Features Partner Sites Information LinkXpress
Sign In
Advertise with Us
RANDOX LABORATORIES

Events

10 Oct 2016 - 12 Oct 2016
12 Nov 2016 - 16 Nov 2016

US Pharma CEO Compensation Double That of Europeans

By BiotechDaily International staff writers
Posted on 29 Apr 2013
Print article
A new report has found that the CEOs of European pharmaceutical companies continue to receive far less than their US counterparts.

The report, from Bloomberg Industries (New York, NY, USA), found that the median salary for the leading pharmaceutical executives in Europe in 2012 was USD 9.3 million, 46% less than the USD 17.2 million earned by CEOs of U.S.-based pharmaceutical companies. Furthermore, the average pay of USD 13.7 million for large-cap pharmaceutical companies was significantly less than the USD 21.9 million paid to the leaders of industrial companies.

Pfizer (New York, NY, USA) CEO Ian Read topped the list with his 2012 compensation of USD 25.6 million, a 2.5% rise from the previous year. According to Pfizer's proxy statement, 90% of Read's 2012 payout was tied to company performance; he was given USD 1.7 million in salary, USD 6.4 million in stock awards, USD 6.5 million in options, and a USD 3.4 million cash bonus. His total compensation also included a USD 7.1 million change in pension value and nonqualified deferred compensation earnings.

That figure was more than five times greater than the USD 5 million paid to Lars Rebien Sørensen, CEO of Novo Nordisk (Bagsværd, Denmark). Another example involves Novartis (Basel, Switzerland) which had to defend against a backlash when it first proposed paying former Chairman Daniel Vasella a USD 78 million noncompete package when he retired; in February 2013, Novartis backed off the payment to Vasella, and he has since left Switzerland for the US.

“Despite the fact that there’s a lot of noise in Europe on top-management remuneration, we’re actually paying less for management teams, by the look of 2012,” said analyst Sam Fazeli, a London-based analyst for Bloomberg Industries. “US CEOs are paid more; if you want to be competitive, then you’ve got to be competitive.”

Related Links:

Bloomberg Industries
Pfizer
Novo Nordisk



Print article

Channels

Drug Discovery

view channel
Image: Ginger is the source of a novel class of nanolipid transport vector (Photo courtesy of Georgia State University).

Ginger-Derived Doxorubicin-Loaded Nanovectors as Drug Delivery for Cancer Therapy

A novel type of nanoparticle drug transport system based on lipids isolated from ginger was used to deliver the toxic chemotherapeutic agent doxorubicin (Dox) to colon cancer cells with minimal damage... Read more

Biochemistry

view channel
Image: A space-filling model of the anticonvulsant drug carbamazepine (Photo courtesy of Wikimedia Commons).

Wastewater May Contaminate Crops with Potentially Dangerous Pharmaceuticals

Reclaimed wastewater used to irrigate crops is contaminated with pharmaceutical residues that can be detected in the urine of those who consumed such produce. Investigators at the Hebrew University... Read more
Copyright © 2000-2016 Globetech Media. All rights reserved.