Pfizer (NYSE: PFE) CEO and Chairman Albert Bourla is likely to become one of the highest earning CEOs in the pharmaceutical industry in 2022 after the pharmaceutical giant raised his total compensation to $33.0 million, earning him a $33.0 million raise. salary of about 36% last year.
Meanwhile, Johnson & Johnson (JNJ), whose former helmsman Alex Gorsky was the highest-paid pharma CEO in 2021, rewarded its new CEO Joaquin Duato, with a $13.1 million package. , indicating a roughly 51% drop in compensation for the company’s top executives.
Gorsky stepped down as CEO in 2022 after a ten-year tenure as chairman and chief executive, while Bourla, 61, is now in his fourth year in the dual leadership position.
In 2021, Bourla earned $24.4 million, after an increase of around 16% from the previous year, as the company’s revenue jumped around 95% year-on-year thanks to its COVID-19 blockbuster which accounted for more than 45% of revenue.
However, Pfizer’s (PFE) explosive growth slumped and its stock price fell as the pandemic subsided. The company’s revenue hit $10.3 billion in 2022, implying a roughly 23% year-over-year increase, but still indicating more than double that of 2020.
After rising around 59% in 2021, its share price has fallen around 13%, underperforming its mega-cap pharma rivals, as this chart shows.
Bourla’s 2022 salary also shows a roughly 42% increase in his stock compensation and a roughly 4% decline in his non-stock incentives, which stand at $18.8 million and $18.8 million, respectively. $7.7 million, according to Pfizer’s latest proxy statement.
Meanwhile, Stephane Bancel, CEO of rival COVID vaccine maker Moderna (MRNA), earned $19.4 million in 2022 after the Massachusetts-based biotech boosted his total compensation by about 7%.
After recording $18.5 billion in revenue for 2021, Moderna (MRNA) revenue reached $19.3 billion last year, indicating an increase of approximately 4% year-on-year while its share price fell about 29%, after jumping about 141% the previous year.
Pfizer (PFE) says the company’s executive compensation implies a median of compensation data from its big pharma counterparts and a group of non-pharma companies of similar size and complexity.
Pharmaceutical peers he considered include AbbVie (ABBV) and Eli Lilly (LLY), where senior management earned $26.3 million and $21.4 million for 2022, indicating an increase of approximately 10% and a drop of about 1% in their salary compared to the previous year, respectively. .