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Friday, June 14, 2024
CEOWORLD magazine - Latest - Special Reports - Ranked: The Highest Paid Big Pharma CEOs And Top Executives

Special Reports

Ranked: The Highest Paid Big Pharma CEOs And Top Executives

CEO of Johnson & Johnson Joaquin Duato
CEO of Johnson & Johnson Joaquin Duato

It is that time when pharmaceutical and biotech companies publicize the total compensation of their CEOs and top executives for the previous year. In the upcoming weeks, publicly traded companies in this industry will reveal the amount their leadership teams received as base pay and salaries during 2023.

Executive pay is an issue that is closely monitored and sometimes criticized throughout the industry due to debates surrounding income inequality and the ratio of CEO salaries to that of median employees. Here’s a list of total executive compensation for pharma companies, which will be updated throughout the spring.

  1. Joaquin Duato, Johnson & Johnson CEO ($28.4 million): Joaquin Duato, the CEO of Johnson & Johnson, earned $28.4 million in 2023, a significant increase from the $13.1 million he made in 2022. Out of this amount, $21.6 million was earned through direct compensation, $6.2 million was due to changes in his pension, and $1 million was from other items. However, he lost $400,000 in LTI timing and accounting during the year.

    Other executives in the company, such as CFO Joseph Wolk, earned $13.9 million, which is higher than the $8.8 million he made in 2022. Jennifer Taubert, the EVP and worldwide chairman of innovative medicine, received $10.9 million, up from $8.7 million in the previous year. Ashley McEvoy, the EVP and worldwide chairman of MedTech, made $9.4 million, an increase from $7.3 million in 2022. Finally, Peter Fasolo, the chief human resources officer, earned $7.5 million during his first year at the company.

  2. David Ricks, Eli Lilly CEO ($26.5 million): David Ricks, the CEO of Eli Lilly, received $26.5 million in total compensation last year, an increase from $21.3 million in 2022. The compensation package includes $1.6 million as the base salary, $18.8 million in stock awards, $4.4 million as non-equity incentive plan compensation, $1.4 million in a change of pension value, and $263,000 in all other compensation.

    Daniel M. Skovronsky, MD, PhD, who is the EVP, chief scientific officer, and president of Lilly Research Laboratories and Lilly Immunology, was the second-highest paid executive at Lilly, earning $11.8 million last year, which is an increase from $8.4 million in 2022. Anat Ashkenazi, the EVP and CFO, earned $7.5 million, while general counsel and secretary Anat Hakim received just over $7 million. Jake Van Naarden, the EVP and president of Loxo@Lilly, brought home $4.8 million.

  3. Richard Gonzalez, AbbVie CEO ($25.7 million): In his final year as CEO of AbbVie, Richard Gonzalez received a total compensation of $25.7 million, according to a recent financial report from the pharmaceutical company. Gonzalez’s compensation included a base salary of $1.7 million, $13.7 million in stock awards, $3.4 million in option awards, $3.5 million in non-equity incentive plan compensation, $1.3 million in pension value and non-qualified deferred compensation earnings, and $1.9 million in all other forms of compensation.

    Last month, the leader, who had been with AbbVie for several decades, announced his retirement. As a result, Robert Michael, the current president and chief operating officer, will take over the position. Michael received $14.4 million the previous year, an increase from the $9.7 million he earned in 2022. Moreover, Scott Reents, the Executive Vice President and Chief Financial Officer, earned $10.1 million, almost double what he earned in 2022. Meanwhile, the compensation of Jeffrey Stewart, the Executive Vice President and Chief Commercial Officer, rose to $15.3 million, and Azita Saleki-Gerhardt, the Executive Vice President and Chief Operations Officer, earned $9.2 million.

  4. Robert Bradway, Amgen CEO ($22.6 million): In 2023, Robert Bradway, the CEO of Amgen, received a total compensation package worth $22.6 million. This is slightly higher than the $21.4 million he earned in 2022. As per the company’s financial filing, Bradway received a base salary of $1.78 million, $11.1 million in stock awards, $4.7 million in option awards, $4.7 million in his non-equity incentive plan, and $680,456 in other compensation.

    The EVP of Global Commercial Operations, Murdo Gordon, earned $8.2 million, an increase from his previous earnings of $7.7 million. The EVP and Chief Technology Officer, David M. Reese, earned $7.9 million, up from $7.3 million. The EVP and CFO, Peter H. Griffith, earned $7.5 million, an increase from his previous earnings of just over $7 million. Lastly, the EVP of Operations, Esteban Santos, earned $7.2 million, an increase from his previous earnings of $6.7 million.

  5. Giovanni Caforio, Bristol Myers Squibb CEO ($19.7 million): Giovanni Caforio, MD, the CEO of Bristol Myers Squibb, received $19.7 million as total compensation in his final year at the company. This included a base salary of $1.7 million, $14.4 million in stock awards, $2.7 million in non-equity incentive plan compensation, and $734,000 in all other compensation. After 23 years of service, Caforio left BMS in November and was succeeded by Christopher Boener, previously the company’s EVP and chief commercialization officer. Effective 1 April, Boehner will also take over as the executive chair of the board of directors.

    In other parts of the company’s executive team, EVP and CFO David Elkins were paid $7.1 million in compensation. Samit Hirawat, MD, EVP, chief medical officer and head of development, received $6.2 million in his first year. Sandra Leung, EVP and general counsel, was given $5.9 million, and Elizabeth Mily, EVP of strategy and business development, made $4.3 million.

  6. Albert Bourla, Pfizer CEO ($21.6 million): According to a financial statement released by Pfizer, CEO Albert Bourla’s pay declined by 35% to $21.6 million in 2023. Bourla received a salary of $1.8 million and $18 million in annual LTI awards, along with a change in pension value and other compensation. Among the other executives, Mikael Dolsten, MD, PhD, the chief scientific officer and president of Pfizer research and development, was compensated $8.8 million. Doug Lankler, the general counsel and EVP, was paid $5.5 million. Aamir Malik, the chief U.S. commercial officer and EVP, earned $5.4 million, and CFO Dave Denton received $5.2 million.
  7. Pascal Soriot, AstraZeneca CEO (£16.9 million): AstraZeneca’s CEO, Pascal Soriot, received a total compensation package of £16.9 million in 2023, which is an increase from the £15.3 million he received in 2022. According to the company’s annual report, Soriot may receive up to £18.6 million this year based on the financial performance of the company.
  8. Stéphane Bancel, Moderna CEO ($17 million): Moderna’s CEO, Stéphane Bancel, earned a total compensation of just over $17 million last year, a slight decrease from the $19.4 million he earned in 2020. The company’s CFO, James Mock, earned a total compensation of $4.3 million, down from the $7.3 million he received when he joined the company in 2020.

    On the other hand, Moderna’s President, Stephen Hoge, MD, saw his total compensation drop from $8.6 million to $7.3 million. However, the company’s chief legal officer and corporate secretary, Shannon Thyme Klinger, received a pay increase from $3.7 million to $4.3 million. Nevertheless, this amount was still lower than the $11.4 million she received in 2021. Former chief commercial officer Arpa Garay earned $4.4 million, a decrease from the $7.6 million he earned a year earlier. Moderna announced in December that Garay would leave the company and remain an advisor during the transition until June 2024.

  9. Vas Narasimhan, Novartis CEO ($15.3 million): Novartis CEO Vas Narasimhan received 13.3 Swiss Francs (CHF) — or $15.3 million — in total compensation last year, up 21% from 2022.
  10. Emma Walmsley, GSK CEO ($12.7 million): The total compensation received by the CEO of GSK, Dame Emma Walmsley, rose from £8.4 million in 2022 to £12.7 million in 2023. Her fixed pay amounted to £1.6 million, which included a salary of £1.3 million. Furthermore, she received an annual bonus of £3.7 million and £7.3 million in vesting of PSP LTI rewards. This brought her total pay for performance to £11.1 million.

    In comparison, the CFO, Julie Brown, was paid a total of £4.8 million from 1 May 2022 until the end of her first year at the company. This was less than the amount of £5.3 million received by her predecessor, Iain Mackay, in 2022. Mackay’s total pay was £6.4 million, with over £6 million in performance income.

  11. Thomas Schinecker, Roche CEO ($12.7 million): Meanwhile, Roche CEO Thomas Schinecker received 9.6 million CHF — $11 million — in total compensation during his first year at the helm of the Swiss healthcare giant.

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CEOWORLD magazine - Latest - Special Reports - Ranked: The Highest Paid Big Pharma CEOs And Top Executives

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Christina Miller
Associate News Editor at CEOWORLD Magazine. I lead the reporting team that covers US financial services and I write a business column for the opinion section. I write news pieces about the US and European market for start-ups and interview CEOs for our interview slot. I also presented one of the CEOWORLD magazine's early podcast hits, Money Stories, in which I persuadeded notable CEOs to share insights into the breaking news, moments of crisis and key decisions that enabled them to build successful international companies.