazian as its new chief executive: he will take up his post on 15 October, taking over from Jean-Marc Bellemin, who has been acting chief executive since 15 May and is set to continue in his role as chief financial officer. The appointment comes as Chiesi steps up its focus on research, rare diseases and the United States, with a view to turning innovation into new growth.
Khougazian brings more than 25 years’ experience in the healthcare sector. Before joining Chiesi, he was an executive partner, growth lead and head of global engagement at Flagship Pioneering, the US firm that founded Moderna, amongst others. Prior to that, he spent over twenty years at Sanofi, where he led global emerging markets, served as CEO of Sanofi Pasteur MSD – a joint venture with Merck – and acted as chief of staff to the CEO, with responsibility also for the transformation office. Before that, he had worked in the mergers and acquisitions department at Aventis and at HSBC. An engineer by training, he graduated from ENSAE and holds an MBA from the Collège des Ingénieurs.
The appointment comes at a time when the group is expanding. In the first half of 2026, Chiesi recorded revenues of 1.89 billion, up 3.6 per cent, with an EBITDA margin of 29.4 per cent. The rare diseases segment grew by 9.9 per cent and the US market by 9.6 per cent. During the same period, the group invested 426 million in research and development – 22.5 per cent of revenue – and completed the acquisition of KalVista Pharmaceuticals (headquartered in Massachusetts). “David’s appointment reflects our ambition to further accelerate this journey,” explains Chairwoman Maria Paola Chiesi.
The new CEO, Khougazian, has already outlined his priorities: “To further strengthen the Group’s innovation capabilities, develop the pipeline and forge strategic partnerships.” This approach is consistent with a company that, in 2025, allocated 885 million to research and development – 24.7 per cent of revenue – a record high for Chiesi.
