Top 10 Highest-Paid CEOs in Global Pharma 2024: BioNTech’s Şahin Tops List with Nearly $300 Million
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Uğur Şahin, CEO of German pharmaceutical company BioNTech, tops the 2024 list of highest-paid pharmaceutical executives with a compensation of 265 million euros (approximately 287 million US dollars).
Uğur Şahin
However, the majority of his compensation came from stock options granted in 2019. In 2024, Uğur Şahin exercised these options at a price of €13.74 per share (approximately $15), while the company's stock closed at €73.68 on that day. This resulted in an "intrinsic value" of €259.5 million (approximately $281 million) for the 4,374,963 shares he exercised.
During David Ricks' eight-year tenure as CEO of Eli Lilly, his compensation increased from $15.8 million in 2017 to$29.2 million, nearly doubled.
David Ricks
In 2024, Eli Lilly's revenue grew by 32% to reach $45 billion, with earnings per share increasing by 106%, primarily driven by the surge in sales of its GLP-1/GIP dual agonist, Mounjaro and Zepbound. Ricks' compensation also rose accordingly.
Pfizer CEO Albert Bourla received a 14% increase in total compensation in 2024, reaching$24.6 million, which was the second-highest annual income during his six-year term as CEO. This year, he successfully addressed the challenge initiated by the activist investor Starboard Value.
Albert Bourla
In 2024, Pfizer's COVID-19 vaccine sales saw an unexpectedly strong rebound, driving a 7% increase in Pfizer's total revenue. The company also noted in its proxy statement that Bourla successfully implemented a $4 billion cost-cutting plan, launched seven key studies, and propelled Pfizer to third place globally in oncology sales following the acquisition of antibody-drug conjugate specialist Seagen for $43 billion in 2023.
Johnson & Johnson CEO Joaquin Duato experienced a 14% pay cut in 2024.Up to $24.3 million.Nevertheless, this salary level remains relatively high within the pharmaceutical industry.
Joaquin Duato
Despite Moderna's 53% revenue drop in 2024 due to poor sales of two marketed vaccines, its CEO Stéphane Bancel still received compensation worth$19.87 millionThe annual compensation package set a record high during his/her tenure.
Stéphane Bancel
In terms of compensation structure, Bancel's base salary last year increased by 4% to $1.6 million, and he received a bonus of $1.9 million. The remaining $15 million came from equity incentives split evenly between stocks and options, including additional subsidies such as approximately $960,000 for security expenses. Despite facing revenue pressures, the increase in Bancel’s compensation reflects the company’s recognition of his leadership capabilities.
AbbVie's new CEO Robert Michael received in his first year in office$18.5 millionCompensation, with the majority coming from stock and option awards ($10 million).
Robert Michael
The company successfully filled the gap left by the expiration of the patent for the "blockbuster drug" Humira with the immunology new drugs Skyrizi and Rinvoq (with 2024 sales reaching $11.7 billion and $6 billion, respectively), causing its stock price to continuously rise.
Despite AstraZeneca's 18% revenue growth in 2024 and 14 products reaching blockbuster sales levels, CEO Pascal Soriot's total compensation dropped from £17.4 million (approximately $21.9 million) in 2023 to £14.7 million (approximately$18.5 million). The main reason is that their compensation is tied to the stock price, and AstraZeneca's stock performance has been poor in the past two years.
Pascal Soriot
As Novartis and Roche achieved sales growth in 2024, the CEO compensation of the two Swiss pharmaceutical giants also increased accordingly.
Novartis CEO Vas Narasimhan's compensation increased by 6.9% in 2024, reaching 14.2 million Swiss francs (Approximately USD 15.7 million), with long-term stock incentives making up the majority.
Vas Narasimhan
Roche CEO Thomas Schinecker's compensation increased by 4.6%, reaching 10.4 million Swiss francs (Approximately 11.1 million US dollars), in which both the base salary and bonus have increased.
Thomas Schinecker
GSK CEO Emma Walmsley saw her pay cut by 16% in 2024, dropping to £10.6 million (Approximately 13.4 million US dollars). However, GSK has introduced a new compensation plan, under which her pay could double to £21.56 million (approximately $27.10 million) if the company's stock price achieves a 50% increase by 2025.
Emma Walmsley
2024 is the year Bayer launched a large-scale corporate restructuring, resulting in a 21% reduction in CEO Bill Anderson's compensation, which dropped to 8.84 million euros (Approximately USD 9.6 million). Nevertheless, his base salary remained the same as in 2023, with increases in both short-term and long-term stock incentives. Bayer's restructuring aims to revitalize the company’s pharmaceutical pipeline, address litigation, and reduce bureaucracy. Despite numerous challenges, Anderson expressed confidence in the company’s transformation for 2025 and beyond.
Bill Anderson
References:
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